By Noah Zuss Published by PlanSponsor, March 30, 2023
According to a LIMRA study, women who work with a financial professional are more than twice as likely to have a formal written retirement plan as those who are unadvised.
Women who work with a financial professional are more confident and more prepared for retirement, new LIMRA data shows, creating a wider opening for retirement plans to respond to plan participants’ rising interest in and requests for professional advice on saving and investing.
Women who work with a financial professional are also more likely to complete tasks to plan for retirement and report significantly increased interest in guaranteed lifetime income options, according to the LIMRA study, Impact of Financial Professionals on Retirement Security.
The data showed that 40% of women who work with a financial professional report they feel very prepared for retirement, compared to 27% of women who don’t work with one.