Tag Archives: financial advisor

What Must a Pre-Retirement Financial Checklist Contain?

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Do you only have a few years left before retirement? Are you dreading about retirement even at an early age? Can you say that you will be able to live through retirement by just relying on your present source of income?

This post contains a detailed checklist that you may consider as you near retirement, for you to confidently say that you are ready to leave the labor force. Work your way around this checklist and have an abundant and prosperous retirement.

  • Emergency Fund Savings Account

This fund will serve as a buffer account should your pensions or Social Security gets delayed. It is important to have a savings fund that you can depend on should something unexpected happens during the course of your retirement.

  • Retirement Budget

This is a major consideration for retirement. You have to know and analyze what type of expenses you are going to make after retirement. An accurate estimate is needed so you can budget your money accordingly.

If you were not able to make a proper estimate of your expenses, you might experience adverse problems in the future. 

  • Health Insurance Options

 Medical and health fees are one of the biggest considerations during retirement. Health insurance coverage is an expensive one that is why a number of people are neglecting their health because of the costs involved.

You have to know the best way that can help you cover your medical expenses and health insurance, since moving towards your golden years really entails checking on your health all the time.

  • Retirement Income Outline

 The advantage of making a retirement income outline is you can know the exact periods where your sources of income will commence. This can help you manage your cash allocation and flow appropriately. It is also a way to both discipline and control yourself in making unnecessary expenses that could ruin your retirement budget.

  • Investment Plans

Planning for the right kind of investments can mean growing your money and letting it do the work for you. You have to know the detailed pros and cons of each investment vehicle that you want to pursue.

Remember that you need to expand the value of your money so you can use it for a long time. You can opt to read books about finances or talk to a financial advisor so you can be sure that you are doing the right thing to your money.

Conclusion

Planning is a must when talking about your retirement. You should be able to identify sources of finances for you to have the best retirement and a great life after working hard throughout life. Financial success would only be justified once you were able to traverse retirement contentedly and comfortably.

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What Should You Do During A Stock Market Correction?

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The market can undergo tough days as it can go through good days. Such instance is not surprising, since a correction is just around the corner. It would be alarming if the market would not have a period of correction and crash.

If a stock market correction happens, what are the advisable actions that an investor must do?

  1. Do Nothing

A wise investor is someone with a financial plan and an investment strategy at the same time. If a stock market correction happens, it does not necessarily mean that you need to do something immediately. Making a certain move in reaction to the correction is not really an advisable move. The least you can do is to wait until the volatility settles somehow. The sound advice for investors is to – “relax.” Hold, as it will work itself out.

  1. Do Calm Down

Do not panic. Panic will just cost you a lot of money. Crashes happen once in a blue moon. To be able to think appropriately, you first have to calm yourself before making any move.

Market corrections are a normal part of a stock market cycle. No investor can control or counteract such events. What you can do is to set up your portfolio so that it can withstand unforeseen and untoward events such as a market correction.

  1. Do Ignore the Media

 News deliver good information and it is highly essential that you know what is happening with market trends. However, during periods of market correction, news can highlight fear which may in turn cause the investor to panic. The media is not the proper venue for you to be during such times. It is advisable that you go back to your financial plan and investment strategy to aid you during such phase.

  1. Do Review Your Portfolio

As the saying goes, there is always a positive to every negative. This means that during a market correction, you can take advantage of such incident to assess the performance of your portfolio. If you find yourself fearing the effect of the correction to your portfolio, then maybe it is high time that you review your asset allocation. If you think that you cannot do it alone, you can always ask for the help of a professional financial advisor to review your portfolio and employ the necessary strategy.

Conclusion

Admit it, stock market corrections are frightening. In this era of fast information dissemination and a wide range of media when it comes to updates, investors are advised to remain calm before reacting. Investors might find themselves at a loss during such periods; however, it is a part of reality that markets tend to correct at some time. As a wise and smart investor, you have to factor such unfortunate event to your plans.

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What Makes Financial Advisors Necessary?

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People usually take more time shopping for personal items than taking the time to find a trusted financial advisor. There are a number of notions about what a financial advisor is and what do they do. In this post you will be able to see why financial advisors are regarded as necessary.

