"This is actually understandable, given the fact that there aren't a lot of safety nets in the U.S. if you run short of funds as a retiree. While you have Social Security to help support you, your retirement benefits can leave you barely above the poverty level if you don't have extra funds to supplement the benefits. And while Medicare can cover your healthcare as a senior, there are still premiums to pay"
"Working with a financial advisor can go a long way towards ensuring that you don't spend your senior years worrying about emptying your bank account and not having the money you need to cover the basics. In fact, research from Northwestern Mutual's 2024 Planning and Progress study revealed that Americans who work with a financial advisor actually have around double the retirement savings compared with those who have no help from a financial professional."
Many Americans fear running out of money in retirement, with 64% reporting greater worry about financial depletion than death. Social Security and Medicare provide limited safety nets, often leaving retirees near poverty or exposed to coverage gaps and medical expenses. Financial anxiety can be replaced by confidence when retirement funds are managed effectively. Working with a financial advisor correlates with roughly double the retirement savings, higher likelihood of emergency savings, realistic plans that account for economic shifts, and earlier planned retirements. Advisors help build sustainable savings strategies, reduce financial risk, and improve the odds that funds will last throughout retirement.
Read at 24/7 Wall St.
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