Life Insurance Quotes

Developing confidence in retirement planning

07/08/11


In order for individuals to ensure that they have financial security in retirement, experts recommend having a retirement income plan. A report by Fidelity Investments showed that 81 percent of pre-retirees think that having a detailed plan is important.

However, only 18 percent of the individuals who work with a financial advisor receive a plan and only 9 percent were given a detailed, written plan.

Financial advisors say that providing a plan may be complicated because some clients have difficulty focusing on the future in enough detail. Also, as the economic environment changes financial plans may quickly become outdated. Investing in an annuity that will provide steady income for an investors life may help people cope with an unstable economic future.

"Our survey found that advisors face a range of challenges that can make writing a retirement income plan feel extremely complex - and for that reason, many are opting for more informal planning processes," said Larry Sinsimer, senior vice president, practice management for Fidelity Investments Institutional Services Company.

Fidelity found that advisors who are able to provide a retirement plan in writing will be more likely to receive people's business. These financial solutions may also help secure referrals from customers. 

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