We all pay thousands and thousands of dollars every year for insurance. We buy insurance to protect our health, to protect our car and to protect our house. But what about our financial wellbeing? In particular, our retirement wellbeing.
Think about it. Retirement, based upon average longevity, can last 20+ years and for those lucky to live beyond the average age, 30+ years. So, why not buy some protection. Protection in the form of a holistic financial retirement plan prepared by an hourly, fee-only, fiduciary financial planner, a planner that will work with your best interest in mind.
A thorough financial plan should evaluate your resources, identify the potential financial risks and help you understand the tools available to maximize the potential for success. The plan should incorporate investment management, cash flow budgeting, tax minimization, social security maximization and estate planning.
A good plan, by an hourly planner, may cost up to $3,000 -$4,000 but that is modest in compared to other insurance and over 20 years is only $150 per year, a bargain. In the end, it should provide you with some peace of mind and protection against the unknown.