Only 46% of middle-income Americans have a professional retirement advisor, but 76% of those middle-income Americans are very or extremely satisfied with their advisors.
Retirement analysts at Bankers Life and Casualty Company, Chicago, a unit of CNO Financial Group Inc., Carmel, Ind. (NYSE:CNO), have published those figures in a summary of results from an August 2010 Web survey of 502 U.S. residents ages 55 to 75.
Each survey participant had an annual household income between $25,000 and $75,000.
Half of the survey participants who said they have professional retirement advisors have had relationships with those advisors for 11 or more years, and 7% have had relationships with their retirement advisors for 30 or more years.
About 50% of the participants without professional advisors said they get guidance from the Internet, and 38% said they talk to friends and relatives.
The researchers found that 84% of the participants without a professional advisor do not believe they need one, but 36% of the participants without professional advisors said they do no retirement research at all.
- Allison Bell