In the midst of market uncertainty and inflation, women who seek a financial professional are likelier to be confident and feel prepared for retirement, finds a new study by LIMRA.
According to the report, 40% of women working with a financial professional report feeling very prepared for retirement, compared with just 27% of women who do not work with one. The study surveyed Americans ages 40 to 85 with at least $100,000 in household investable assets.
LIMRA research reveals that working with a financial professional increased the likelihood that consumers will complete retirement planning activities. Fifty-three percent of women who work with a financial professional were likelier to calculate the amount of assets and investments available to spend in retirement, compared to 44% of women who forego working with an advisor.
Similarly, 50% of women who meet with an advisor were likelier to know how long their assets and investments will last in retirement, relative to 36% of women who choose not to work with an advisor.
LIMRA’s research also finds women working with an advisor are more than twice as likely to have a formal written retirement plan as those who are unadvised (25% vs. 10%).
Overall, women’s interest in guaranteed lifetime income increased 63% over the past five years, with a significant jump over the past year as inflation and economic uncertainty grew. LIMRA research shows women who work with a financial professional are more likely to be interested in purchasing an annuity. More than half of women who work with a financial professional (52%) said they were interested in converting a portion of their assets into a lifetime-guaranteed annuity in retirement, compared with 44% of women who don’t work with an advisor.
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