HomeFinance NewsPersonal financeRetirement Nightmare: Majority of Adults Unprepared, Ignoring Professional Advice

Retirement Nightmare: Majority of Adults Unprepared, Ignoring Professional Advice

  • ORIGINAL NEWS

62% of adults age 50 and older have not used professional help to plan for retirement. Here’s why


  • SUMMARY

1.

Many people near retirement age haven’t consulted a professional about their retirement plans.

2.

The main reasons given were preference for self-handling or leaving it to spouses, low retirement savings, and affordability concerns.

3.

Gen X individuals face particular challenges with low retirement savings, with the typical Gen X household having only $40,000 saved.

4.

Most people assume financial professionals will act in their best interests.

5.

A proposed fiduciary rule in Washington aims to ensure financial professionals prioritize clients’ interests in investment advice.

6.

Some financial planners offer services based on hourly rates or flat fees, making professional advice accessible to those with lower assets or income.

7.

It’s essential to research and verify financial professionals’ credentials and any complaints against them before choosing one.


  • NEWS SENTIMENT CHECK
  • Overall sentiment: neutral
  • Positive



    “Some financial planners are compensated based on hourly rates or flat rates, and that information should be readily available on their website,”

    “Before selecting one professional, talk to a few prospects to see who you vibe with the most, Jordan advised.”

    Negative



    “The typical Gen X household has just $40,000 in retirement savings, according to research from the National Institute on Retirement Security.”

    “The bottom half of Gen X earners only have a few thousand dollars saved toward retirement, the research found.”

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