Core Insights - The article emphasizes the importance of financial advisors in retirement planning, highlighting that over 90% of wealthy Americans utilize their services and report high satisfaction levels [2][3] - It discusses the challenges posed by rising living costs and the increasing concern among Americans about running out of money during retirement, with 64% expressing this fear [5][8] - The article outlines six key milestones for effective retirement planning, including debt elimination, healthcare planning, and social engagement [4][7][15] Group 1: Financial Advisors - Financial advisors are fiduciaries, legally obligated to act in clients' best interests, and can help create personalized retirement plans [1][2] - A significant percentage of wealthy Americans (over 90%) work with financial advisors, indicating a trend towards professional financial guidance [2][3] Group 2: Retirement Planning Challenges - The rising cost of living is making retirement planning increasingly difficult, with 64% of Americans worried about financial security in retirement [5][8] - Many retirees face debt burdens, with 72% of Americans over 55 having accumulated some debt, impacting their financial freedom [8] Group 3: Key Milestones for Retirement - The article outlines six milestones for retirement planning, including eliminating debt, finding a good healthcare plan, ensuring loved ones are taken care of, preparing a mental and social plan, and conducting a lifestyle trial run [4][7][15] - It highlights the importance of planning for unexpected medical expenses, which are a leading cause of debt among retirees [10]

With economic uncertainty around every market dip and Social Security benefits being tenuous at best, padding your retirement accounts while battling the rising cost of living is getting harder and harder. Baby boomers in America are already at or near retirement. So, how much should the average middle-class boomer have in savings to comfortably weather their golden years? Learn More: 4 Retirement Expenses Boomers Didn’t Plan for — but Should Have For You: 5 Cities You Need To Consider If You're Retiring i ...