It takes more than a 401k and Social Security benefits to generate income for retirement. There are other options you can look into. LifeQuotes will investigate some of these other investment strategies for you so that you can make informed decisions about your financial future.
Financial advisers must educate themselves in order to guide clients, as this has become a top priority for those saving for retirement.
According to a Spectrem Group survey, the number of retirement plans with participants seeking advice increased from 26% in 2008 to 58% last year.
According to the studies, defined-benefit and defined-contribution plans increased from $7.9 trillion in 2008 to $9.3 trillion in 2009. In 2009, the value of participant 401(k) plans increased by 20% to $2.3 trillion.
Participants are looking for ways to supplement their retirement income outside of the traditional 401k. They are also not reliant on government Social Security benefits.
“The number was about the same for the better part of 16 years, and it suddenly jumped. Now participants want somebody to bounce ideas off of and to validate their thinking, and some of them want really in-depth advice,” Spectrem director Gerry O’Connor told Investment News.
Aside from 401(k)s and Social Security benefits, Americans can better protect their assets by investing in a long-term care plan as well as a life insurance plan to protect their family members and survivors from financial hardship after they die.
Traditional methods of saving for retirement do not have to be used exclusively. Your 401k and Social Security benefits can be supplemental income rather than the entirety of your retirement savings.