More than half (54%) of middle-income Americans age 55 to 75
do not receive professional retirement guidance of any kind. This
study explores the use, access and attitudes of
middle-income retirees and pre-retirees toward planning for and
managing their lives in retirement. Download the Full Study
Analysis of the Middle-Income Retirement Preparedness Study finds
that three misconceptions about professional advisors may be
keeping middle-income retirees and pre-retirees from seeking this
guidance.Download the Insight Report
Download All Key Findings
- Almost two in three (63%) middle-income Americans age 55 to 75
are unsure if they have saved enough to live comfortably in
- More than half (54%) of middle-income
retirees and pre-retirees do not receive professional retirement
guidance of any kind.
- Fifty-one percent (51%) of respondents had not been contacted
by any kind of retirement professional in the past 12 months.
- Eighty-four percent (84%) of those surveyed who do work with a
professional indicated that they reached out to their advisor
first, not the other way around.
- Of middle-income retirees and pre-retirees not working with a
professional advisor, 84% do not think they need one. The three
reasons most often given for this are:
- I can do it myself (47%)
- I don't have enough assets (37%)
- It's too expensive (23%)
- Of all middle-income retirees and pre-retirees surveyed, 30%
spend no time at all researching or investigating retirement
planning opportunities; two out of three (61%) spend less than one
hour per month.
- Although those without an advisor enjoy planning, 63% spend
less than one hour per month on retirement planning compared to 58%
of those with an advisor. Over one-third (36%) of those without an
advisor spend no time at all doing this research.
- Many of those not working with a professional advisor feel it
is too expensive; however, one-third (32%) do not know how much
this service costs.
- Many of those not working with a professional advisor feel they
do not have enough assets for a retirement professional to want to
meet with them; however, one-fifth (20%) do not know the asset
- Two in three (68%) middle-income retirees and pre-retirees who
work with a professional advisor feel better prepared for
retirement than their peers do.
- Only 14% of respondents working with an advisor do not think
they have saved enough money to live comfortably in retirement,
whereas one-third (34%) of those surveyed without a professional
advisor have this concern.
The Middle-Income Retirement
Preparedness Study is sponsored by the Bankers Life and
Casualty Company Center for a Secure Retirement and was conducted
in August of 2010 by the independent research firm The Blackstone
Group. A nationwide sample of 502 Americans age 55 to age 75 with
an annual household income of between $25,000 and $75,000
participated in the Internet-based survey. Significant sub-sample
differences were tested at the 95% and 90% confidence levels.