A New Look at Retirement
Today's post was contributed by our friend Aquiles Larrea Jr., the founder and CEO of Larrea Wealth Management
In a good market, there's always a false sense of security among investors that "I'm going to be okay" when you least forget that 20 years have passed since the last time you looked at your portfolio. It's what we call being your "own advisor", which not a lot of investors nowadays have time for anyway.
Top four questions to ask yourself:
How will you retire with the lifestyle you have now? In your current reality, is it enough to carry you over for at least 35 years? Depending on your retirement age, that's how long you may live due to advancements in medicine and technology.
Will it ACTUALLY be enough, or are you fooling yourself? Sometimes people are deluded by what they see in the media and such, or they just simply believe another reality that they're going to be okay when in fact they're really not. What are the steps you can take right now to make a difference? Some steps including getting together with your financial advisor to go over the possible turning points in the future.
Have you reevaluated your goals and objectives to see if they still make sense, or have different factors come into play that could derail a perfect retirement?
Are you prepared for a few bumps along the way?
Advisors are known to smooth the investment road, and that's usually the bread and butter of the work we do in bad times. However, we can prep you for the future events with the help of planning tech and more.
Other important considerations:
· Are you saving enough for pretax or an after-tax retirement? Simply put, which is better for you, and what's right for you. The answer is: it depends where are you in this point in your life, what you're looking to have happen in your future, and why is money important to you. Determining your values can be very interesting.
· Are you creating a personal pension that with the new administration guidelines or directives might make it easier for you if you're a small business owner to create your "empanada of success?"
· I always remind clients not to get lulled into a false sense of security where there is no action to be taken. Yes, at times there are no actions that need to be taken, but you do need to reevaluate and to make sure that your goals and objectives are not only on track with your advisor, but may have changed because of life events.
When considering professionals who can assist in your retirement planning, don't forget a financial advisor or accountant, insurance agent, or even a consultant coach. These are just some of the individuals who working in concert can create a beautiful retirement for you.
Aquiles Larrea Jr., AIF®