To our knowledge, this report contains the most complete data available anywhere on the financial needs and behavior of retired persons. Through an analysis of demographic statistics, data on the dynamics of retiree wealth, and syndicated research on retirees investment attitudes, we seek to develop a clearer understanding of the issues and challenges faced by the retiree community and the impact of these challenges on retirees usage of financial advisors. Two major factors are affecting the dynamics of retirees. First, average life expectancy has been increasing to the point now where a person who reaches the age of 65 can expect to spend roughly 17 years in retirement. Second, retirees control a substantial portion of the nation s wealth.
Female retirees are worthy of special consideration.
This group faces special challenges. Female retirees who live alone, therefore, may be the group most in need of professional financial advice, though least knowledgeable about how to seek it out. The vast majority of retirees express a need for some degree of professional financial advice. Effectively managing a savings and investment portfolio for perhaps 20 years with minimal, if any, annual employment income. Figuring out how to leverage the booming stock market and economy without risking assets they cannot earn back through employment.