Retirement, ideally a period of relaxation and enjoyment after years of hard work, is often envisioned as a time to pursue hobbies, travel or simply unwind. But without a solid financial plan, many Americans worry they’ll outlive their money. This fear is often more acute among married couples, who face the added complexity of planning for two people with varying financial needs.
If you’re 50 or older and have over $100,000 in investable assets, now is the time to take retirement planning seriously. Finding a financial advisor doesn’t have to be difficult. WiserAdvisor’s free tool matches you with a vetted financial advisor that meets your needs, with no obligation to hire.
60% of Americans Lack a Retirement-Specific Account– Do you?
A NerdWallet study, using the 2022 Survey of Consumer Finances, indicates that 60% of Americans lack a retirement-specific account. The disparity in average household retirement savings by age group further illustrates this issue:
- Under 35: $49,130 (median: $18,880)
- Ages 35 to 44: $141,520 (median: $45,000)
- Ages 45 to 54: $313,220 (median: $115,000)
- Ages 55 to 64: $537,560 (median: $185,000)
- Ages 65 to 74: $609,230 (median: $200,000)
These figures show a significant gap between average and median savings, pointing to a broad spectrum of financial preparedness across different age groups. Those nearing retirement, especially those with $250,000 or more in retirement savings, stand to benefit most from expert, fiduciary guidance.
To guide couples in their retirement planning, T. Rowe Price, a reputable global investment management firm, provides savings benchmarks as multiples of income, varying by household income and marital status.
For example, a dual-income married couple with an annual income of $75,000 at age 55 should have retirement savings equal to five times their income, which should increase to 8.5 times by age 65. These benchmarks scale up for higher-income brackets, and for those with $250,000 or more in assets, strategic investment planning becomes especially important.
Find a Vetted Financial Advisor
If you’ve worked hard to build a nest egg of $100,000 or more, WiserAdvisor can connect you with a trusted, independent fiduciary advisor who understands the unique financial needs of pre-retirees and retirees.
Fiduciary advisors are legally required to put your interests first. They can help you:
- Create a tax-smart drawdown plan
- Manage and grow a diversified investment portfolio
- Maximize Social Security strategies
- Protect assets for your spouse or heirs
- The matching service is fast and free—and designed specifically for individuals with significant investable assets who are looking for personalized, high-quality advice.
Take the first step toward a more confident retirement. If you have at least $100,000 in investable assets, WiserAdvisor can match you with a pre-screened fiduciary financial advisor in your area.
Book here to get started; no cost, no obligation.
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