People who work with a financial adviser to organise and grow their finances are twice as ready for retirement as those who attempt to build savings without assistance, according to a recent study.
The research, carried out by John Hancock Retirement Plan Services, found that 70% of those that have worked with a financial adviser are either on track or ahead of target with regard to saving for retirement, while only 33% of those not working with an adviser said they felt they were achieving their pre-retirement financial objectives.
The study noted a huge disparity in financial knowledge when comparing those who have worked with an adviser and those who have not. Among those that have taken advice from an IFA, more than a third had determined how much they needed to save for a comfortable retirement, while only 14% of those without an adviser were aware of how much would be required.
Similarly, half of those that have spoken to an IFA admitted they have already started contributing to a retirement plan, compared to only 16% of those yet to seek financial guidance.
The results also established that among those currently working with or having previously worked with an adviser, 58% have a contingency fund in case of emergencies, while only 26% of individuals that have never contacted a financial adviser have money set aside for times of crisis.
Are you concerned about your financial situation? Do you want to know if you are on course to retire with a healthy sum of money that can support your desired lifestyle? For professional help contact us here at Logic Wealth Planning.
Vouchedfor -May 2016