Their income is nearly twice as much as what the average retiree has, says a new Schroders’ study on U.S. retirement issues.
Retirees with a financial advisor end up with a lot more monthly income than those who don’t have one, says a new study from global investment manager Schroders.
The Schroders 2023 U.S. Retirement Survey found that retirees with a formal financial plan had monthly income of $5,810 on average, almost twice as much as the $3,000 a month reported by people without an advisor.
Overall, retirees on average had total monthly income is $4,170, including Social Security. Still, 37% said their monthly income is less than $2,500.
8 Acre Perspective conducted the survey for Schroders between February 13 and March 3 among 2,000 U.S. investors nationwide ages 27-79. It included respondents between ages 27-44 for the first time. The median household income for of working respondents was $75,000.
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