Social Security Prep: 3 Ways a Financial Advisor Could Help as 46% of Americans Expect To Retire in Debt

Smiling mature couple get good advice.
JohnnyGreig / Getty Images

A new survey found that 46% of Americans expect to retire in debt. And many don’t feel the government will be in a position to help them make ends meet, either. That is to say, 43% believe Social Security could run out either before or during their retirement, while 22% believe their retirement goals could be squashed by a stock market crash.

Social Security 101: Check Your Balance Regularly
Explore: Social Security Benefits Might Get Cut Early — What Does It Mean for You?

Even so, most are not seeking help to put themselves in a better position for retirement. Only 21% of consumers polled by the personal finance site MagnifyMoney reported working with a financial planner or a retirement specialist. And 54% of those surveyed said they have no intention to seek any help with their finances to better plan for retirement.

Yet, working with a financial advisor could be exactly what you need to make your retirement dreams a reality. Let’s take a quick look at three ways a financial advisor can help you.

1. Budgeting Help

Whether your goal is to get out of debt or save for retirement — or both — a financial advisor can help you take that important first step of creating a budget. By working with a financial advisor to create your budget, you’ll have a realistic idea of how much you make and actually spend in a month. Then, you can set savings goals that will enable you to work toward your financial dreams while meeting today’s financial needs.

Retire Comfortably

Related: Financial Advisor vs. Certified Financial Planner: What’s the Difference?

2. Minimize Tax Consequences

A financial advisor understands the best ways to save for retirement that may also help reduce your tax burden today, giving you more money to live on and potentially freeing up more cash available for savings.

3. Strategies for Debt Management

Since high-interest credit card debt — as well as mortgages, car loans and personal loans — all impact a person’s ability to save for retirement, a financial advisor can help you get a handle on debt so you can start saving for the future.

See: 5 Nontraditional Ways To Build Your Wealth
Find: 10 Reasons You Should Claim Social Security Early

Most importantly, a financial advisor can offer an outsider’s view of your financial situation. It’s often challenging to see solutions because you are too close to a situation. A financial advisor draws on their financial experience and education to provide you with a roadmap to get out of debt and build wealth.

More From GOBankingRates

Retire Comfortably

About the Author

Dawn Allcot is a full-time freelance writer and content marketing specialist who geeks out about finance, e-commerce, technology, and real estate. Her lengthy list of publishing credits include Bankrate, Lending Tree, and Chase Bank. She is the founder and owner of GeekTravelGuide.net, a travel, technology, and entertainment website. She lives on Long Island, New York, with a veritable menagerie that includes 2 cats, a rambunctious kitten, and three lizards of varying sizes and personalities – plus her two kids and husband. Find her on Twitter, @DawnAllcot.

Untitled design (1)
Close popup The GBR Closer icon

Sending you timely financial stories that you can bank on.

Sign up for our daily newsletter for the latest financial news and trending topics.

Loading...
Please enter an email.
Please enter a valid email address.
There was an unknown error. Please try again later.

For our full Privacy Policy, click here.