A quarter of retirees now seek advisers to manage lump-sum savings and income strategies, up from 12% five years ago.
Retirees are increasingly hiring financial advisers for the first time to manage retirement savings and income strategies. About 25% of retirees who previously handled savings independently now work with advisers, double the proportion from five years ago.
Many accumulated savings through employer plans, IRAs, and brokerage accounts but now face challenges converting assets into sustainable income. Key concerns include Social Security timing, tax optimization, and estate planning, according to industry research.
The shift reflects a broader trend as retirees seek guidance on navigating complex financial decisions post-employment. Advisers report retirees often lack a comprehensive plan until retirement forces a review.