---
title: Do You Have a Retirement Income Plan? Most Retirees Don’t
description: When talking about a retirement income plan, the key word is INCOME. Learn how it may help you feel more confident about having enough money when you retire.
image: https://www.letsassemble.com/hubfs/blog-files/retirement_income-plan.png
---

[![Assembly Wealth](https://www.letsassemble.com/hs-fs/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png?width=300&height=70&name=Assembly-Wealth-Logo-Orange-500px.png "Assembly Wealth")](https://www.letsassemble.com/)

The Money Manager People TM

[800-541-7774](tel:+18005417774)

[![RESEARCH MONEY MANAGERS](https://no-cache.hubspot.com/cta/default/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/7ecbcb66-3fbb-41e3-b219-c24fb3c769c5)

[![Client Center](https://no-cache.hubspot.com/cta/default/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/8691dcb4-caa3-42c2-a810-77b59f461fd2)

[Home](https://www.letsassemble.com/)

WrapManager's Wealth Management Blog

When life changes, we can help you thoughtfully respond.

[< Back to read another post](https://www.letsassemble.com/wealth-management-blog)

# Do You Have a Retirement Income Plan? Most Retirees Don’t

Posted by [ Seton McAndrews | CFP®, Vice President Investments](https://www.letsassemble.com/wealth-management-blog/author/seton-mcandrews)  
 October 11, 2017

- [Tweet](https://twitter.com/share)

![Do-You_have_a_retirement_income-plan.png](https://www.letsassemble.com/hs-fs/hubfs/blog-files/Do-You_have_a_retirement_income-plan.png?width=404&name=Do-You_have_a_retirement_income-plan.png "Do-You_have_a_retirement_income-plan.png")The key word in the title of this article is “income.” Many retirees believe they may have a retirement plan (at least generally speaking), but when it comes to having a [retirement income plan](https://www.wrapmanager.com/wealth-management-blog/4-easy-steps-to-planning-your-retirement-income), the numbers don’t look so good.

According to new research from LIMRA Secure Retirement Institute, “only 35% of retired clients and 38% of pre-retirees who work with an adviser *have a formal written retirement income plan* (emphasis ours).”1

Do you have one?

Not having a formal, written retirement plan and retirement income plan may decrease the confidence many retirees feel about having enough money in retirement. Unfortunately, with decades of retirement education and growth in the advisor business, retirees are not getting much more confident about retirement security. According to the Employee Benefits Research Institute, in 1993, only 18% of workers felt “very confident” about being able to afford a comfortable retirement. Fast forward to 2016, and *there are still only* 18% of workers who feel “very confident.”2

When considering that the Dow Jones Industrial Average has risen more than 500% over the period from January 1993 to December 2016, one would think that retirement confidence would be higher. But something is clearly amiss.  

### **What Retirees are Missing**

What could be amiss is that folks are not creating *detailed plans* for retirement. When that happens (or rather, fails to happen) there is no roadmap to help navigate the world of saving and investing. There are no checkpoints to make sure you are on track to reach your goal. There is no advisor there to help you know what changes to make, and when to make them.

For the workers and retirees who do create retirement income plans, they are oftentimes doing so late in life. Two separate LIMRA Secure Retirement Institute studies found that 38% of retirement income plans were created at ages 60, 62, and 65. Late is very much better than never in this case, but it will take some work to ensure all retirement goals are met when starting that late.

Another issue is that many retirees may feel overwhelmed by the complexity and vast menu of investment options available to them. Over the last twenty years or so, the financial services industry has introduced dozens – if not hundreds – of new investment products and savings vehicles. The list includes ETFs, health savings accounts (HSAs), Roth 401(k)s, a dozen different types of annuities, reverse mortgages, etc., etc.

The list goes on for pages and will likely continue to grow as ‘financial engineers’ devise new ways to save for retirement. Many of these new products, savings vehicles, investments are designed to help and give retirees flexibility, but they may also have the unintended consequence of confusing and complicating matters even more for folks trying to navigate the retirement and retirement income puzzle.

### **WrapManager Can Help You Navigate Retirement – And Create a Plan**

The wealth managers at WrapManager work with our clients to create retirement investment plans that include factoring items like retirement income and long-term goals. We believe that creating a formal plan that we review with our clients every quarter will allow us to help our clients achieve their long-term objectives, and we can use the plan to help ensure we remain on track.

**If you do not have a formal, written retirement plan or investment plan, contact us today so we can help you build one! **Getting organized and making a plan is a great first step, and we can help you get there. Reach out to us at 1-800-541-7774 or get started over email at [wealth@wrapmanager.com](mailto:wealth@wrapmanager.com).

