Retirement Planning

Dan Iannicola New Society of Actuaries Study Identifies Ten Barriers to Retirement Planning Advice

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Many experts predict that even after America emerges from its present economic problems a more formidable financial challenge looms just over the horizon as its citizens have fallen behind on saving for retirement. With professional guidance, a generation of future retirees could correct their course before it’s too late, but many are not seeking that help. A new study from the Society of Actuaries (SOA) highlights the need for more access to affordable, quality financial advice for non-affluent U.S. consumers, those of moderate or low net worth. While Americans’ responsibility for retirement has increased, their financial knowledge has not kept pace. As a result, many workers approaching retirement are realizing they do not have enough retirement savings accumulated and are not equipped to solve this problem. There is a widespread lack of both financial knowledge and formal, long-term financial planning among the middle class. The findings from the SOA study, Barriers to Financial Advice for Non-Affluent Consumers, uncover the top ten barriers to financial advice and helps address the gaps in knowledge.
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