Increasingly, retirees are turning to financial advisers for the first time to help navigate an array of issues as they step out of the workforce.
Nearly half want guidance on saving and investing after leaving their workplace retirement plan, according to a report published by the Employee Benefit Research Institute (EBRI).
Roughly a third want advice for what to do with the money in their former workplace plan, while nearly 3 in 10 want a withdrawal strategy that turns savings into retirement income. Others seek help with taxes, long-term care planning, debt reduction, or estate planning.
"Going from a dependable regular income to no income stream at all can be terrifying," said Andrea Billquist, a financial planner in College Park, Texas. "With this new retirement reality, many quickly realize that they have more questions than answers and identify that they would like advice and support to make the right steps."
Yahoo Finance reached out to financial advisers about what questions are top of mind for these former do-it-yourself folks.
Nearly half want guidance on saving and investing after leaving their workplace retirement plan, according to a report published by the Employee Benefit Research Institute (EBRI).
Roughly a third want advice for what to do with the money in their former workplace plan, while nearly 3 in 10 want a withdrawal strategy that turns savings into retirement income. Others seek help with taxes, long-term care planning, debt reduction, or estate planning.
"Going from a dependable regular income to no income stream at all can be terrifying," said Andrea Billquist, a financial planner in College Park, Texas. "With this new retirement reality, many quickly realize that they have more questions than answers and identify that they would like advice and support to make the right steps."
Yahoo Finance reached out to financial advisers about what questions are top of mind for these former do-it-yourself folks.
15 days ago
