Older Investors: Boost Your Savings and Retire Earlier
This one measure can help older investors retire up to two years earlier and potentially double their retirement savings.


Ellen B. Kennedy
By the time you reach your 50s and beyond, you've likely collected a host of different assets that you plan to tap in retirement. Unlike someone just starting their career, your investment portfolio is probably complex. And you're busy. You may not have had time to consolidate far-flung 401(k) accounts or do all of the tax and estate planning that will round out your retirement plan.
You need help.
Happily, there are more tools available, from AI programs to robo advisers, but new evidence from T.Rowe Price and recent research from Northwestern Mutual point to the fact that getting individualized support as you draw nearer to retirement — or even in retirement — may have a big payoff that's more than worth the price.

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The tangible benefits of using a financial adviser as you age
It may seem obvious that the need for personalized advice becomes more important for older investors who have a wider range of investment goals than young people. Yet, a bespoke portfolio is far from the only benefit of getting help from a financial adviser as you age.
Northwestern Mutual found that Americans working with a financial adviser expect to retire as much as two years earlier (at age 62) than those who don't have access to this professional help (at age 64). They also have twice as much money saved for their later years ($132,000 versus $62,000). Further, 75% of those who work with an adviser believe they will be financially prepared for retirement compared with just 45% who aren't getting expert advice.
Behaviors among all Americans | With an adviser | Without an adviser |
---|---|---|
Average retirement age | 62 | 64 |
Retirement savings | $132,000 | $62,000 |
Have inflation factored into plan | 69% | 48% |
Feel financially secure | 64% | 29% |
Source: Adapted from Northwest Mutual, Planning & Progress Study 2024.
"Americans who work with a financial adviser have better financial habits, superior outcomes, less anxiety, greater confidence, and more time to live the life of their dreams," said John Roberts, chief field officer at Northwestern Mutual. "The impact isn't just about bigger numbers on a spreadsheet — it's about more days in retirement and more time enjoying the journey."
The reality is, as you get older, you tend to have higher income and more financial knowledge, which means you have more money to invest and may be particular about finding individualized solutions that better align with your goals and life preferences. Generic solutions like target-date funds can't account for all these variables, but a financial adviser can.
As investing goals become more complex, personalized advice is more essential
A recent whitepaper from T.Rowe Price highlighted the advantages of personalization for the "aging" investor, with the basic argument boiling down to the fact that older investors generally have more diverse needs than younger ones.
T.Rowe Price focused on consistent investors whose preferences did not change regardless of the default investments within a 401(k) plan. The research revealed that younger investors almost universally preferred to have the bulk of their portfolio in equities, while middle-aged investors had more variation but still preferred equities.
Those 50 and over, however, had the most diversity in their investment preferences, with most wanting 60% to 80% of their assets in equity, but significant minorities wanting either none, 100%, or other extremes at the margins.
Increased divergence in investment preferences could be explained by many factors, including differences in financial education and investment history that influence risk tolerance, as well as life events like marriage, job changes, health problems, and children.
In other words, older adults have more time to develop divergent preferences and accumulate different levels of assets, all of which mean that there's not necessarily one standard "default" preferred by the majority — or even right for most. That's why getting personalized help can become essential at this phase of life.
Should you hire a financial adviser?
While the T.Rowe Price researchers acknowledge they didn't consider the impact of investment fees, and made clear there's a risk of active management encouraging over-trading, the general conclusion was clear: "Collectively, these findings indicate that offering professionally managed personalized investment solutions to aging retirement investors could better serve their needs and preferences," the white paper reads.
So, whether you're in the lead-up to retirement or retired already, if your goal is to ensure your individualized needs are being met, working with an adviser may be an investment worth making.
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Christy Bieber is an experienced personal finance and legal writer who has been writing since 2008. She has been published by Forbes, CNN, WSJ Buyside, Motley Fool, and many other online sites. She has a JD from UCLA and a degree in English, Media, and Communications from the University of Rochester.
- Ellen B. KennedyRetirement Editor, Kiplinger.com
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