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LIMRA: Only four in 10 pre-retirees work with a financial professional

Among 486 pre-retirees surveyed, 88% have thought about retirement income, but 76% have no plan or spent under five hours on one.

At a glance

  1. The report, covered by InvestmentNews, found that 88% of pre-retirees have already thought about how they will generate income once they stop working.
  2. Among pre-retirees, 76% either have no retirement plan at all or spent fewer than five hours in the past year developing, reviewing or updating one.
  3. What's missing is the step from thinking to doing, and that is exactly where the industry comes in."

Only four in 10 Americans nearing retirement work with a financial professional, according to LIMRA’s 2026 Retirement Income Readiness Report.

The report, covered by InvestmentNews, found that 88% of pre-retirees have already thought about how they will generate income once they stop working.

Among pre-retirees, 76% either have no retirement plan at all or spent fewer than five hours in the past year developing, reviewing or updating one. LIMRA surveyed 486 pre-retirees and 804 retirees aged 45 and older across the United States in April 2026, defining pre-retirees as workers age 45 and older who plan to retire within 10 years.

"Consumers have already done the hardest part," said Bill Nash, head of member relations at LIMRA and LOMA. "They are paying attention, and they are worried about the right things. What's missing is the step from thinking to doing, and that is exactly where the industry comes in."

Confidence and preparation diverge

Advised pre-retirees report feeling better prepared: 77% of those with a financial professional describe themselves as highly prepared for retirement, compared with 47% of those going it alone.

That gap is self-reported confidence, not plan quality. Nearly six in 10 pre-retirees rate themselves as highly prepared, while half have no written retirement plan or have not updated one recently.

Only 25% of pre-retirees believe their protected income sources will cover basic living expenses in retirement, compared with 52% of retirees who say those sources fully meet their needs today, InvestmentNews reported in August. Cost-of-living volatility worries 43% of pre-retirees, and 30% worry about outliving their savings, the report says.

LIMRA’s five suggested approaches for advisers include acknowledging concerns, offering something immediate and tangible, framing the discussion around income rather than accumulation, and making a written plan the first deliverable. The data show pre-retirees with a written plan report significantly higher preparedness.

Separate Cerulli research cited by InvestmentNews found that pre-retirees want a personalized, actionable plan rather than a product pitch.

In a Northwestern Mutual survey this publication covered in October, respondents who worked with an adviser were about twice as likely to report having a long-term care plan.

Reported by the Practice management desk from InvestmentNews. Published . Corrections

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