A study found retirees with high asset-to-income ratios frequently turned to professional advisors when it came to planning their retirement.
Lincoln Financial used an analytical score system to determine how seniors with the highest level of savings by the time they retired were able to reach that level. Those top savers often relied on professional financial advisors, who could assist them in a number of retirement purchases and concerns, such as a life insurance policy. Those retirees also participated in employer-sponsored retirement plans, saved on a steady basis, and worked with an investment strategy, said the study.
Somewhat surprisingly, the selling of a home, receiving an inheritance and selling stock weren't frequently listed as top savings methods.
"Contrary to popular belief, the results show that certain behaviors many savers think may be part of their retirement strategy, like selling a home or receiving an inheritance, weren't a factor in top-saving retirees' action plans," said Gary Spence, an executive with the company. "Following the four simple savings behaviors of real retirees who report they are successfully retired, may help people have a greater chance at a positive impact on retirement savings."
Separate studies have also shown the use of a professional advisor frequently resulted in retirees who were more confident in their savings and retirement.