96% of seniors make this monetary mistake

Is 99% of investors wrong?

As it turns out, yes.

According to a national survey conducted by CNBC and the investment application Acorns, only 1% of Americans employ help manage your finances. This number increases with age, but only: 2% of those aged 55-64 and 4% of those aged 65 or over.

Obviously, when you’re young and out of money, working with a professional is stupid. There’s not much to manage and you have all the time in the world to learn about investing and build your savings.

In addition, if your investments are primarily mutual funds in Plan 401 (k), you already have expert advice, as fund managers are already paid to make the right moves.

But here, an amateur approach to money management changes from clever to stupid: when your nest reaches a level where small adjustments can make monstrous differences.

A mistake that costs you millions?

Consider this: if you save $ 500 a month for 40 years and earn an average annual return of 5%, you will end up with almost $ 725,000. Double that return to 10% and you will retire with almost $ 2.7 million.

Two million more: it’s a life-changing difference.

So if you have significant savings, here are some simple tips that could change your life: allow expert advisor to at least look at where you are and what you are doing.

Even if you don’t hire a consultant on a permanent basis, a short, simple, and inexpensive review could make a difference.

If the review an external expert reveals that you are doing everything right, this pure medical number will ensure peace.

If he reveals that he could earn more, the sooner you figure it out, the better.

How to get help

According to one independent study, people who working with a financial advisor they feel more relaxed about their finances and may end up getting about 15% more money to retire.

So it obviously makes sense to get an examination by an objective expert, especially as you approach retirement. But the question arises: who can you trust?

In the past, you should turn to a stranger and take risks. But that was then.

These days there are free online services which will make you quickly find your ideal financial advisor.

Fill out a short questionnaire, and then connect with up to three local fiduciary financial advisors, each of whom is legally committed to working in your best interest. The process only takes a few minutes, and in many cases, you can immediately contact a specialist for free retirement counseling.

Use this free matching service to connect with three qualified financial advisors in your area in five minutes.

What do you have to lose? It could enrich you and it is definitely the perfect recipe for replacing doubt with peace of mind.

Bonus: Stay informed

Whether you choose to use the services of a financial expert or not, it always pays to be informed.

There are many sources of money news, but one of the best is completely free Money newsletter.

More than a million Americans reported saving an average of $ 991.20 each simply by following our newsletter. It gives you a daily dose of special tips to help you earn more, spend less and invest like a pro.

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Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click the links in our stories.

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