Americans With Advisors Save Twice as Much for Retirement, Study Finds

"There are many American retirees today who get all of their income from Social Security. Unfortunately, people in that situation don't tend to be very financially stable. The average Social Security recipient today collects a little more than $2,000 a month. That's not a lot of money to live on. So it's important to do what you can to build a retirement nest egg."

"A recent Northwestern Mutual survey found that people who work with a financial advisor expect to be able to retire two years earlier than those who are handling their money solo. Not only that, but people who use a financial advisor have saved twice as much money for retirement than those who don't use an advisor: $132,000 versus $62,000. It's also worth noting that 75% of people who work with a financial advisor think they'll be prepared to retire, compared to 45% without an advisor."

Many American retirees rely entirely on Social Security, which often leaves them financially unstable. The average Social Security recipient collects a little more than $2,000 per month, which is generally insufficient to maintain typical living standards. Building a retirement nest egg through personal savings is important. Working with a financial advisor can significantly improve outcomes. People who use advisors tend to save more, feel more prepared for retirement, and may retire earlier. Advisors can recommend Social Security filing strategies tailored to individual needs and life expectancy. Matching with a vetted advisor can help establish savings goals and investment strategies for secure retirement.

Read at 24/7 Wall St.