Pre-Retirees With Financial Advisor Feel More Confident
You often hear the recommendation to obtain professional financial advice as you plan for your retirement and choose retirement savings, life insurance and housing. Despite this advice most people do not seek this professional help. Based on some recent research from LIMRA though, it's good for your peace of mind to obtain a financial advisor so you can feel confident about your future and not worry as much as you may otherwise if you do your financial planning on your own.
According to the article on the InsuranceNewsNet website "LIMRA: Pre-Retirees Who Work With A Financial Advisor Are More Confident in Their Future", about 2/3 of pre-retiree households do not hire a financial advisor. Of the 1/3 that do seek professional advice, 54% of them feel confident they will be able to live the lifestyle they want through their retirement years. The corporate vice president and director of LIMRA Retirement Research, Marie Rice, says the research is clear. Pre-retirees with financial advisors find a lot of value with their investment in professional help since they believe their future is more secure. There is much uncertainty in the economy right now and it never hurts to have an expert help you work through all of the changes.
The LIMRA research also found that 3 times as many pre-retiree consumers who did not work with a professional advisor felt relatively unprepared for retirement. 63% of the respondents in this category were not confident about that future financial planning. Other LIMA research showed that less than half of pre-retirees have saved enough for retirement or have the life insurance benefits they need. Approximately 30 million Americans do not have enough money to last them throughout the retirement years and are truly unprepared. Retirement planning can be very complicated and important decisions should not be made unless you are fully educated on all of your choices and the implications of each one. There is where expert advice is very useful.
It's very challenging for someone not in the financial field to educate themselves on all of the options and all of the possible scenarios. While many retirees may want to save their money and not spring for a financial advisor, it could end up costing you a lot of more money in the long run if you don't make the right financial choices. You can reach out to reputable companies or find a local financial advisor in your area.