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Planning for Retirement

Posted Oct 23 2008 6:14pm

Boomer_money The 2007 Wall Street Journal Financial Planning Survey polled subscribers in households with investments valued at $250,000 or more.  Here are the answers they found to the following questions:

At what age are you planning to retire?

The average age: 65

37.9% plan to work past 65  and 13.4% plan to retire before 60.

What are the top five household financial decisions?

Maintaining my existing life style (54.3% rated very important)

Increasing my current asset level (50.9% rated very important)

Maintaining my current asset level (48.3% rated very important)

Affording health care for my family (46.1% rated very important)

Managing investment risk (44.8% rated very important)

Thetopthreereasonsfornotusingafinancialplanner / advisor:

I can do the job just as well: 67.0%

I enjoy being in control of my financial investments: 62.2%

The fees are too high: 35.2%

According to this subscriber study, the number of readers using a financial advisor or planner was almost 45%, indicating that more than 55% are managing their retirements on their own.  The top two reasons given for using a financial advisor or planner were the belief that a professional would do a better job, and confidence that investments would be preserved through retirement.

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