If you could go back in time and give your younger self some advice about your finances, what would you say? That’s what a survey of more than 1,100 U.S. retirees by the Employee Benefits Research Institute aimed to find out.
The main takeaways aren’t overwhelmingly surprising, but they are important to discuss: 70% of respondents would have advised their younger selves to change their financial habits so they could save and invest more. And, knowing what they know today, almost half of survey respondents said they wish they’d started planning for retirement earlier.
Those sentiments align with conversations our advisory team members have with individuals and families year in and year out. Often, it takes people until they’re getting closer to retirement to realize just how valuable a slow and steady approach can be, including how consistent contributions to investment accounts combined with compounding are extremely powerful ingredients to build a strong portfolio over time.
The survey also reinforces the value a financial advisor can provide, reporting that “approximately 9 in 10 retirees who used a financial advice professional to create a financial plan were satisfied with their financial professional and felt the value they received from using an advisor outweighed the cost.”
The survey’s results reinforce our team’s philosophy and approach to building wealth over the long term. The bottom line? Time and a trusted financial advisor can be your staunchest allies as you work to create a strong financial future.
Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from JNBA Financial Advisors, LLC.
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