CHECKLIST: Five things to consider when checking out a prospective Retirement Income Planner. Your golden years are not the time in life to be concerned about the volatility of the markets. You need a financial professional who specializes in retirement income planning. Check off your list of questions when interviewing them:
LICENSING: Before you decide to work with any financial professional, check his/her credentials. If you’re buying insurance products, including annuities, that person should have the requisite insurance licenses in place in your state before talking to you about those products. Same goes with securities products.
EXPERIENCE: Check if your prospective agent/advisor specializes in retirement income strategies (income and wealth preservation) more than investments (growth and wealth accumulation). And, be sure to ask how much money they currently have under management and how many clients they have.
PHILOSOPHY: Ask the prospective agent/advisor to describe their own retirement income strategy. Did they mention stability or asset preservation? Did they mention guaranteed* income for life?** They should have.
ACCESSIBILITY: What good is working with a financial professional on something as vital as your retirement income strategy when they cannot be reached? Test them. Call the office at a bad time, like during the lunch hour or at the end of the workday. Then see if they take your call, or how soon they get back to you.
REFERENCES: Chemistry is important. Be sure to ask for referrals from other clients. Then be sure to actually call them.
OVERVIEW: At a certain point in your life you will likely need to make a major shift in thinking. Up till now you may have been focused on financial growth. If you want to spend with greater confidence in retirement, now is the time to start thinking in terms of wealth preservation.
SAMPLE: Any losses you take at this point in time may be very difficult to recover and you now have a shorter time horizon for growth in which to recover. Take this hypothetical example.
Assume you have $100,000 in a mutual fund that experiences a 20% loss.
The value of your account is reduced to $80,000. Will a 20% gain recoup your loss? No!
$80,000 X 20% = $16,000
$80,000 + 16,000 = $96,000- still short of the original $100,000
So what would it take to get back to the original balance? We can show you ways to avoid such losses in the first place. In retirement income planning you should be thinking about asset preservation. We deploy exclusive strategies that are known by less than 1% of agents and advisors. Let us show you how we can help:
- Secure your principal
- Lock in guaranteed* income
- Have the potential for growth