The Road to Retirement: 4 Questions To Ask Your Advisor
In an article called Mapping it Out: What You Didn’t Know About Life Insurance—But Should written by Russ Banham for the Wall Street Journal, we came across these four helpful questions everyone should ask their financial advisor:
The article explains that a person typically decides on when to retire five years before they actually do it. It is important to understand all of your financial responsibilities going into retirement to make sure your retirement years are enjoyable and financially secure.
Qualified financial advisors can help you better understand your future monthly and annual expenses to help ensure a safe, smart and secure financial future. Take the time to sit down with an advisor well ahead of time so that you will know what to expect when it’s time to retire, and can plan properly.
It is important to diversify your savings but it is more important to be wise about how you turn your savings into income. Depending on where you have your retirement savings, there are many different strategies to help you choose wisely when it comes to withdrawals, so as to maximize growth and minimize your tax burden.
Be aware! Life has been known to throw unexpected events at you at the worst possible time. It is important to be aware of all potential risks that may come up during retirement. The more you know, the better you will be financially prepared.
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