"Most Americans do not have enough retirement savings. Morningstar reported that up to 58% of Americans will be unable to maintain their standard of living when they reach their retirement years. That's obviously problematic. No one wants a major downgrade to their living standards during a time period when they should be enjoying life and reaping the benefits of a lifetime of work."
"The factor that doubles the amount of retirement savings in Americans' investment accounts is not a surprise when you look at the details. According to Northwestern Mutual's annual study, called The Planning and Progress Study, the thing that makes all the difference is working with a financial advisor. The Northwestern Mutual survey revealed that: Americans who are working with a financial advisor have an estimated retirement age of 64, which is two years earlier than the age Americans without an advisor plan to retire."
Many Americans lack sufficient retirement savings, with up to 58% projected to be unable to maintain their standard of living in retirement. Working with a financial advisor correlates with substantially larger retirement balances: advised households have saved about $132,000 versus $62,000 for unadvised households. Advised households estimate earlier retirement (age 64 versus 66) and report higher confidence in meeting financial goals and achieving them faster. Financial planning involves complex decisions about investing, timing, and income needs. Professional advice appears to improve savings outcomes, retirement timing, and investor confidence, helping set households on a stronger path toward financial security in later life.
Read at 24/7 Wall St.
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