Why Personalized Advice is Important for Retirement Savings

The kickoff of National Save for Retirement Week on October 16 serves as a great reminder for people to review their retirement journey, and may encourage others to start participating in a plan.

There are a number of tools available to help people gauge where they are – or should be – in terms of retirement. The problem with online retirement calculators and “robo-advisors” is that they gather very general information and make assumptions about savings based on it, as in a 50-year old person making $75,000 per year should have X amount put away already and be currently saving X amount per month toward retirement.

The truth is, that scenario is not every 50-year old person’s reality and the quasi-automated calculations could really throw plans off track, should decisions alone be based on generalities and algorithms?

There’s simply no substitute for personalized advice when it comes to retirement savings. In fact, according to a new retirement study by Wells Fargo, six in ten workers with a 401(k) plan want help with investment choices to make sure they are on the right path.  Having face-to-face conversations about specifics – budget, debt, goals – that impact retirement strategies provides a solid background for, first, sound planning and, second, sound investing.

Simply put, personalized advice and service result in more informed investments, like that available through CoPilot. The Employer Retirement Investment Advisors (eRIA) that support the plan are licensed and qualified to give true investment advice based on each participant’s situation.  

From that simple but critical distinction springs the CoPilot commitment to people, and honest caring about their retirement journey. We forego the industry jargon and “business as usual” attitude in favor of telling it straight, in relatable ways. We keep our advice simple, educational and personal. If people understand how much time their retirement money is buying, we’ve done our job.

Preparing for and building successful retirement outcomes is deeply personal. Shouldn’t the advice upon which investments and decisions are made be, too? Let’s start a meaningful conversation about CoPilot and the future today. Contact us online or call 800.236.7400.

Nicholas Crary, CPFA - Financial Services Representative - nccrary@pai.com - 800-236-7400 x3381

Nick is a subject matter expert on 401(k), retirement savings, participant advice, small business 401(k), investments, education on options.