Advisers Say Retirement Savings a Constant Concern for Clients

Sixty-one percent of financial advisers responding to Schwab Institutional's most recent Independent Advisor Outlook Study said having sufficient retirement savings to maintain their desired lifestyle is a constant concern of their clients.

According to a Schwab press release, another 35% of advisers said their clients worry about adequate retirement savings at least some of the time. While 39% of the clients of the advisers surveyed consider themselves to be retired, 59% of retired clients are pursuing a new career interest.

The advisers said these affluent retirees are not necessarily considering a second career just for fun or to pursue a passion – according to respondents, more than half (51%) of the clients who are already retired and continue to work do so to maintain their lifestyle, according to the release. However, 48% said their working-retired clients work to fund leisure pursuits, and 39% said these clients work to cover unanticipated expenses.

More than 60% of advisers cited long-term care expenses, estate taxes, education costs for children/grandchildren, and the costs of care for aging parents also as top client concerns.

“The affluent are working with independent advisors not only to help them achieve personal monetary milestones, but also to ensure that their financial resources can be a means for addressing their more important concerns – family, community, health, education and social responsibility,” said Charles Goldman, executive vice president of Schwab Institutional, in the release.