Professional Financial Management Can Alleviate Retirement Concerns

by | Sep 8, 2023

Workplace savers’ confidence to retire was shaken by the 2022 market declines—so much so that only 56% felt on-track in May 2023 for retirement, a full 12 percentage points less than the 68% level of 2021. That year, the Dow Jones Industrial Average was up nearly 19% and rode that high to its 11th year of positive returns since 2008.

That decline in confidence is the theme of a recent BlackRock study, which also found from a savers’ perspective:

  • Overwhelming concerns that market volatility and inflation will compromise their savings.
  • Fewer than 1 in 4 respondents felt “very confident” that their money will last through retirement.
  • 29% of respondents anticipating a later-than-planned start for their retirement.

The study’s year-over-year findings echo the concerns of a 2023 Bankrate study finding a nearly 25% increase in the number of U.S. adults who stated that money worries have a negative impact on their mental health, potentially causing anxiety or sleeplessness.

Employers as plan sponsors share their workers’ concerns. While nearly all sponsors feel a responsibility to help their savers generate or manage their retirement income, only 37% in 2023 felt “extremely confident” that their plans allowed participants to know their annual retirement expenditures.

To achieve a higher level of confidence and certainty, the workplace savers are seeking more resources, either about their employer-sponsored plan or even enhanced employer involvement. According to the study:

  • Compared to 2022, 21% more savers in 2023 would prefer the active involvement of an advisor vs. the primarily DIY methods that savers themselves employed earlier.
  • 77% said they’d prefer to have more information about their specific investments.

Though not a part of the study, Social Security’s long-term viability and its dependency as a retirement income source likely complicates matters and further lowers retirees’ confidence. There are many variables that come into play with social security such as: Full Retirement Age of 66 or 67, depending on birth year; applicable spousal benefits; marital status; benefits of waiting to initiate payments vs life expectancy; and anticipated cost-of-living allowances, which will likely decline from the 8.7% for 2023 due to 2022’s high inflation.

To those ends, the MS Financial Resources team is here to work alongside our clients providing professional management and a holistic approach. Mitzi is passionate about ensuring that her clients can retire with confidence.

If you or someone you know is close to retirement and in need of a Certified Financial Planner, please call or refer to our team to help. Additionally, we are hosting a free educational workshop this Thursday, September 14th and there are a few spots left.  We’ve partnered with the Social Security Administration to have a speaker present as well as a trusted Medicare advisor. For more information and to register, click here.

Note: The BlackRock Read on RetirementTM survey 2023 was conducted online March 21, 2023-May 24, 2023, among 1,339 workplace savers employed full-time and participating in their employer’s 401(k) or 403(b) plan with at least $5,000 in current account assets. Click here to view.  

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Address: 7400 W 130th Street, Suite #100 Overland Park, KS 66213

MS Financial Resources is a division of Midwest Financial Group LLC an SEC registered investment adviser.

As a registered investment adviser, we are now required to provide clients a new Client Relationship Summary document knows as “Form CRS”. This new form, which is available here, is the third part of our Form ADV investment adviser registration statement, so it is also referred to at times as “Form ADV Part 3”.

The purpose of the form is to provide clients with clear and succinct information regarding key aspects of investment advisory and brokerage relationships. The new form includes summarized information about services we provide, fees we charge, how our advisors are compensated, industry practices, etc. It also references where you can find additional information in our Form ADV Part 2 Disclosure Brochure, which we can provide you at any time free of charge, is posted at the website indicated on the Client Relationship Summary or you can access the SEC’s Investment Adviser Public Disclosure (IAPD) system at

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