In addition to the investment approach you take, the financial advisor you select to help you plan and save for retirement is one of the most important decisions you need to make.
When looking for an advisor, it’s important to find one whose strategies are aligned with your needs and goals. Another good idea is to find an advisor who is a fiduciary – meaning one who is held to the highest regulatory standard and bound by law to always act in your best interest.
Next, you’ll need to determine what that advisor specializes in. Advisors will typically specialize in growth-oriented investments or income-generating investments. Rarely will an advisor be well-versed in both.
During your working years, you will utilize more growth-oriented financial strategies because your goal is to accumulate and grow your savings as much as possible. Since retirement is still decades away, you have the time to ride out a potential market downturn. But as you near retirement and get ready to transition into the distribution stage of life, you lose the luxury of time. If you’re still investing for growth as retirement nears and another major market correction occurs, you could be forced to sell increasingly larger shares of your investments to generate the income you need. Do this too many times and you run the risk of cannibalizing your savings.
That’s why, as you approach retirement, you should work with a financial advisor who understands the best ways to help preserve your principal and turn your savings into a renewable source of steady income.
Speak to A Financial Advisor
In one free, no-obligation consultation, our financial advisors can help to determine if you’re on the right path to enjoying the retirement of your dreams. If you’re not, we can help you make the necessary adjustments.