Financial planners help women prepare for retirement: study

Financial Planners

Over the last decade, the number one financial concern for women retiring or nearing retirement has been ensuring that they have enough financial resources to live comfortably in old age. And new research shows that people who work with financial professionals are more likely to feel more prepared for retirement. Limla.

Survey results show that 40% of women who work with financial professionals feel “retirement ready” compared to 27% of those who don’t.

“Consistently, LIMRA research has revealed that working with a financial professional makes consumers more likely to complete retirement planning activities (for amount and how long they will last after retirement),” the organization said. said in a statement. “This latest study shows that women who work with financial professionals are more likely to complete important retirement planning activities.”

Women who work with a financial professional are more than twice as likely to have a formal written retirement plan (25% vs. 10%) compared to women who do not receive advice. Previous research has shown that such plans, including specific goals, wealth management and risk mitigation options, also increase the confidence and likelihood of retirees purchasing an annuity.

“Overall, women’s interest in guaranteed lifetime income has increased by 63% over the past five years, and has increased significantly over the past year as inflation and economic uncertainty have increased,” said LIMRA. . “LIMRA research shows that women who work with financial professionals are more likely to be interested in buying a pension. More than half (52%) of women who work with financial professionals said they would be interested in converting some of their assets into a life annuity when they retire, compared with 44% of women who do not work with financial professionals.”

The survey, which will be conducted in 2022, will ask Americans aged 40-85 with at least $100,000 in household investable assets to measure their perceptions of working with financial professionals to achieve their investment goals. investigated people.

Other recent research from National Retirement Association Female investors are more likely to experience post-retirement anxiety than male investors.

The reverse mortgage industry advocates that loan originators and brokers recruit financial professionals as referral partners. Financial planners are also open to input from reverse mortgage experts, as long as they engage with the planning community.

Although married couples are the largest group of home equity conversion mortgage (HECM) loan borrowers, single women accounted for over 35% of borrowers last year. Federal Housing Administration data.

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