Many middle-income Americans not using professional retirement advice wrongly think they can plan without help, don't have enough assets to require an advisor or can't afford advisor's fees, according to a new Bankers Life and Casualty Company Center for a Secure Retirement study.
Of the 54 percent of respondents who don't receive professional guidance, 47 percent say they could plan for retirement without an advisor, despite feeling retirement planning is complex and overwhelming.
"Many people set aside too little time for planning," says Scott Perry, president of Bankers Life and Casualty Company, a national life and health insurer. "The study found that while those who worked without the help of an advisor enjoy planning on their own, 63 percent devote less than one hour a month to retirement planning and over 36 percent spend no time at all."
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