Older Americans are worried about numerous factors affecting their financial security and, thus, are very skeptical of financial planners who say they are building portfolios for them to mitigate risk, research by Hearts & Wallets found through nine focus groups across the country.

They also have difficulty grasping the notion of multiple sources of retirement income and are very reluctant to tap into savings in employer-sponsored plans. In addition, their trust of financial services companies and advisers has dropped to a new low in the past nine months.

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