 

1. [Investment News](http://www.investmentnews.com/article/20170721/FREE/170729985/missing-from-retirement-income-planning-a-plan)

2. [Marketwatch](http://www.marketwatch.com/story/what-ive-learned-over-14-years-of-covering-the-depressing-but-crucial-topic-of-retirement-2017-09-29) 

 

[Retirement Planning](https://www.letsassemble.com/wealth-management-blog/topic/retirement-planning) [Retirement Income Strategy](https://www.letsassemble.com/wealth-management-blog/topic/retirement-income-strategy)

[![Retirement-planning-strategy-ebook-CTA-large](https://no-cache.hubspot.com/cta/default/10700/c5ce76f4-6dc3-447f-9bc5-526eed4b84a4.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/c5ce76f4-6dc3-447f-9bc5-526eed4b84a4)

### Subscribe to Updates

[Subscribe to RSS Feed](https://www.letsassemble.com/wealth-management-blog/rss.xml)

[![New Call-to-action](https://no-cache.hubspot.com/cta/default/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf.png)](https://cta-redirect.hubspot.com/cta/redirect/10700/ffe2a394-957b-481b-9f80-4ef176bd6aaf)

### Most Recently Published

### Blog Authors

[![Gabriel Burczyk](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381761-jpg/Athors_Avatars/Gabe-avatar.jpg "Gabriel Burczyk")](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[**Gabriel Burczyk,**](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)  
[Founder & CEO](http://www.wrapmanager.com/wealth-management-blog/author/gabriel-burczyk)

[![Valerie De Vol](http://www.wrapmanager.com/hs-fs/hub/10700/file-2457588837-jpg/Athors_Avatars/Valerie-De-Vol-avatar.jpg "Valerie De Vol")](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[**Valerie De Vol, **IACCP®  
Chief Operating Officer](http://www.wrapmanager.com/wealth-management-blog/author/valerie-de-vol)

[![Seton-avatar.jpg](http://www.wrapmanager.com/hs-fs/hub/10700/file-2344519198-jpg/Athors_Avatars/Seton-avatar.jpg "Seton-avatar.jpg")](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[**Seton McAndrews, **CFP®  
](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)[Vice President - Investments](http://www.wrapmanager.com/wealth-management-blog/author/seton-mcandrews)

[![Doug Hutchinson](http://www.wrapmanager.com/hs-fs/hub/10700/file-2347381751-jpg/Athors_Avatars/Doug-avatar.jpg "Doug Hutchinson")](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

**[Doug Hutchinson,](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson) **[CFA®  
](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)[Director of Research and Trading](http://www.wrapmanager.com/wealth-management-blog/author/doug-hutchinson)

![Katie - square.png](https://www.wrapmanager.com/hubfs/Katie%20-%20square.png "Katie - square.png")

[**Katie O'Connor  
**Director of Client Services](https://www.wrapmanager.com/wealth-management-advisors/katie-oconnor)

**Important Disclosure Concerning WrapManager Blogs**

Blogs found at this site have been created or supported by WrapManager. The information provided in a blog post prepared by WrapManager or an associated person of WrapManager is generally limited to financial and economic issues, but may include a discussion of general interest items. The views and opinions expressed on this blog are purely the blog authors, and not necessarily those of WrapManager, Inc. Certain blog posts include information pertaining to WrapManager’s investment advisory services and the products and services of unaffiliated money managers. Such information is provided for information purposes only. Accordingly, information provided in a blog should not be construed by any consumer and/or prospective client as a solicitation to effect or attempt to effect transactions in securities or the rendering of personalized investment advice. Any subsequent, direct communication by WrapManager with a prospective client shall be conducted by a representative of WrapManager. Moreover, no client or prospective client should assume content contained on the website serves as a substitute for personalized advice from WrapManager. Different types of investments involve varying degrees of risk, and there can be no assurance that any investment, portfolio or money manager referred to within the blog will be suitable for your individual situation and risk tolerance or will be profitable. WrapManager recommends that you retain a financial professional to provide you with specific guidance regarding your financial situation before investing. Investment in equity strategies involves substantial risk and has the potential for partial or complete loss of funds invested.

Although the information included in the WrapManager, Inc. website and blog has been obtained from sources WrapManager believes to be reliable, we do not guarantee its accuracy and information may be subject to change without notice. This website should not be regarded as a complete analysis of the subjects discussed. Information on this site should not be relied upon as a substitute for legal, tax or accounting advice by a professional in your local jurisdiction.

Comments made by third parties are subject to moderation by WrapManager and may not appear on this blog until they have been deemed appropriate for posting. Also, due to the volume of comments received, not all comments will be posted.

WrapManager does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party website linked to WrapManager's web site or incorporated within a blog post. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

 

 

```json
{
  "@context" : "https://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Seton McAndrews",
    "url" : "https://www.letsassemble.com/wealth-management-blog/author/seton-mcandrews"
  },
  "datePublished" : "2017-10-11T14:18:00.000Z",
  "headline" : "Do You Have a Retirement Income Plan? Most Retirees Don’t",
  "image" : [ "https://www.letsassemble.com/hubfs/blog-files/retirement_income-plan.png" ],
  "mainEntityOfPage" : {
    "@id" : "https://www.letsassemble.com/wealth-management-blog/do-you-have-a-retirement-income-plan-most-retirees-dont",
    "@type" : "WebPage"
  },
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "url" : "https://www.letsassemble.com/hubfs/Assembly/logos/Assembly-Wealth-Logo-Orange-500px.png"
    },
    "name" : "Assembly"
  }
}
```