Building a strategy to get you to — and through — retirement is one of the most important financial adventures on which you will ever embark. But the prospect of charting a course without help is unthinkable for millions.
When folks need assistance building and maintaining a nest egg, they turn to many different sources of information. Recently, as part of its 2022 Retirement Confidence Survey, the Employee Benefit Research Institute asked more than 1,100 retirees to identify the people or groups they turn to for retirement advice.
Following are the most popular sources of guidance for those who seek help.
1. Financial adviser
Respondents who use this source: 38%
By a substantial margin, a financial adviser is the No. 1 source of help retirees turn to for planning advice. That is smart: Getting tips from a true expert is almost always a good idea in matters where you lack knowledge.
However, it is important to choose the right financial adviser. A poor decision can leave you paying high fees, which over time can significantly reduce the amount of money available to you during retirement.
So, stop by the Money Talks News Solutions Center and find a great financial adviser who won’t charge you excessive fees.
2. Online resources and research
Respondents who use this source: 23%
Even if you decide to work with a financial adviser, you are likely to do much better as an investor if you educate yourself about the basics — and possibly more — of investing and planning for retirement.
There are many great resources for retirement planning advice online. At the risk of sound immodest, we think Money Talks News is one of the best.
So, check out all the great stories we have about planning for the retirement of your dreams.
3. Family and friends
Respondents who use this source: 21%
Relying on family and friends for retirement advice can be dicey. In some cases, you can get solid tips from loved ones. But remember, we all love to give advice when asked for it — even if we often don’t know what we’re talking about.
So proceed with caution here. And if your pal Ernie can’t wait to explain why you should put half 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 that they turn to. They include:
- An employer: 13%
- Representatives from a workplace retirement plan: 12%
- Financial experts or gurus in the media: 9%
- Online advice or advisers that base guidance on formulas: 4%
- Nonprofit organizations serving specific communities: 3%
- Libraries or community centers: 2%
- Churches or other religious centers: 1%
- Social media posts by friends and family: 1%
- Social media posts by companies and others: 1%
- Online communities: 1%
For more on avoiding pitfalls that can sink your retirement plan, check out “5 Money Mistakes That Will Wreck Your Retirement.”
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