A large number of financial professionals plan to ramp up their retirement income planning practices over the next few years, according to a new study by the Principal Financial Group.

The "2011 Best Practices in Retirement Income Planning Study" focuses on financial professionals who serve qualified retirement plans. The report provides insight into how plan advisors will serve the growing baby boomer market.

Six out of 10 plan advisors already provide retirement income planning services to retirement plan participants, according to the study. The vast majority, or 78 percent, plan to spend more time and resources on income planning over the next three years and nearly 70 percent say they are, or will be, investing for growth in their income planning service. Thirty percent say they will focus on better planning tools.

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