Planning with the assistance of a professional helps retirees feel more confident, but there's still uncertainty about Social Security benefits.
It helps to have the help of a financial adviser during times like these — especially when it comes to preparing for retirement.
Financial planning with the assistance of a professional overwhelmingly helps savers feel more confident about retirement than those who don’t seek help, according to the 2022 Retirement Risk Readiness Study from Allianz Life Insurance Co. of North America.
Those working with a financial professional feel more prepared in terms of saving enough in a retirement account (74%) compared with those who have never spoken with an adviser (51%), according to Allianz. Along those lines, savers consulting an adviser are more likely to find a balance between saving for retirement and spending to enjoy life now (67%) versus those going it alone (47%).
Similarly, the study reveals that savers working with a financial adviser believe they are more prepared to take income in retirement (65%), as opposed to those not seeking financial help (52%).
And when it comes to inflation, those savers employing an adviser feel they are better prepared to address the rising cost of living (60%) than those not consulting an adviser (40%), according to the Allianz Life survey.
“So many Americans are in a vulnerable spot right now with their finances, it’s encouraging to see the high value placed on not only the practice of financial planning, but also the guidance of a financial professional,” said Kelly LaVigne, vice president of consumer insights at Allianz Life...
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