Do You Need A Financial Advisor Or Retirement Planner?

Investing and retirement planning is rather simple. Right? It is almost as simple as building a house. You start with the foundation, build the walls, and then add a roof. When it comes to investing, you just need to buy when the market is low and sell when the market is high. When it comes to retirement planning as a Baby Boomer, all you need is Social Security and a pension and you are set for life. Why on earth would you need a financial advisor or a retirement planner? Obviously building a house isn’t that easy, either is buying when the market is low and selling when the market is high. We all know we can’t just rely on Social Security or a pension anymore. That is why a financial advisor and retirement planner is more important today than ever.

In the past, a retiree normally had Social Security and a pension plan with a little bit of savings on the side. It worked for most people because they would retire at the age of 65 and live for another five to ten years then pass away and still have money left over because typically the income from Social Security and a pension was enough income to live. Today, we have a perfect storm for Baby Boomers. The life expectancy is almost in the mid 80’s and Baby Boomers are retiring earlier. Most Baby Boomers also no longer have a pension as a source of income and will have to rely on a 401k or their own retirement account to provide them income for not just five to ten years, but twenty to thirty plus years.

I recently built my own deck because I thought it would be rather simple and would only take a couple days. As I started to learn more, I had to file drawings with the city, make sure I met regulations, dig four holes over six feet deep, make sure everything was level, then put the stringers up, and lay the decking. It took a couple weeks for me to complete because I don’t have any experience doing it, plus I don’t know many of the techniques. The deck isn’t perfect, but it looks good and is functional. The worst part were the two stairs I had on each side of the deck, they took an extra few weeks because they failed inspection and I eventually hired someone to help with them.

Financial planning and retirement planning is the same way. You can do it on your own if you want to, but in the end, are you really saving money? Are you really benefiting yourself that much more? I have learned that building a deck, or even a house, is not my specialty and next time I will hire someone. It was a great learning experience, but an expert could have done it better and quicker, not to mention, deal with all the regulations. A financial advisor and retirement planner should be able to assess your situation and help you determine whether you may or may not need help.
A financial advisor and retirement planner should review your goals, needs, and desires to structure a plan to help you meet your objectives. They should put together a written investment formula that works with your written retirement plan.

Video Transcription

Hi. I’m Vince Oldre, a certified financial planner with Assured Retirement Group. Thanks for watching another video. I want to talk to you about whether or not you need a financial advisor. Now, I might be a little biased when it comes to whether or not you need a retirement planner or financial advisor, but when we think about it, retirement planning is easy, right? Well, maybe, maybe not. If you have social security, and a pension, and that’s all you need, well then, yeah, retirement planning might be fairly easy, but there are some other things that you have to think about when it comes to the early loss of a spouse, or maybe long-term care, or tax. All those things go into retirement planning. Now, I don’t prepare taxes, and I don’t create estate plans, and there’s a reason why. I’m not an expert in preparing taxes. I can’t create estate plans or wills and I’m not legally obligated to do so either.
When it comes to retirement planning, that’s what we decide to focus on. We do it really well, but let’s talk about the past. Your parents and grandparents, they had social security and they had a pension, typically. They would work until they were about age 65, live in retirement for a few years, maybe 10 years, and then they would pass away because a life expectancy was a lot shorter. We didn’t need a lot of other assets to rely on for retirement, but now that we’re living a lot longer, it’s important to look at different strategies to make sure that your money will last a lot longer in retirement for 20, 30, or even 40 years.
Now I recently built my deck, and if you were to look at my deck, you wouldn’t say there’s anything wrong with it. It’s a great deck. It’s very functional, but I know if I had an expert create my deck or build my deck, it would look a lot better than what it does. If I pointed out some of the flaws, you would notice them, but it’s a great deck. My point is, you could do your own financial retirement planning if you want to. Is it going to be the best plan? It might not be. Will it work? Sure, it might, but wouldn’t you want to have the best plan when it comes to retirement? I tend to think so, but you’re not going to get there if you don’t work with a retirement planner, someone that actually focuses on retirement.
Now, there’s financial planners, there’s investment advisors and retirement planners. My view is that you should actually work with a retirement planner, someone that just focuses on retirement planning because, just like it comes to a doctor, when I go see my general physician and something’s going on really wrong with my foot, he’s going to send me to the orthopedic doctor down the road. It’s the same thing when it comes to retirement planning. You might have a financial advisor that helps you accumulate that money, but you really need someone to help you distribute that money. Again, you could do it all on your own if you want to, but if you want to make sure you’re not missing anything when it comes to your own retirement plan, my advice is to see a financial or retirement planner that really focuses just on retirement planning.
Now again, I know I’m being biased here, but that’s because that’s all that I do and I see a lot of times people do the financial retirement planning on their own and they’ll miss a lot of things. Will they survive? Yeah, probably, but could it be a lot better? Yes. If you want our help, make sure you come to one of our events or actually you can give us a call and we’ll make sure that we set some time up with you. If not, make sure you vet some other financial planners out there, retirement planners. Get a second opinion. Make sure you’re not missing anything when it comes to your own retirement plan. I hope this helps. If you have any other questions when it comes to retirement, give us a call or send us an email. We’ll make sure to review it and do a video just like this one. Thank you.

 

Do You Need A Financial Advisor Or Retirement Planner?
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