A recently-released study by the LIMRA Secure Retirement Institute found that Americans aged 55 to 75 with financial assets of at least $10,000 began planning for retirement when they reached a specific age. This can be said about 36% of respondents.
Twenty percent of the people who said a significant birthdate triggered retirement planning said they began planning at age 65–the most widely recognized age of retirement in the U.S.
Eleven percent began at age 60; 10% started at ages 55 and 70; and 7 % began at age 62 — the earliest age that one can apply for Social Security.
But not all of these groups are committed to a thorough retirement plan, the research suggests.
The study found that while 75% of pre-retirees and retirees who work with financial professionals have some sort of retirement plan, only 16% of those have a formal written plan.
Prior Institute research shows Americans who have a formal written retirement plan are more likely to feel more confident they are saving enough for retirement, and more than twice as likely to feel very prepared for retirement as those without one. Pre-retirees and retirees with a formal written plan are also more likely to convert a portion of their assets into an annuity within two years. 70 percent of those with a formal written plan purchase a product to implement their retirement plans, according to the study by LIMRA.