4Q2017 | All Ages
Take Advantage of Your Retirement Plan
Your company’s retirement plan should not be a faceless byproduct of a benefits package. For many, it is the only opportunity they will have to save for retirement; however, the mere act of saving is not enough. If you want to remodel your home, you speak to a contractor. If you want to remodel your financial future, consider meeting with your financial advisor. In order to achieve a successful retirement, you need a complete plan. That’s where the power of the one-on-one can add true value.
A great lineup of mutual funds is a great place to start when remodeling your finances, but it is only part of a successful retirement plan. Other important pieces include your time horizon, or your current situation and future income needs, your goals/expectations of how an investment should preform over the long-term, your appetite for risk, and alignment with your other investments and sources of income for retirement. Typically, your risk and time horizon can be figured out with a few questions using our Risk Profile Questionnaire, but the one-on-one meeting is where your plan will come together.
By looking at all of your investments, we can advise you on how to properly allocate your assets. This will help diversify your portfolio and make sure your investments are working together and not against each other. Most people understand saving for retirement, but few understand how they will start spending their savings in retirement.
In a recent one-on-one session, I sat with a couple who thought they would never retire. The husband had worked for most of his life at a construction company saving what he could along the way. His wife had a good job as an administrative assistant, until she could no longer work due to a health condition. When they walked in the door, you could see the pain of not knowing if they would ever retire in their body language. As I started asking questions and getting a better picture of their situation, the look of worry started to ease from their faces. Once we figured out what their Social Security benefits would be, along with a 4% yearly distribution from their retirement plan accounts, we were able to see what their retirement income would look like. Much to the couples’ surprise, the amount was higher than the amount of money they thought they would need in retirement.
I did not wave a magic wand and make their dream of retirement come true, I simply took all the puzzle pieces together to give them a road map to retirement. This is the power of the one-on-one. Individual meetings are available to you through your retirement plan, and are free of cost. They can help you plan out and understand the following topics:
- Retirement Plan Investment Options
- General Investing Principals
- Outside Investments
- Legacy Planning
- Charitable Planning
- College Planning
- Retirement Outlook
- Life Insurance
- Long-Term Insurance
- Disability Insurance
- And many other topics
I encourage you to reach out to your financial advisor to schedule a complimentary one-on-one meeting and see if you are on track for retirement!
Securities offered through Cambridge Investment Research, Inc., “Cambridge,” a Broker/Dealer, Member FINRA/SIPC. Advisory services offered through Prime Capital Investment Advisors, LLC. “Prime Capital,” a Registered Investment Advisor. Prime Capital doing business as Qualified Plan Advisors, “QPA,” 6201 College Blvd., 7th Floor | Overland Park, KS 66211 | p: 913.491.6226 | f: 913.491.3214 | primecap-ia.com | Cambridge and Prime Capital are not affiliated.
This commentary is provided for information purposes only and does not pertain to any security product or service and is not an offer or solicitation of an offer to buy or sell any product or service.