Retirees with Advisors Have More Income Than Those Who Don’t

Retirees with Advisors Have More Income Than Those Who Don’t

August 14, 2023

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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