“Pre-retirees” are those aged 55-70 and
still in the workforce. There are 33 million
of them in the U.S. and only one in four
of them is “very prepared” for retirement,
according to a new LIMRA study. This is
a smaller number than in 2010, when 30
percent of pre-retirees surveyed said they
were financially ready for the gold watch.
Men were more likely to consider themselves
very prepared for retirement. Those
who had household incomes of $100,000 or
more were more likely to feel very prepared
than their lower-income counterparts.
However, even among wealthier pre-retirees
(those with at least $500,000 in
household financial assets), just over half
said they were very prepared.
The role of the financial advisor is crucial
in helping pre-retirees get ready for the day
when they can bid the workplace good-bye,
according to LIMRA’s survey.