Are you on track to retire comfortably? What are your financial goals? How much income will you need to generate each month when you have retired? What might be some of your longer-term goals outside the financial arena, but goals that would be aided by a larger pool of savings?
Our regular check-ins with clients are designed to measure progress toward their goals, making adjustments as life’s journey unfolds. Saving for retirement is a long game; It’s a marathon. You could compare it to the fable The Tortoise and the Hare. A sprint won’t get you to your destination. Slow and steady progress will.
Unfortunately, 75% of Americans receive no professional assistance for this long haul. In my view, that’s simply unacceptable. It leaves far too many folks exposed to the many financial pitfalls that are lurking. As Ben Franklin said, “If you fail to plan, you are planning to fail!”
Following are seven ideas and concepts we encourage on a regular basis so that you can stay on track.
Have you ever dreamed of winning the lottery or inheriting a large sum of money? Most people have. Yet, riches that fall into our hands can sometimes quickly slip through our fingers.
Did you buy your home many years ago? Or have you been in your current place for just a few years?
There are plenty of reasons to sell and seek out a house that is smaller and one that fits your lifestyle. On the flip side, there are reasons you may want to stay in your home.
Now that you are in retirement or are nearing retirement, the mortgage may be paid off or you might have a significant equity stake in your primary residence.
Much goes into a decision to sell your home, and the process may seem daunting if you have lived in your house for years.
Would you be ok with diagnosing yourself if you had symptoms of a serious disease? (Assuming you aren’t a doctor, of course!)
Or let's say your car needed a new engine. Would you tackle that project on your own?
OK—so that was actually two questions. But I bet your answers to both were likely a resounding “No!” And few people would blame you for not wanting to navigate major health or mechanical issues on your own.
Yet most people go their entire lives managing their finances without professional help.
Why is that? Well, one big reason is they think they can do it on their own. There are other reasons, as well.
Some people think they can’t afford financial advice.
Some don’t understand exactly what a financial advisor does or how they may benefit from one.
Others assume they will have to buy unnecessary products or services.
Let's look at those reasons, starting with the most common one.
