Developing a strategy to get you to and through retirement is one of the most important financial adventures you can undertake. But the prospect of charting a course without help is unthinkable for millions of people.
When people need help building and maintaining a nest egg, they turn to many different sources of information. Recently, as part of its 2022 Retirement Confidence Surveythe Employee Benefit Research Institute asked more than 1,100 retirees to identify the people or groups they turn to for retirement advice.
Here are the most popular referral sources for those seeking help.
1. Financial advisor
Respondents who use this source: 38%
By far, a financial advisor is the number one source retirees turn to for planning advice. It’s smart: getting advice from a real expert is almost always a good idea in areas where you lack knowledge.
However, it is important to choose the right financial advisor. A bad decision can result in high fees, which over time can significantly reduce the amount of money you have in retirement.
So stop by Money Talks News Solutions Center and find a great financial advisor who won’t charge you excessive fees.
2. Resources and online research
Respondents who use this source: 23%
Even if you decide to work with a financial advisor, you’ll likely do much better as an investor if you educate yourself on the basics — and maybe more — of investing and planning for retirement.
There are many great resources online for advice on retirement planning. At the risk of sounding immodest, we think Money Talks News is one of the best.
So check out all the great stories we have on plan your dream retirement.
3. Family and friends
Respondents who use this source: 21%
Relying on family and friends for retirement advice can be risky. In some cases, you can get solid advice from your loved ones. But remember that we all like to give advice when asked, even if we often don’t know what we’re talking about.
So proceed with caution here. And if your buddy Ernie can’t wait to tell you why you should put half of your retirement savings into a hot stock he just heard about, run the other way.
Other sources of retirement planning advice
Respondents who use these sources: 1% to 13%
Survey respondents mentioned many other sources of retirement planning information they turn to. They include:
- An employer: 13%
- Representatives of a company pension plan: 12%
- Financial experts or media gurus: 9%
- Advice or online advisors who base their advice on formulas: 4%
- Non-profit organizations serving specific communities: 3%
- Libraries or community centres: 2%
- Churches or other religious centers: 1%
- Social media posts by friends and family: 1%
- Social media posts by businesses and others: 1%
- Online communities: 1%
For more on how to avoid the pitfalls that can wreck your retirement plan, check out “5 Money Mistakes That Will Ruin Your Retirement.”
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