The Employee Benefit Research Institute said data from its recently released “2013 Retirement Confidence Survey” shows this is justifiable (see "Saving for Retirement Easier Said Than Done"). The survey found the savings targets set by those with the lowest income who had sought the input of a financial adviser reduced the risk of running short of money in retirement by between nine and 13 percentage points. Those who used an online calculator decreased their probability of running short of money in retirement by between 14 and 18 percentage points.
The findings of the research also revealed that those who “guessed” at retirement savings targets, regardless of their income level, were less likely to choose an adequate target.
“As American workers bear a growing responsibility for accumulating retirement income and managing the drawdown of those savings during retirement, it is more important than ever that households be able to set adequate targets for their retirement savings,” said Jack VanDerhei, EBRI research director and co-author of the report. “Unfortunately, just over a quarter of the respondents used either an online calculator or a financial adviser. Nearly half —about 45%—were more likely to simply guess at their savings needs.”
More information about the research can be found here.