It’s been a few years since the Financial Crisis or economic downturn, but some retirees are still trying to get back on their feet. For people who lost either a substantial amount of money or just faith in the stock market, it’s important to find the right financial advisor for retirees and their specific concerns.
Living on more than Social Security
According to a study by the Society of Actuaries and the International Foundation for Retirement, a large portion of retirees report that Social Security and pensions are not enough.
“The Financial Recovery for Retirees Continues: The Impact of the 2008 -2011 Financial Crisis” revealed 49 percent of female retirees and 41 percent of male retirees said pensions and Social Security didn’t cover their basic living expenses. A good financial advisor can provide a complimentary portfolio review to figure out how to get more out of your retirement savings without keeping you awake at night.
Spending more years in retirement
Female retirees have fewer investable assets and a lower household income, according to the study. Women tend to live longer than men, which means they are more likely to outlive their retirement income. The good news is that 69 percent of female retirees used financial advisors. And those retirees with personal financial advisors had more wealth and income than retirees without advisors. You don’t have to be smart with money to become wealthier, but it can pay to surround yourself with people who have money smarts.
Some retirees pulled all their money out of the stock market after the economic downturn and missed out on the bull market now in its 6th year. If you are looking for a financial advisor for retirees who understands the importance of having a reliable income stream for decades to come, consider Epple Financial Advisors LLC. To learn more, feel free to contact us.