One Factor Doubles Retirement Savings For Americans, And It’s Not Which Stocks They Picked

Core Insights - A significant portion of Americans, up to 58%, are projected to struggle in maintaining their standard of living during retirement, indicating a widespread issue in retirement savings [1][5]. Group 1: Retirement Savings Statistics - Americans working with a financial advisor have saved an average of $132,000, compared to $62,000 for those without an advisor, highlighting the impact of professional financial guidance on savings [5][6]. - The estimated retirement age for Americans with a financial advisor is 64, which is two years earlier than the 66-year retirement age planned by those without an advisor [6]. Group 2: Importance of Financial Advisors - The key factor that significantly enhances retirement savings is the engagement with a financial advisor, as indicated by Northwestern Mutual's annual study [4][5]. - Individuals who work with financial advisors report greater confidence in achieving their financial goals and believe they will reach these goals faster than their peers [6][7].