I don’t need a Financial Advisor…or do I?
“Why would we need a Financial Advisor in our life?” Let’s start with a few considerations:
Nearing Retirement -
As the length of time you’re likely to spend in retirement continues to grow, it’s more important than ever to have knowledgeable advice to help prepare financially for that next phase of your life. Many financial decisions you’ll have to make in retirement are often more complex than those leading up to it. Five or 10 years before you plan to retire, whether that will be at your full retirement age or far earlier, it can be helpful to ask yourself questions like: What steps should I consider taking now so that I won’t outlive my money? When should I claim my Social Security benefits? How will I fund any unforeseen medical costs and long-term care needs?
Receiving an Inheritance -
A sudden influx of cash or assets raises immediate questions about what to do with it. A financial advisor can help you think through the ways you could put that money to work toward your personal and financial goals. You’ll want to think about options of paying down existing debt and how much you might consider investing to pursue a more secure future. An advisor can also help you rethink when you may want to retire. When you are done spending the “emotional” value, what do you do with the rest?
Life changes -
Marriage, divorce, remarriage, and starting a family are milestones that can call for careful planning. Will you have enough income to support your lifestyle? How will your investments and other assets be divided? You may very well need to change your financial strategy to keep your goals on track and an advisor may be able to offer thoughtful ideas in this navigation of life.
Getting married, you may need to blend your finances, rethink your goals, and create an estate plan, but a second marriage later in life when you both may have children and substantial assets can involve more complex considerations. Do you need an estate plan for the two of you? Are there children from a previous marriage with inheritance considerations? Can life insurance assist in your planning? How might marriage affect your Social Security benefits? These are just some of the questions that a knowledgeable advisor may be able to assist with.
The list could go on and on.
As I ponder on that question, I’ll answer it in short, “Because life has a funny way of presenting questions to us and as hard as we all try there always comes a time where we need to recognize that someone else may have a better answer.” The key is to never stop the desire to keep learning.
Let us know how we can help.
Blessings,
Dan