1. It is very important to first review exactly what your goals and objectives are in your retirement plan. Is your goal maintaining income, growth, legacy planning, or a combination of several different things? You should write these things down and all your concerns regarding your goals. This could mean, time period you have to achieve your goal, inflation concerns, or just making sure either spouse can maintain their standard of living when one spouse passes before the other.
2. Don’t be afraid to get a second opinion. When you are dealing with something as critical as your retirement plan you should seek the advice of a qualified wealth management adviser. If you are already working with an adviser it can’t hurt to get a second opinion if you feel your goals and objectives are not being met. Sometimes we get a second opinion from a doctor regarding our health why not get a second opinion on something as critical as your retirement plan.
3. Stop procrastinating and implement necessary changes. A common mistake we see people make is they go through steps 1 & 2 and never make a change to enhance their retirement plan. Many people are scared of change, which is understandable. A good wealth management adviser will take the time to educate you on all recommendations so you can make an educated decision on what is best for you. Once a plan is implemented you and your adviser must work as a team to monitor and make any adjustments to the plan going forward.
If you are not disciplined enough to do it on your own an adviser will act as your coach to make sure you are achieving your goals. The great news is you don’t have to have millions of dollars to work with a wealth management adviser. Many people feel they do not have enough money to work with an adviser and that cannot be further from the truth.