2008-07-25 16:10:03 -

www.thrivent.com - Thrivent Financial for Lutherans Dave Rustad, 612-844-7037, 612-240-2264 (cell) dave.rustad@thrivent.com Call it irony. Retirees largely avoid professional financial advice but love it when they receive it, according to a national survey of 800 American adults age 60-74.

The poll, conducted for Thrivent Financial for Lutherans, found that just one in five American

retirees (22 percent) reported having worked with a financial professional within the first two years of their retirement to discuss drawing on their nest egg and spending money. However, 94 percent of those who did found the interaction helpful.

The usefulness of retirees' interactions with financial professionals was universally lauded. Men (94 percent), women (95 percent), those age 60-64 (95 percent), those age 65-74 (94 percent), those with incomes under $40,000 (95 percent), with incomes of $40,000-$79,999 (94 percent), and with incomes of $80,000 or more (92 percent) all found working with a professional helpful.

Those with higher incomes ($80,000 or more) were most apt to say the professional guidance was very helpful (69 percent).

Among those who have not worked with a financial professional, 94 percent said they were not interested in professional guidance on how to manage their money or draw money from their retirement nest egg. This hesitation is difficult to understand given that 55 percent of seniors age 60-74 said they do not have a good idea how much money they will need for a secure retirement, and 38 percent reported they are at least somewhat anxious about having enough money in retirement.

"Properly managing one's assets, income and expenses in retirement can be challenging," said Mark Anema, Thrivent Financial vice president. "Many retirees are hesitant to connect with a financial professional, but those who do find the experience rewarding."

Survey data were collected via telephone interviews between Dec. 1 and 13, 2007, among a nationwide cross section of 800 U.S. adults age 60 to 74.

Thrivent Financial is a Fortune 500 financial services membership organization.

Securities are offered through Thrivent Investment Management Inc., 625 Fourth Ave. South, Minneapolis, MN 55415-1665, 800-THRIVENT (800-847-4836) a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC.

¶ Most retirees avoid professional financial advice but love it when
they get it