Financial advisors specialize in a number of areas such as there are advisors which can help you when investing and building your portfolios and financial advising. Anyone, young and old, fresh graduate or even a retiring individual can benefit from having a financial advisor.  It does not matter how much money you have as long as you have the desire to better manage your money.

 

  1. Having a Financial Advisor helps you keep your focus and stay on the right track

They say that when you dream, it is completely alright to dream for the bigger things. Others might even go for their biggest dreams – and hey, it is possible. Aside from knowing yourself and utilizing your capabilities, your financial advisor can help you stay focus and stay directed on your goals.

Having a financial advisor helps you plot both of your short-term and long-term goals. It is necessary since people have the tendency to be swayed from one goal to another and in the end, nothing has ever been accomplished. They help you list down your goals according to priority and length of time needed to reach these. Concisely, financial advisors help you make an informed choice to avoid regrets in the future.

 

  1. Having a Financial Advisor gets your important questions answered

Over the course of your financial planning, you will be faced with tough questions or critical choices that you need to surpass to keep you going. One of the roles of a financial advisor is to help you pin down your pick and be confident enough that you made the right choice.

If you are wondering which of your options make more financial sense, you can always turn to your advisor. Searching in Google doesn’t always give you the answers that are appropriate to you and your situation. That is why financial advisors can have a significant impact on your future.

 

  1. Having a Financial Advisor unites you within and beyond yourself

 If you are single and you do not know what to do, financial advisors can help you connect within yourself. If you are married, and you might have a different reasoning with your spouse, they can act like money counselors. They get couples and the rest of the family on the same page. Everyone gets to share his or her financial goals and finding a common ground where they both can work on. Financial advisors can help find balance amidst divergent goals.

 

Conclusion

You don’t need to have millions to work on your financial plan and decide to have a financial advisor. Working with a financial advisor increases the chance of growing your wealth and ensuring that you put these into good use.

 

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Taking Charge of Your Money in Your 60s

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Delaying retirement is not a common instance nowadays. Studies reveal that the average retirement age by Americans is age 62. A lot of people are retiring at age 65 or older since they find themselves not adequately prepared.

A number of retirees would solely depend on social security. If you are in your 50’s or 60’s and you feel that you aren’t yet ready for retirement, here’s how you can better prepare for the future. Ensure that you will have the funds you will need to enjoy a good life.

 

How do you picture yourself after retirement?

People have different concepts when it comes to retirement. There are people who wanted to spend the rest of their lives traveling, others wanted to ensure their children’s future, others would still want to work part-time to keep with the expenses, and a number would still be haunted by debts even after retirement.

Each person’s financial situation is unique. There is no one-size fits all retirement plan. If you are a firm believer of the saying, “it’s never too late,” then it is really never late for you. Especially when it is about retirement planning, do not let hopes abandon you.

 

What if you haven’t saved enough for retirement?

Most 60-year olds do not have enough money for retirement. This point in your life, you should take an honest perspective regarding money and retirement. Financially speaking, where are you compared to your peers? If you are lagging behind your peers, it is not the right time to get discouraged. Do not get stuck on that comparison – you just do what you can with the remaining time.

 

Why do you need to preserve your capital?

Individuals retiring soon should focus themselves on capital preservation. Capital preservation means putting your hard-earned money in conservative investments and keeping a practical lifestyle. Your retirement savings must last longer – such as living on less but with sufficient money to live with and not worrying about the years to come.

You must choose the best investment strategy where you can meet your needs and goals. You might want to divert your money to income-producing yet conservative type of investments.

 

Where should you start after a period of contemplation?

You might not be able to do it on your own. When talking about retirement, there are a number of factors that one needs to consider. This is where the role of a financial advisor enters the picture. A financial advisor can help you assess your risk tolerance, time horizon, investment knowledge and understanding, targets and how interest rates can affect you.

Advisors can help you increase your income-producing investments to get you ready by the time of your retirement. Aside from that, advisors can help you choose the right kind of investments depending on your goals.

You should also take into consideration that inflation, increases in property taxes, other maintenance fees, and rental fees can undermine your money. Hence, you can consider Exchange-Traded Funds (ETFs) as they are a low-cost alternative compared to mutual funds and other managed investments. In fact, they can offer higher returns as well.

 

Conclusion

You should not let it happen that you don’t have enough money to cover your after retirement expenses. Be open as early as now and reach out to those who can professionally help you.

 

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