Broker Check

70-somethings Turn to Financial Advisers

With age comes wisdom, and the propensity for investors to turn to financial advisers later in life seems to bear that out.  Investing and managing money during retirement is complex, acknowledged septuagenarians responding to a recent study.*  The study ask individuals in their 70's with annual incomes of at least $75,000 to reflect on their experiences and share advice with pre-retirees about the financial and non-financial aspects of retirement. 

The survey found those who turned to advisers developed more thorough and sophisticated retirement plans.  While the majority said they had not thought about how long they would spend in retirement, those who had an adviser prior to retirement were more likely to have given thought to the length of their retirement.  Additionally, compared with survey participants who did not have an adviser, those who did were more apt to feel they had done a good job in overall planning for retirement and in planning for changes in economic conditions.

When ask to identify the single most important piece of advice they would give to baby boomers about the financial side of retirement, the highest percentage of respondents listed "Plan Ahead."  56% of 70-somethings say they currently use a financial advisor.

*Source: Lincoln Long Life Institute