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Most retirees avoid professional financial advice but love it when they get it
| MINNEAPOLIS (July 25, 2008) – Call it irony. Retirees largely avoid professional financial advice but love it when they receive it, according to a recent national survey of 800 American adults age 60-74.
The poll, conducted for Thrivent Financial for Lutherans, found that just one in five American retirees (22 percent) reported having worked with a financial professional within the first two years of their retirement to discuss drawing on their nest egg and spending money. However, 94 percent of retirees who had done so found the interaction helpful. The usefulness of retirees’ interactions with financial professionals was universally lauded across all demographics. Men (94 percent), women (95 percent), those age 60-64 (95 percent), those age 65-74 (94 percent), those with incomes under $40,000 (95 percent), with incomes of $40,000-$79,999 (94 percent), and with incomes of $80,000 or more (92 percent) all found working with a professional helpful. Those with higher incomes ($80,000 or more) were most apt to say the professional guidance was very helpful (69 percent). Half (49 percent) of both middle income seniors ($40,000-$79,999) and lower income seniors (less than $40,000) also said their work with a financial professional was very helpful. Among retirees who had not worked with a financial professional, 94 percent said they were not interested in professional guidance on how to manage their money or draw money from their retirement nest egg. This hesitation is difficult to understand given that 55 percent of seniors age 60-74 said they do not have a good idea how much money they will need for a secure retirement, and 38 percent reported they are at least somewhat anxious about having enough money in retirement. “Properly managing one’s assets, income and expenses in retirement can be challenging,” said Mark Anema, vice president of accumulation and retirement income solutions for Thrivent Financial. “Many retirees are hesitant to connect with a financial professional about their finances, but as this survey shows, most who do find the experience rewarding.” About the Thrivent Financial Retirement Income Survey Data for this survey were collected via telephone interviews by the Discovery Research Group on behalf of Action Marketing Research. Discovery was responsible for collection of the data only. Action Marketing Research was responsible for the survey design and was solely responsible for data weighting and analysis. Interviewing took place between Dec. 1 and 13, 2007, among a nationwide cross section of 800 U.S. adults age 60 to 74 of whom 397 were men and 403 were women. Sixty-four percent of respondents indicated that they are retired, 16 percent identified themselves as partly retired and 20 percent considered themselves not retired. About Thrivent Financial for Lutherans Thrivent Financial for Lutherans is a Fortune 500 financial services membership organization helping nearly 3 million members achieve their financial goals and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial sponsors national outreach programs and activities that support congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com. -END- 200801700 |
| Contact Information: | |
| Dave Rustad, APR Senior Media Relations Specialist dave.rustad@thrivent.com Phone: (612) 844-7037 | |
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