Want to approach a prospect about retirement planning? Research suggests that people will be most receptive to the idea on their birthday.

According to a study conducted by LIMRA, birthdays are not simply a cause for celebration — they also prompt people to examine and plan their lives. The LIMRA Secure Retirement Institute recently surveyed Americans between the ages of 55 and 75 with financial assets of $100,000 or more about when they began planning for their retirement. The most frequently-cited reason, given by 36% of those surveyed, was that they had reached a significant birthday.

These plans are not of equal value

"When individuals who said that reaching a significant birthday triggered retirement planning were asked at what age they started planning, 20% said they began retirement planning at age 65 – the most widely recognized age of retirement in the U.S.," says LIMRA. "Eleven percent began at age 60; 10% started at ages 55 and 70; and 7% began at age 62 (the earliest age that one can apply for Social Security)."

However, these plans are not of equal value. Although 75% those who work with a financial professional indicated they have some sort of retirement plan, the study found that just 16% have a formal written plan. LIMRA points to earlier research which found that people who have written retirement plans are more likely to feel more confident, and 70% will purchase a product to implement these plans.