Amazingly, 4 out of 5 Americans do not understand even the basics of how to successfully plan for a financially secure retirement. According to a new study released by The American College of Financial Services, the 2020 Retirement Income Literacy Survey discovered major gaps in savings knowledge.
Here are some of the findings from the report:
- 8 out of 10 people failed a 38-question online quiz on financial literacy, with an average score of just 42%.
- Nearly 4 out of 10 consumers reported feeling highly prepared for the market downturn associated with the pandemic, and what made a difference in consumers’ perception of preparedness was having a formal, written retirement plan.
- Only 1 out of 3 respondents reported having a written plan.
As financial advisors we have a huge opportunity to help our clients develop a written retirement plan to bring them peace and security into their retirement years. Some advisors struggle with the right program or software to help accomplish this.
Retirement Analyzer Pro and Pro+ are easy-to-use, end-to-end financial planning software packages that allow you to create and share financial plans while modeling any type of financial strategy. Your clients will appreciate the simplicity and professionalism of the plans you provide. That is why so many Asset Advisors are currently using this tool to close sales.
By signing up for this important program before 2/28/21, your relationship with Asset gives you a highly discounted rate. Normally $798 annually, you can receive an amazing price of $300. That’s a $498 annual savings! For $25.00 a month, you can be providing your clients with their written robust, yet simple retirement plan. (Rate increases to $360 on 3/1/21.)