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Financial Advice Improved Savings Rates

Saturday, May 18, 2013 - 10:00 AM
From SHRM (Society of Human Resource Management):
The use of online calculators and retirement advisors has been linked to higher levels of retirement confidence—and for good reason, according to new research from the nonprofit Employee Benefit Research Institute (EBRI).     

The research findings, reported in the March 2013 issue of EBRI Notes, are based on retirement readiness ratings drawn from EBRI’s 2013 Retirement Confidence Survey.  

Among the findings:
  • Americans who used an online retirement income calculator or who consulted with a financial advisor appeared to set more adequate savings targets, as measured by the probability of not running short of money in retirement.
  • Those in the lowest income quartile who sought the input of a financial advisor reduced the risk of not having enough retirement money by anywhere from 9 to nearly 13 percentage points, depending on family status and gender.

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