Should You Work with A Retirement Advisor?

Retirement means something different to many people.  For some, retirement looks like a tiny dot in the distant future.  For others, it may be knocking on the door. Or, maybe you’re already retired.  In today’s busy world, you may find it hard to carve out time to address your retirement.  But, no matter what stage you’re at, you should be planning for what’s ahead.

The team at Good Life Financial Advisors of West Virginia always has your best interests in mind. We welcome you to contact us to set up your first meeting!

 

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“I’m not planning on retiring for another 20 years – I’ve got plenty of time to plan later!”

How many of us have said this before?  Life gets in the way, and you spend your time driving your children back and forth to their activities, picking up groceries, squeezing in time for your job, and juggling daily expenses. Your retirement plans get pushed to the bottom of the list and lost in the shuffle.

Even with everything going on in life, it’s important to have retirement on your mind. Your job may offer a 401k with a match or a pension, or maybe you need to self-fund a pension. You also have to think about how college expenses for your children may affect retirement savings, if this applies to you. That said, everyone has a different road map to retirement, and the sooner you start planning, the more efficient and productive your plan can be.

“It’s too late for me to do anything.  Retirement is just around the corner.”

So you’re in the ninth inning, and all you’ve done so far is blindly throw money into your company’s 401k plan. Now what?  If you intend to retire from working, you must have a way to replace your income. There are so many factors to take into consideration, some of which include the following:

  • How long will it be before you can qualify for social security?
  • What does your monthly budget look like?
  • Have you thought about the implications if your health deteriorates?

Long-term care expenses, in particular, can destroy your wealth if not addressed early on.  It’s never too late to start the conversation and get yourself on track.

“I’ve already got an advisor, and I really like them.  They do a good job.”

If you’ve already found an advisor, good for you! For some people, taking the first step and reaching out to someone about finances is difficult. But do you really have the right advisor for you?

Many advisors work in different capacities that you should take into consideration. Your advisor may work independently or for a larger wirehouse (read more about differences here).  Some advisors use outside money managers to manage their investment portfolios, while others build their own.

In addition, you should be aware of the structure and fees associated with your portfolio, as this can greatly affect your bottom line.  You should be able to have a transparent conversation with your advisor about the process of building your portfolio.  If not, it should throw up a red flag that something may not be right.

Conversations are always free at Good Life Financial Advisors of West Virginia.  Contact us today to ask us questions about retirement, or to get a free review of your current portfolio!

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“What should I look for in an advisor?”

You should feel comfortable talking to your advisor about your overall financial situation.  In order for your advisor to make a proper assessment of your financial needs, you will need to paint a complete picture. You should also feel confident that your advisor always has your best interests in mind. It’s important to find someone you can trust and have honest conversations with. It is your retirement and your financial well-being—the right advisor can make sure you are putting your best foot forward.

Good Life Financial Advisors of WV are Here to Assist

The decision to work with a retirement advisor is entirely up to you. Retirement has the potential to be one of the best chapters of your life, but that’s only possible with proper planning. You may have other financial goals that feel more pressing, but the sooner you begin the planning process, the better position you’re likely to be in. Working with a retirement advisor is a great way to help you incorporate your retirement planning with all of your other life and financial goals. Contact the team at Good Life Financial Advisors of WV for assistance!

 

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