Finding The Right Financial Advisor

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Finding The Right Financial Advisors

Unfortunately, finding expert advice can be challenging. Wall Street institutions spend millions of dollars to convince you that their brokers can help you navigate retirement successfully. We strongly suggest that you work with an investment consultant that is held to a fiduciary standard of investment advice, as we are. We believe it is important to understand the difference between a fiduciary advisor and a financial planning, cloaked, sales agent who provides advice in hopes of selling you variable annuities, high-cost investment management or other expensive diversions from your pocket to their bonus pools.

Finding an advisor who can provide retirement planning services tailored to your needs and priorities may be the most important financial decision you will ever make. If you are retired or nearing retirement, let me personally invite you to contact Wealth Analytics for a free retirement readiness consultation to discuss your options.

Click here to schedule your FREE retirement readiness evaluation

The Traditional Large Nest-Egg Strategy:

In this strategy the client builds a very large pool of savings – usually several million dollars – and then retires completely. This is the traditional strategy that has been encouraged by the majority of large financial service companies. Obviously, this strategy results in building a very large investment account that can be managed by the companies that promote this strategy. However, there is a very significant downside to this strategy: it often puts great pressure on individuals to work at high pressure jobs that they do not enjoy. In addition, people often find complete retirement to be a disappointing experience. They discover that they need something challenging to do in their retirement!

The Multiple Retirements Strategy:

In this strategy, the client may enjoy several retirements. The person may “retire” at age 55, age 65 and age 70. This strategy is built on the premise that adults find great personal satisfaction in doing work they feel is important. And, for many people, their ability to work efficiently and productively increases with age. They become better and better at matching their talents and experience with their work. This strategy has a very significant positive impact on long-term financial planning for retirement. Even small amounts of income from part-time work later in life can significantly extend the life of the investments that need to be drawn down during complete retirement.

Psychologists who work with retirees tell us that many people are surprised by the emotional and psychological challenges they face during retirement. During the first two years of retirement it’s not uncommon for retirees to become disappointed and to suffer from a mild form of depression. Some people discover that they face a loss of self-esteem during retirement because they no longer have an important position at work. Others find that they have too much free time on their hands and they become bored and restless. Marriages sometimes come under stress because the newly retired spouse now spends too much time at home. As one wife was heard to remark about her husband, “I married him for better or worse, but not every day for lunch.” Understanding how you will spend your time in retirement is as important as how you will spend your money.

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