Is Handling Your Own Investing Really the Best Idea?
Have you spoken to a financial advisor recently? Have you ever spoken to a financial advisor? There are plenty of commercials out there encouraging people that they don’t need a financial advisor to manage their wealth. There are endless computer programs, websites, and apps now available that allow people to explore and participate in investing on their own.
However, when you are talking about your future income and wealth management, wouldn’t you want to know that the person handling your money and your investments has years of relevant experience and training in the financial realm? There is no doubt most people can invest on their own through one of these online programs, but is that really the best option?
According to a recent survey, nearly 75% of 401k account holders have balances below the $60,000, which is the frequently cited average. The statistics on those approaching retirement are scary. Over 20% of people approaching retirement age have nothing saved. These are the people that will be forced to work until they can no longer work and then rely on social security to live.
Approximately 41% of people between the ages of 18 and 29 have never given retirement any real thought or planning. For many Americans, their primary financial concern is simply getting through the month. A shockingly high number of people are living paycheck to paycheck or worse. These are people that often don’t believe investing is a real option.
Living this way is, even more, reason to talk to financial advisors. If you work for a company that offers any kind of retirement plan or pension, you want to make sure you are getting the most out of the program. Many believe that financial opportunities in the United Stares are dwindling. However, that isn?t the case. They are simply shifting. While it used to be common for companies to offer pension plans, that is no longer common practice.
A financial planner can help you evaluate your options and make the most practical decisions for your money. This type of financial planning can allow you the opportunity to retire without being completely dependent on social security, which has been shaky for many years. There are numerous financial experts questioning how long social security will still be available.
There are a wide variety of investment firms that can explain to you your options and oversee your investments for you. They can take the guess work and worry out of investing. Wealth management services enable you to take a small investment and grow it into something sizable. You need to take into consideration what age you want to retire and realistically how long you expect to live past retirement.
One of the reasons social security and traditional pension funds have dwindled is that people are living significantly longer than they used to. Funds that the government and companies believed would last are running low faster than expected due to the number of people collecting payments at any given time.The best thing you can do is take charge of your own retirement with a wealth management expert.