Financial planners help women feel more prepared for retirement: Study

Didier Malagies • April 4, 2023


For the last decade, the top financial concern for women at or near retirement is having enough financial resources to live comfortably in later life. And, new research now shows that those who work with a financial professional are more likely to feel very prepared for life in retirement, according to a study conducted by LIMRA.


According to the study results, 40% of women who work with a financial professional say that they feel “very prepared for retirement,” compared with 27% of women who do not.


“Consistently, LIMRA research has revealed that working with a financial professional increases the likelihood that consumers will complete retirement planning activities (e.g., calculating the amount of assets and investments available to spend, and how long they will last in retirement),” the organization said in an announcement. “This most recent study shows women who work with a financial professional are more likely to have completed key retirement planning activities.”


Women working with a financial professional are also over twice as likely to have a formal written retirement plan compared to women who go unadvised (25% vs. 10%). Prior research illustrates that such a plan — including specific goals, asset management and risk mitigation options — also leads to higher confidence levels and a higher likelihood that the retiree will purchase an annuity.


“Overall, women’s interest in guaranteed lifetime income increased 63% over the past five years, with a significant jump over the past year as inflation and economic uncertainty grew,” LIMRA said. “LIMRA

Research shows women who work with a financial professional are more likely to be interested in purchasing an annuity. More than half of women who work with a financial professional (52%) said they were interested in converting a portion of their assets into a lifetime-guaranteed annuity in retirement, compared with 44% of women who don’t work with a financial professional.”


The study was conducted in 2022 and surveyed Americans ages 40 to 85 with at least $100,000 in household investable assets in order to gauge perceptions about working with financial professionals to meet investment goals.


Other recent research from Nationwide Retirement Institute suggests that women investors have higher levels of retirement anxiety compared to male investors.


The reverse mortgage industry has advocated for loan originators and brokers to solicit financial professionals as referral partners. Financial planners have also indicated that they are receptive toward hearing from reverse mortgage professionals as long as they engage with the planning community.



While the largest group of Home Equity Conversion Mortgage (HECM) loan borrowers are married couples, single women made up over 35% of the borrowers served last year, according to Federal Housing Administration data.




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