Before 2008’s market meltdown, pre-retirees making diversified investments beyond savings vehicles like bonds and CDs were in a seemingly better spot than those who were more conservative with their money. Not anymore, according to The Consumer Reports National Research Center’s survey of more than 19,000 online subscribers between the ages of 55 and 75.
The survey found pre-retirees who had done more planning reported worse losses, on average, than those who hadn’t planned. However, 90 percent of those who planned by doing things like reading books or articles, consulting professionals, using online software, taking courses or conversing with family and friends said they were more satisfied with their retirement prospects.
As for those who used a financial planner in 2008 and those who didn’t, there was no difference; both groups said they lost money at about the same rate.