LIMRA Finds Many Americans Spend More Time on Social Media Than Planning for Retirement
A new LIMRA report reveals a significant gap between how prepared pre-retirees feel and the actual time they spend planning. Nearly six in ten workers aged 45 or older who plan to retire within a decade rate themselves as highly prepared, yet many have not created or updated a written retirement plan. In fact, more than half of these individuals either lack a formal plan or haven't spent much time on it recently. The report highlights that over a quarter of pre-retirees dedicated fewer than five hours to planning in the past year—less than the average weekly social media usage for this age group (10–14 hours). Despite concerns about inflation, healthcare costs, and outliving savings, these worries are not consistently translating into action. LIMRA emphasizes that confidence alone is insufficient; active engagement with a written plan or professional guidance significantly boosts actual preparedness. The study also shows that those who work with financial advisors feel more confident in their retirement readiness than those without such support. The report suggests focusing on the three
Topics: consumer behavior financial preparedness retirement planning