Simply put, people who work with a financial professional aren’t just more confident about retirement; they also tend to be more financially prepared for retirement. A 2015 survey by the Insured Retirement Institute found that more than 90 percent of baby boomers who work with an advisor report having money saved specifically for retirement. In addition, about 70 percent of boomers who work with a professional advisor are extremely or very satisfied with their current financial standing.1
Discussing your finances and retirement with a professional certainly can’t hurt — and it may help. A skilled financial or insurance professional can work with you to develop a retirement strategy that considers things you can’t control, like inflation, interest rates, changes in tax rates, etc., and things you can control — spending, asset allocation, when to begin Social Security benefit payments and the like.
Who Can Benefit From Working With a Financial Professional?
Anyone who has life goals, financial and otherwise; anyone who wants to protect and grow their assets; or anyone who wants to feel more confident they won’t outlive their assets, may benefit from working with a professional advisor. Even a single meeting could provide a fresh, objective, professional perspective on your current situation, along with a better understanding of some of the strategies that could benefit you going forward — strategies you may never have otherwise considered.
It’s possible that your first meeting could lead to much more. Eventually that financial or insurance professional may become a trusted ally in navigating the financial obstacles you may confront in retirement, such as ensuring an adequate, lasting income stream.
How Do I Choose a Financial Professional?
From generalists whose expertise lies in “big picture” financial planning to specialists with a narrower focus, a wide variety of professionals work in the financial and insurance fields. There are wealth managers and investment managers, financial planners and financial advisors, estate planners and retirement income planners, licensed insurance agents and other people who may be good guides; a professional who has demonstrated the ability to handle your specific situation.
Along with finding someone you’re comfortable with, the goal should be to find a professional whom has demonstrated the ability to handle your specific situation.
Whomever you choose to work with, this person should be your ally — a professional who puts your best interests first. To find that ally, it pays to do a bit of research into their experience, track record, professional credentials and areas of specialization before you commit to working with them. Along with finding someone you’re comfortable with, the goal should be to find a professional whom has demonstrated the ability to handle your specific situation. If your top priority is living comfortably during retirement, you may benefit from seeking out a retirement income-planning specialist.
In the end, the increased financial confidence that you stand to gain from knowing your finances and your retirement are in capable hands should be well worth the time and energy you take to find and work with a financial or insurance professional.
Not all RHQ advisors are licensed to sell both insurance and securities. If meeting with a dually licensed advisor is important to you make sure you indicate that to your RHQ representative.
1Insured Retirement Institute. April 2015. “Boomer Expectations for Retirement 2015: Fifth Annual Update on the Retirement Preparedness of the Boomer Generation.” http://myirionline.org/docs/default-source/research/iri-boomer-expectations-for-retirement-2015-fifth-annual-update-on-the-retirement-preparedness-of-the-boomer-generation_2.pdf?sfvrsn=2. Accessed Feb. 4, 2016.
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