Approximately 60% of retirement investors participating in a new survey said they think they might need independent living, assisted living or skilled nursing in the future, yet only 34% of financial professionals estimate their that clients aged at least 45 years think they will need such care at some point, according to the 2024 Protected Retirement Income and Planning report from the Alliance for Lifetime Income.
Additionally, 90% of financial professionals said they have talked with at least some of their clients to identify steps they could take in case they experience cognitive decline later in life, yet only 27% of clients said that their financial advisers have brought up the topic.
“The disconnect between investors and financial professionals isn’t just a data point. It has real consequences for people’s lives,” said Jean Statler, CEO of the Alliance for Lifetime Income.
The PRIP online survey of consumers was conducted by Artemis Strategy Group Feb. 15 to March 2. The 2,516 consumers surveyed were aged 45 to 75, and 567 were investors aged 45 to 72 with $150,000 or more in investable assets and work with a financial professional.
“There’s a clear and concerning gap between what investors need and want versus what many financial professionals are communicating when it comes to planning for retirement,” Statler said.
