Why You Should Work With A Financial Advisor


So, you want to retire? Congratulations! That is the first step. Where do you want to go from here? You might imagine creating this pathway is a large part of what I do as a retirement planner. It starts with reviewing your investment needs with your financial advisor. If you do not already have one, you will want to choose one. In your meeting, you will want to discuss your risk tolerance as this may change when you stop earning a paycheck. Rebalancing your portfolio and learning how to withdraw funds and minimize taxes will also be top priorities. Your advisor can work with you to decide when to sign up for Social Security. At this time, you may want to consider an annuity and take note of your guaranteed income sources.

Next up, take inventory of your assets and evaluate your current budget. Write down every debt, liability, savings balances, insurances, etc. This will give you a full view to realign your budget during retirement. Determine how much money you want per year vs. how much you truly need.

There might be unexpected expenses along the way, so build an emergency fund with at least six months’ worth of funds to cover your bills if need be. Planning out your health insurance and long-term care is very important. Where will your health coverage come from? Will you be completely covered by Medicare or have supplemental insurance? This will depend on whether you are retiring early or not as well. If you are retiring early and Medicare is not an option, or you do not receive coverage from your former employer or your spouse’s employer, you will need to obtain insurance on your own.

Once you have decided on your retirement date, notify your human resources representative or employer. Determine if you will still want to work during retirement and decide where you want to retire. Do you want to move, and do you need to sell or buy a house? Are you staying in your current home? At this point, try to eliminate all debt. Tackle the debt with the highest interest rates and smaller balances first and leave mortgages for last since they will most likely have a lower interest rate.

Finally, plan out your estate. This will consist of creating a will and appointing a power of attorney. If needed, establish guardianship for living dependents and appoint beneficiaries for life insurance plans, retirement accounts, and shared assets. Coordinate funeral arrangements and designate sentimentally valuable family heirlooms. You will want to review your plans every five years, or when you experience a life-changing event.

If you would like a copy of a retirement checklist, please contact our office and we would be happy to provide one for you. Retiring is a big life decision, but with patience and help from a financial advisor, it can be an easy milestone to achieve.

Risk Disclosure: Investing involves risk, including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Past performance does not guarantee future results.

This material is for information purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

The content is developed from sources believed to be providing accurate information; no warranty, expressed or implied, is made regarding accuracy, adequacy, completeness, legality, reliability or usefulness of any information. Consult your financial professional before making any investment decision.

For illustrative use only.

Jason LaBarge, financial advisor and president of LaBarge Financial

7 Riggs Avenue, Severna Park, MD 21146 443-647-4321


Securities offered only by duly registered individuals through Madison Avenue Securities LLC (MAS), member FINRA/SIPC. Investment advisory products and services made available through AE Wealth Management LLC (AEWM), a registered investment advisor. MAS and LaBarge Financial are not affiliated entities.


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