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LIMRA's Retirement Income Readiness Report (RIRR) finds pre-retirees are aware they need to plan for retirement but most aren't getting help.

For financial professionals, that gap is the opportunity.

WINDSOR, Conn., October 13 — Americans nearing retirement are thinking about it, worrying about it and, for the most part, not acting on it. And only 40% of them are working with a financial professional, according to LIMRA’s 2026 Retirement Income Readiness Report.

The research finds that 88% of pre-retirees, defined as workers age 45 and older who plan to retire within 10 years, have thought about how they will generate income once they stop working. Yet 76% have either no retirement plan or spent fewer than five hours developing, reviewing or updating one in the past year. Put simply, most pre-retirees are thinking about retirement, few are acting on it and fewer still have professional help.

For financial professionals, those three numbers describe one of the largest untapped opportunities in retirement planning: a large population of Americans who are already concerned, already asking the right questions and not yet in a planning relationship.

Why does it matter that only 40% of pre-retirees work with a financial professional?

Pre-retirees who work with a financial professional are far more likely to feel highly prepared for retirement: 77% compared with 47% of those who do not. The study found that professional guidance and planning behaviors each contribute meaningfully to how prepared consumers feel, alongside their financial resources.

“Consumers have already done the hardest part. They are paying attention, and they are worried about the right things,” said Bill Nash, head of member relations at LIMRA and LOMA. “What’s missing is the step from thinking to doing, and that is exactly where the industry comes in. With only 40% of pre-retirees working with a financial advisor or planner, the opportunity isn’t convincing people that retirement matters. It’s helping them turn that concern into a written plan and a clear picture of their income. That’s what moves clients from worried to confident.”

What does the advice gap mean for financial professionals?

LIMRA’s findings point to five practical ways financial professionals can reach pre-retirees who are not currently working with a professional and deepen confidence among existing clients:

1. Skip the wake-up call. With 88% of pre-retirees already thinking about retirement income, prospects don’t need to be persuaded that retirement matters. Outreach that acknowledges their concern and offers a concrete next step will resonate more than messaging built on urgency.

2. Make a written plan the first deliverable. Half of pre-retirees (50%) have no written plan or one they haven’t recently updated, and consumers with a written plan report significantly higher preparedness. A plan on paper, reviewed regularly, is the most tangible way to turn intention into action.

3. Lead with income, not returns. Nearly three in four pre-retirees (74%) want to learn more about protected lifetime income, yet only 25% believe their protected income sources will cover essential expenses. Showing clients what their monthly retirement paycheck will look like, and where it will come from, answers the question they are actually asking.

4. Plan around what keeps clients up at night. Cost-of-living volatility (43%) is pre-retirees’ most frequently mentioned retirement concern, followed by outliving their savings (30%). Stress-testing plans against inflation, market swings and health care costs speaks directly to those fears.

5. Don’t assume confident clients are covered. Nearly six in 10 pre-retirees rate themselves highly prepared, but confidence and planning activity don’t always align, and even financially prepared consumers worry about running out of money. Clients who feel ready are often the ones who haven’t revisited their plan.

How can financial professionals structure the first retirement conversation?

LIMRA’s research suggests confidence is built across three dimensions.

• Readiness: “Where do you stand today?” Establish whether the client has a written plan, is saving consistently and has reviewed progress recently.
• Resilience: “How would your plan hold up?” Test it against rising costs, market volatility, health care expenses and longevity, and frame planning as ongoing adaptation, not a one-time calculation.
• Retirement Income: “Do you know how your income will work?” Translate assets into monthly income, identify guaranteed and variable sources, and confirm whether essential expenses are covered.

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About the Research

The Retirement Income Readiness Report is based on a LIMRA survey of 486 pre-retirees (workers age 45 and older who plan to retire within 10 years) and 804 retirees age 45 and older in the United States, fielded in April 2026. Preparedness reflects respondents’ self-reported score on a 0–10 scale; retirees were asked to reflect on their preparedness at retirement.

About LIMRA

Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help [nearly 700 / more than 600] financial services member organizations navigate change with confidence. Visit LIMRA at www.limra.com.