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Over the past decade, women have said their top financial concern is having enough money for a comfortable retirement. New LIMRA research suggests those who work with a financial professional are more likely than women who are unadvised to feel very prepared for retirement.

According to LIMRA’s new study, Impact of Financial Professionals on Retirement Security, 40% of women who work with a financial professional report they feel very prepared for retirement, compared with just 27% of women who don’t work with one.

Consistently, LIMRA research has revealed that working with a financial professional increases the likelihood that consumers will complete retirement planning activities (e.g., calculating the amount of assets and investments available to spend, and how long they will last in retirement). This most recent study shows women who work with a financial professional are more likely to have completed key retirement planning activities. 

LIMRA’s research also finds women working with a financial professional are more than twice as likely to have a formal written retirement plan as those who are unadvised (25% versus 10%). Prior LIMRA research shows having a formal written retirement plan — involving a comprehensive discussion about goals, asset management and risk mitigation — often leads to higher confidence levels and an increased likelihood of purchasing an annuity.

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 a financial professional.

As Women’s History Month comes to a close, we encourage carriers and financial professionals to work with women to complete retirement planning activities and ensure they have the guaranteed income they need to achieve financial security in retirement.

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Methodology: In 2022, LIMRA surveyed Americans ages 40 to 85 with at least $100,000 in household investable assets to explore their perceptions of working with financial professionals to help make financial and investment-related decisions.

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