Nail this retirement decision in 6 steps

Jim_SamsonHere at The Midas Legacy, we discuss retirement as often as possible because that’s what the end game is. And for something so vital, why not talk about how to make it perfect, how to get there faster, and how to enjoy it as much as possible?

And along the path to retirement you’ll be faced with many decisions to make, several of which will have a lasting impact on the retirement you create for yourself.

I want to make sure you’re fully prepared for those big retirement choices, so let’s get to the 6 steps you can take to ace this one…

We only have 1 retirement, right? That means we only really get 1 go at getting there in the best possible way.

And a big, big choice on that path is choosing a financial advisor who can guide you to your dream retirement. While The Midas Legacy is here to be your main resource for receiving the best investment advice and give you everything you need to reach the retirement you want, an investment advisor will provide you with the 1 on 1 you may need along the way.

Here are the 6 steps to picking out the perfect retirement advisor for you:

Step 1: Prepare

For 1 of the biggest decisions you’ll ever make, doing a bit of homework will be well worth it. The first thing you need to do when selecting a financial advisor is to simply ask around. Figure out who’s happy with their retirement advisor and who isn’t. Ask why, and get as specific as possible.

At the same time, you also need to be deciding exactly what you need. Again, get as specific as possible. When do you want to retire? How much will you need? What do you want to do in retirement? How aggressive do you want to be with investments?

Step 2: Pick out 3 to meet with

You may think you’ve found the perfect person for the job after speaking to a friend who gushes about a particular retirement advisor. Do yourself a favor and pick out another couple of advisors to meet with. Just because someone is a perfect fit for your friend’s situation, that doesn’t mean the same person will be perfect for you.

Step 3: Ask the right questions

Most importantly, ask about how he or she will get paid. Thankfully some recent regulations have been passed that require virtually all retirement advisors to be fiduciaries, which simply means that they have to act in the best interest of you.

However, understanding how a retirement advisor gets paid allows you to understand if he or she is working with your best interests at heart or their own.

Step 4: Check his or her claims

Double-check everything about the financial advisors you meet with, from licenses to other credentials to past performance if he or she handles investments. Cover all your bases before committing.

Do an Internet search on your potential retirement guide. Plenty of info is normally available on the U.S. Securities and Exchange website.

Step 5: When you have the right person picked out, read the paperwork

This final step is 1 that will be tedious and very little fun, but do it anyway. Read carefully and ask as many questions as possible. Make sure your retirement advisor of choice has the answers to it all, and that those answers are what you want to hear.

Step 6: Check in often

Picking the right advisor isn’t the end. On top of meeting with him or her annually, be sure that you’re keeping up with the progression of your retirement plan. If you’re getting off track, contact your advisor and find out why.

Do yourself a huge favor and make sure you’re not taking this decision lightly.

Bookmark and Share facebook twitter twitter

Leave a Comment