financial advisor meeting with couple regarding retirement
  • Posted November 17, 2022

How a Financial Advisor Can Help You Before Retirement

Too often people live beneath the privileges and opportunities that they could enjoy. This certainly happens whenever you fail to take advantage of the expertise of professionals in your personal life. One area that can truly be a missed opportunity is when you try to plan for retirement on your own. The insights that financial advisors and certified financial planners can give you are well worth any fees you might pay. 

Adjust Your Asset Allocation

Few people realize that your investments should reflect your age at any given time of your life. Your financial strategy should change as you get closer to retirement. In your twenties, you should contribute as much as you can to your 401(k) or IRA. When you are young, you have a lot of time for your investments to grow. This makes investing now especially impactful. The same holds true for when you are in your thirties.

Try to max out on your investment accounts if possible. Your forties are all about portfolio building. Once you hit your fifties and sixties you need to be more cautious with your investments. Avoiding loss is your major goal here. As you can see, asset allocation can be extremely confusing. Thankfully, you don’t have to figure all of this out on your own. Hire a financial advisor to help you make the most impact in each stage of your life. Our certified financial planners in Hartford, CT provide asset allocation guidance as part of financial planning services.

Plan for Healthcare Costs

A financial advisor can also help you navigate the ever-changing world of healthcare. Saving what you can and hoping for the best isn’t a very good retirement strategy, and yet it is fairly common. A financial advisor will help you know exactly what healthcare costs to plan for and offer strategies to cover those costs. One helpful tool is Medicare. Medicare can help cover some of the costs of hospice care. 

Help You Reach Your Goals

You might think you have to choose between enjoying your wealth now and living comfortably in retirement. While this can be a fine line to walk, a financial advisor can help you meet both short-term and long-term financial goals. They can help you know just where you should save and invest and how much you can spend. 

You don’t want to leave your finances to chance. There is far too much at stake. Take advantage of the assets that you have right within your reach and hire a financial advisor. The benefits will far outweigh the costs. 

Did you enjoy reading this article? Here’s more to read: Financial Products That Aren’t Just for the Wealthy

Contact Tenpath Financial Group for certified financial planning services.