Wed. Mar 29th, 2023

Retirement Planning Why a Financial Advisor?

Retirement Planning Why a Financial AdvisorMany people will readily and admittedly seek the services of legal professionals, medical professionals, tax professionals, even domestic professionals but when it comes to financial planning, they rarely seek the assistance of financial professionals. It is the result of our grandparents’ generation and a fundamental lack of trust when it comes to sharing our financial situation with others. (“Why a Financial Advisor? – We Earned It”)

“But could it be that this is one area where we are simply afraid to admit that we do not hold the answers?” (“Why a Financial Advisor?”) It is money; we should be able to control it, where it is going, and what it will do when it gets there, right? (“The Benefits of Using a Financial Advisor”) I am afraid the answer to that would be, “Not exactly.”

Just as the tax codes in this country have become so complicated that you need a magic decoder ring to sort through them and pay your taxes, so have the rules and regulations when it comes to setting aside funds for the specific purpose of financial retirement planning. (“Why Plan for Retirement? – LaterLifeNow™”)

One of the reasons they are so complicated is because that many of the plans have incredibly unique and specific tax benefits either before or after the money is received. (“Why a Financial Advisor? – We Earned It”) In other words, do not put away those magic decoder rings too quickly. You may need them in a few years.

The bottom line is that a good financial planner can help you navigate your way through the treacherous territory of taxes in relation to your financial planning and so much more. Most importantly, however, a good financial planner can clue you in to opportunities that you may not know about or may not know enough about. (“Why a Financial Advisor? – We Earned It”) “It is their business to know about the many opportunities that exist to set aside and make money for you and your family.” (“Working with a Financial Advisor – WE magazine for women”)

“A good financial planner can help you plan for so much more than retirement.” (“A good financial planner can help you plan for more … – WE magazine for women”) In fact, a particularly good financial planner can help you plan for your retirement, the college funds for your children, emergency funds for life’s little mishaps, and a little bit to put towards those special purchases we like to make along the way.

They can do all the things mentioned above by assessing your current situation, your future needs, your current means, and your future goals. They will discuss spending issues that may be problematic, make suggestions, and help you produce a realistic plan for meeting your goals. (“Why a Financial Advisor? – We Earned It”) Their work does not stop there, however. They will monitor your progress and when necessary, make adjustments that will help you get back on track with your financial planning. (“Working with a Financial Advisor – WE magazine for women”)

Many people feel that they are perfectly capable of doing this on their own and the truth of the matter is that some people are. Most of us, however, lack the discipline, willpower, and the knowledge of investment strategies to make the return on our investments that a good financial planner will yield. (“Why a Financial Advisor? – We Earned It”) When planning your financial retirement and the future of your family you should always keep the bottom line in mind. If a good financial planner can net you $100,000 or more in retirement funds over time, he is well worth the price you pay for his service. (“A good financial planner can help you plan for more … – WE magazine for women”)

Some of the best things about being a financial advisor is that you will not have to pay the sometimes-high price that comes with learning from your mistakes. You will have their knowledge and experience working for your money rather than your own inexperience risking it. (“Why a Financial Advisor? – We Earned It”)

They can also help you with estate planning and tax guidance so that you are not left floundering in these matters. (“A good financial planner can help you plan for more … – WE magazine for women”) He or she can also help you determine your insurance needs to protect those you leave behind. “There are many ways that a decent financial planner can help you maximize your retirement money, the hardest part for you as the consumer is making the call.” (“Why a Financial Advisor? – We Earned It”)

Why Plan for Retirement?

This is a question that I come across quite often when researching and discussing retirement planning and options.” (“Why Plan for Retirement? – LaterLifeNow”) Despite the constant news coverage of impending doom regarding Social Security many Americans are still counting on their social security payments to support them through their retirement. The sad fact is that it simply is not possible because the money is not there. “Sadder still is the fact that even if the money were there, it is doubtful that it would be enough to get the average American through their twilight years.” (“Why Plan for Retirement? – LaterLifeNow”)

Americans are living longer than they have in decades past. In addition to longer lives we are leading more active lives. Gone are the days when retirees sat at home reading newspapers and mowing the lawn every other afternoon. Today’s retirees are traveling, taking classes, learning to dance, and trying new things that they did not have the opportunity to experience while setting aside funds for the future and going about the business of raising their own families. (“Fund Raising”) Now they are taking the time to do all these remarkable things and these wonderful activities and pastimes require funds to enjoy.

This is the number one reason you should begin as early as possible, not only setting aside funds for your retirement but making active plans on methods by which you can invest those funds to maximize the potential of limited funds. (“Why Plan for Retirement? – LaterLifeNow”)

This is the time that it is best to take your plans, goals, and concerns to a financial planner and see what advice he or she can give you on setting specific goals, better defining your plans, and making the most of your investment means while establishing a realistic investment strategy that will not leave you feeling strapped for cash month after month. (“Fund Raising”)

We often overlook the significant role that a good financial planner and good planning play in our financial futures. The same could be said of our financial retirements. (“Why Plan for Retirement? – LaterLifeNow”) We need to take every opportunity that is available to us to maximize our money. A good financial advisor will know of funds and strategies of which we have never heard. It makes sense to go to an expert when it concerns our family’s future. We see experts when it comes to matters of law, health, and taxes-why shouldn’t we see an expert for our finances? (“planning for retirements”)

Why is it so important to have a plan? The long and short answer to this question is so that you will not end up needing a job to put food on your table once you have reached retirement age. “The sad truth is that many of our retired citizens are finding themselves strapped for cash financially and barely able to make ends meet.” (“Fund Raising”)

If they are fortunate enough to have homes that are paid for, they often find the property taxes are a little more than they can manage without some sort of assistance. Medications are expensive despite government programs to keep costs down for our elderly, and then there are those who are simply living longer than their original retirement plans had accounted for. Combine all these factors with the fact that the cost of living has gone through unprecedented increases over the last two decades and you have some very real reasons to make plans for your future retirement. (“Why Plan for Retirement? – LaterLifeNow”)

It is best to begin making these plans as early as possible. It is possible to recover, however, if you begin the process a little later. The problem is that you will need to make some extra investments along the way to make up for lost time. The sooner you begin making plans for your financial retirement the healthier your retirement options will be. The best way to go about this is to define your retirement goals, make plans, and then take your goals and plans to a financial advisor and get their input. Investing smarter is much wiser than investing harder. (“Making Money with Jobs at Home”)

Best Wishes, Coyalita

See Tomorrow: “A Financial Planner May Be Your Best Gift to Yourself


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