Don’t walk the investing/retirement path alone.
Few financial concepts get more airtime than the admonishment to start early and stick with your retirement plan. We all know it’s important, but the task can seem downright daunting!
There’s good news, though. “Saving for retirement is a marathon, not a sprint,” says Chad Waddoups, vice president of investment and insurance services at Mountain America Credit Union, “and you don’t have to hold a degree in accounting or finance to figure it out. Utilize the expertise of a qualified financial advisor.”
So, what is a financial advisor, exactly? According to Investopedia, “A financial advisor provides financial advice or guidance to customers for compensation. Financial advisors can provide many different services, such as investment management, income tax preparation and estate planning.”
Build a comfortable retirement savings plan through a willingness to curb spending now in order to enjoy the things you love later.
Are you ready to take that first step? Once you are, build your team by finding a knowledgeable financial advisor to guide you through the sometimes confusing investment process. Your local bank or credit union is a good place to start. Many financial institutions offer free or low-cost advisor services, along with tips to coordinate your finances in step with each other. They also provide a number of helpful planning tools like retirement calculators, trust and estate services, insurance options and more.
According to the AARP Bulletin, here are some other things to consider when choosing your financial advisor:
Verify credentials and get client references.
Don’t buy an investment until you understand how it works.
Ask about fees—how is your advisor compensated?
One last thing to verify before making your selection: Ensure that your prospective advisor follows the fiduciary standard, rather than the suitability standard. This means that the services they offer are in your best interest.
The bottom line? Saving for retirement doesn’t have to be overwhelming. Use these tips to enjoy your golden years: Take advantage of the retirement benefits offered by your employer and financial institution, make purchases today with an eye toward tomorrow and team up with a financial professional who can guide you.