Outliving retirement savings is the top worry of financial advisors’ clients, according to a new report.
Principal Financial Group discloses this finding in its 2nd quarter 2013 edition of the “Principal Financial Well-Being Index: Advisors.” The study examines the challenges facing financial professionals and identifies advisors’ recommendations for overcoming obstacles and achieving client financial success.
When asked about the retirement worries that keep their clients up at night, 85 percent of the more than 600 group benefit, group retirement and individual retail advisors surveyed by Principal Financial identify outliving their savings. This is down slightly from the 87 percent recorded in 2011 but 7 points above the 78 percent posted in 2010.
Among the other top worries identified in the Principal survey:
76 percent: Being able to enjoy the same quality of life that clients live now or lived before;
70 percent: Being able to afford good medical care;