"Northwestern Mutual's 2024 Planning and Progress study revealed the simple step that Americans have taken to double their retirement savings. According to the research, those who work with a financial advisor have around twice the retirement investment account balances compared to people who try to manage their retirement investing all on their own with no professional advice. The research showed that those who have a financial advisor guiding them have around $132,000 in retirement savings, compared with $62,000 among those with no advisor."
"Being able to retire at a younger age is within reach when you have twice the money in your retirement plan, so this is not a surprise. It's not just that people working with an advisor were richer, either. Those who had help with managing their money were significantly more likely to have a long-term plan in place that takes economic ups and downs into account."
Working with a financial advisor is associated with roughly twice the retirement investment account balances compared with managing retirement investing without professional advice. Advised individuals had median balances of about $132,000 versus $62,000 for those without an advisor. Advised individuals planned to retire earlier, around age 64 versus 66 for non-advised individuals. Advisors help clients establish long-term plans that account for economic ups and downs and increase the likelihood of having emergency savings to avoid debt. Doubling retirement savings through professional guidance can make earlier retirement achievable without needing a much higher income or total spending sacrifice.
Read at 24/7 Wall St.
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