By Hal M. Bundrick NEW YORK ( MainStreet)--Save more and stop living beyond your means. Those are two of the most common pieces of advice from financial advisors to clients, according to new research from the Principal Financial Group. More than three-quarters (77%) of advisors surveyed urge their clients to increase retirement savings and create a financial plan (73%). Other guidance frequently offered were: pay down debt (53%), spend less (32%), see an advisor regularly (22%) and create an emergency fund (19%). Is there a magic number to achieve retirement goals? According to the research, financial advisors say that clients should set back 17% of their pay in order to generate sufficient income during retirement.
- They were significantly more prepared for a comfortable retirement (61%) compared to workers who do not use an advisor (29%)
- They made solid progress toward their long-term financial goals (74%)
- They were more financially confident since they began working with an advisor (73%)
- They were extremely happy with their current financial well-being than employees who do not see a financial professional (54% compared to 29%)