PROFESSIONAL RETIREMENT ADVISORS NOT REACHING OUT TO MIDDLE-INCOME AMERICANS, ACCORDING TO STUDY
Monday, April 4, 2011
CHICAGO (April 4, 2011) - Many
middle-income Americans could be without adequate plans for
retirement due to the tendency of the financial services industry
to cater to wealthy Americans, according to a study conducted by
the Bankers Life and Casualty Company Center for a Secure
Retirement SM (CSR).
The CSR's Middle-Income Retirement Preparedness Study, which
focused on pre-retirees and retirees with incomes between $25,000
and $75,000, found that over half (51 percent) had not been
contacted by any kind of retirement professional in the past 12
months. Further, 84 percent of the study participants who do work
with a retirement professional said that they were the ones who had
to initiate contact with the advisor.
"Most pre-retirees and retirees, regardless of income level, are
concerned over whether or not they've planned adequately and saved
enough to live comfortably in retirement," said Scott Perry,
president of Bankers Life and Casualty Company, the national life
and health insurer. "This concern is especially critical to
middle-income Americans, more so than affluent retirees, because
inadequate planning puts them at risk for not being able to
maintain their standard of living during retirement."
Minimal outreach on the industry's part can negatively impact
those who might otherwise benefit from a professional advisor's
services. These individuals lose out on the benefits of learning
about new products and services and having an objective third party
to review and identify gaps in their retirement plan.
The financial services industry's lack of outreach shouldn't
stop middle-income Americans from engaging the services of a
professional advisor.
The study results show that finding an advisor can be well worth
the effort. Two in three (68 percent) middle-income Americans who
work with a professional feel better prepared for retirement than
their peers, and 76 percent said they were extremely or very
satisfied with their retirement professional.
The CSR says that retirement professionals are not just
portfolio managers for the wealthiest retirees. Many products and
services exist for people with virtually any level of income and
assets that can help make your income last.
To locate a professional retirement advisor and learn more about
retirement planning, visit your local library, senior center, or
search online.
Methodology
The Bankers Life and Casualty Company Center for a Secure
Retirement Middle-Income Retirement Preparedness Study was
conducted in August of 2010 by the independent research firm The
Blackstone Group. The complete report may be viewed at www.CenterForASecureRetirement.com
About the Center for a Secure
Retirement
The Bankers Life and Casualty Company Center for a Secure
Retirement is the company's research and consumer education
organization. Its studies and consumer awareness campaigns provide
insight and practical advice for how everyday Americans can achieve
financial security during retirement.
Established in 1879 in Chicago,
Bankers Life and Casualty Company focuses on the insurance needs of
the retirement market. The nationwide company, a subsidiary of CNO
Financial Group, Inc., offers a broad portfolio of life and health
insurance retirement products designed especially for seniors.
Visit us online at www.bankers.com.
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