A new poll may come as a surprise for insurance agents who have been operating under the assumption that retirement planning is not something today's insurance customers are considering as much as they used to.
According to recent survey conducted by LIMRA, approximately 75 percent of advisors who offer retirement income services noted they had altered their business to focus more on retirement income planning.
Matt Drinkwater, associate managing director of LIMRA Retirement Research, said that as the U.S. population ages, more people are putting a priority on how they will be able to live comfortably once they leave their jobs.
"With 10,000 Boomers turning 65 each day for the next 18 years, advisors are recognizing the substantial market for retirement income planning," stated Drinkwater. "Outside of the pure demographics, LIMRA's research has found that only one-third of Americans feel they are saving enough for retirement and a majority of pre-retirees feel that they are not prepared for retirement."
He added that agents and providers are repositioning their services so that they can take advantage of this market and help individuals with their long-term financial needs.