Nearly half of Americans are not contributing to a retirement plan, and those under age 34 are more likely to be among the people who aren't saving, according to a new LIMRA survey.
The survey, which included 2,697 Americans who are either primary financial decision-makers or share responsibility for making financial decisions, also found that a quarter of all Americans and less than a third of Americans over age 50 worked with a financial professional to plan for retirement.
Those who sought the help of a professional were more likely to contribute to a defined contribution plan or IRA. Seventy percent reported that their financial professionals recommended how much they should save for retirement, which shows that financial professionals can have a positive influence on their clients' saving behavior, according to LIMRA.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
