The use of online calculators and retirement advisers has been linked to higher levels of retirement confidence – and with justification, according to new research from the Employee Benefit Research Institute.
According to EBRI, the savings targets set by those in the lowest-income quartile who had sought the input of a financial adviser reduced the risk of running short of money in retirement by anywhere from 9 to nearly 13 percentage points, depending on family status and gender. Those who used an online calculator decreased their probability of running short of money in retirement by anywhere from 14 to more than 18 percentage points.
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