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Which Piece Of The Retirement Puzzle Are You Missing?
Assembling an efficient retirement is no easy task. Putting the elements together without seeing the big picture is like trying to complete a jigsaw puzzle with a mountain of blank pieces. Unless you're a financial genius or amazingly lucky, there are often significant gaps that could derail your retirement or even worse, prevent you from getting there in the first place. Whether it's investments, taxes or specific strategies designed to maximize return or income, many people are missing at least one key piece of the complex retirement puzzle.
Many retirement investment books are filled with complex formulas and calculations used to determine things such as yield ratios. While these concepts are important, many people look for an advisor to help make them understandable. And not only any advisor, but an advisor that understands the big picture and one that can help assemble all the important pieces of retirement so that an otherwise complicated puzzle can be constructed.
When it comes to retirement, however, assembling the puzzle might not be as easy as easy one may think. As an example, many people – baby boomers in particular have conflicted emotions about retirement in general. According to the often–quoted Del Webb Baby Boomer Survey, 75% of baby boomers say they will be happier once they retire. Yet only 36% think they'll have enough money to live comfortably once they do. How can someone in this position expect to be happier while not living comfortably? This is where a sharp, creative and efficient advisor should be able to help.
Questions to ask yourself when searching for assistance might include:
- Does the advisor offer assistance on the big picture or just one slice of the retirement puzzle?
- Can the advisor communicate ideas and solutions so they are easily understandable?
- Is the advisor someone you would want to engage in a long-term relationship?
- Does the advisor clearly discuss the advantages and disadvantages of all investment and planning options?
Once the answers to the above have been satisfied, then it's obviously time to start the planning process so that, as many of good retirement investment books address, you don’t wind up doing things such as “outliving your money”.
Remember: this is your retirement we're talking about. It's obviously important that you steer clear of anyone suggesting risky and get-rich-quick schemes, or strategies that appear to good to be true. In addition, be sure you're working with an independent advisor that can offer you many product choices, not just a limited set that their company wants them to sell.
Many advisors – particularly if they're stockbrokers – will focus only on your investments. But a financial planner typically focuses not only on investments but many other important aspects of retirement such as tax planning, estate planning, asset protection and wealth transfer as well. As an example, some people don't pay attention to long–term care planning. But since the Department of Health and Human Services estimates that 6 out 10 Americans will at some point in their life spend time in a long-term care facility, planning for how long term care needs are going to be met is a vital part of the overall plan and one that should not be ignored.
When it comes to getting assistance with all aspects of retirement planning, one might want to consider working with an advisor to address your needs. As an alternative, you might want to consider reading retirement investment books. Check out Alan Hafts investment books today and get ready to learn how to plan for your retirement.