There is a sizable number of pre-retirees and retirees who do not enlist the assistance of a professional when devising a financial plan for their retirement, according to a recent study. It also takes a look at how they do in the effort.
The study, by the LIMRA Secure Retirement Institute, found that 44% of those retirees and pre-retirees go it alone. And half of them believe they can do at least as well as a financial professional in planning their long-term financial future.
So how do those independent people perform their calculations? LIMRA says that:
And to determine what their retirement income will be and how long it will last 25%... just guess or estimate.
LIMRA also found that while 22% of the pre-retirees and retirees in the study are very confident of their skills in preparing to pay for retirement, many others are less confident than those who enlisted the aid of a professional that their savings will be sufficient, they will be ready and they will be able to have the lifestyle they would like during retirement.
The study, by the LIMRA Secure Retirement Institute, found that 44% of those retirees and pre-retirees go it alone. And half of them believe they can do at least as well as a financial professional in planning their long-term financial future.
So how do those independent people perform their calculations? LIMRA says that:
- 42% use an online calculator;
- 40% use a calculator, spreadsheet or pen and paper; and
- 23% use computer software or a non-online tool.
And to determine what their retirement income will be and how long it will last 25%... just guess or estimate.
LIMRA also found that while 22% of the pre-retirees and retirees in the study are very confident of their skills in preparing to pay for retirement, many others are less confident than those who enlisted the aid of a professional that their savings will be sufficient, they will be ready and they will be able to have the lifestyle they would like during retirement.
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