LIMRA Survey Shows Strong Consumer Desire to Save for Retirement

Americans want to save more money for retirement, and they are more likely to do so if they have a financial advisor, according to a pair of recent surveys.
The LIMRA Secure Retirement Institute found that 54 percent of U.S. households say that saving more money is a top financial priority. Of these, nearly 60 percent cite preparing for retirement as a top reason for increasing their savings.
The main impediment to saving for retirement is excessive non-mortgage debt, including car loans, student loans, and credit card debt, the LIMRA survey found. Some 71 percent of U.S. households carry non-mortgage debts, totaling $13 trillion, and about 60 percent said their debt is reducing their retirement savings.
A separate survey by PenFed Credit Union found that people who work with a financial advisor save nearly twice as much for retirement, as a percentage of their income, as those who lack individual professional advice. Those with advisors save an average of 10.4 percent of their salaries, while those without save 5.5 percent.
Other factors that tend to increase the percentage of income people put towards retirement include:
  • Those with automatic savings (10.2 percent) vs. those without (4.8 percent)
  • Those with income over $100,000 (11.7 percent) vs. those with lower incomes (6.2 percent)
  • College graduates (9.3 percent) vs. those without college degrees (6.2 percent)
“It is encouraging that Americans are motivated to save more money for retirement,” said NAIFA CEO Kevin Mayeux, “and NAIFA members are available to help. Even for those who may think they’re unable to prepare for retirement, because of debt of for other reasons, a professional advisor can often help them develop a financial plan to get them on the right track.”
  • Posted March 6, 2018 IN
  • Comments (1)

Fadheela Najiyah Amari
Its a very useful information really which i needed for me as well as for my new born insurance company Experts Insurance Consultant.
Thank you for posting this blog sir.
3/15/2018 2:54:04 AM