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Americans who work with a financial advisor have an average of $132,000 in retirement savings, compared with $62,000 for those without a financial advisor.
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Savers with advisors plan to retire at age 64, while savers without advisors plan to retire at age 66.
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Advised savers are more likely to have emergency funds and long-term plans to deal with economic fluctuations.
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If you’re thinking about retirement or know someone who is, three simple questions are making many Americans realize they can retire sooner than they expected. Take 5 minutes to learn more here
Doubling your retirement savings sounds like a dream, especially since so many Americans end up with far less than they need to sustain themselves in 401(k)s, IRAs, and other retirement investment accounts. But actually, ending up making twice as much as the average American doesn’t have to be as difficult as it seems, and it doesn’t necessarily require you to earn a huge income or sacrifice all your fun spending.
Instead, there’s one very simple factor that gives you the best chance of doubling your retirement savings. Unfortunately, many Americans don’t know what it is and don’t do it. You don’t have to be one of those Americans. Instead, here’s what you need to do to amass huge, above-average savings.
Northwestern Mutual’s 2024 Planning and Progress Study reveals the simple steps Americans can take to double their retirement savings. Research shows that people who work with a financial advisor have approximately twice the retirement investment account balance compared to those who try to manage their retirement investments on their own without professional advice.
Research shows that people with a financial advisor have about $132,000 in retirement savings, compared with $62,000 for those without an advisor. Those with advisors also plan to retire at a younger age – 64 years old compared to 66 for those without advisor assistance. Being able to retire younger is within reach when you have twice as much money in your retirement plan, so it’s no surprise.
It’s not just that people who work with consultants get richer. Those who get help managing their money are more likely to have a long-term plan that takes into account the ups and downs of the economy. They are also more likely to have emergency savings that can help them get out of debt and make retirement investing possible, and they are more likely to feel financially secure.
