Retirement planning isn’t for the faint of heart, especially when you’re going it alone. Just ask Wes B., a retired boomer who’s learned some tough lessons about managing money in his golden years.
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GOBankingRates talked with Wes about his retirement journey and why he now wishes he’d gotten some pro financial advice. Here are seven reasons he thinks a financial advisor could have made all the difference.
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Turns out, retirement can last a lot longer than you might think. Wes is finding this out firsthand.
“I’m still so active at 73,” he said. “I’m kayaking and hiking and camping. I thought I’d be slowing down but I’m nowhere near it.”
A financial advisor could have helped Wes plan for a longer retirement, making sure his money grows with him – now and into the future.
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Wes found out the hard way that healthcare in retirement isn’t exactly free.
“I thought Medicare would cover everything,” he shared. “Well, it doesn’t! That was a rude awakening.”
If Wes had consulted with a financial advisor, he would’ve put more money aside for unexpected health-related expenses. “My back surgery would’ve been less of a sticker shock if I had more money in my healthcare savings account!”
Surprise! Taxes don’t disappear when you retire. Wes wasn’t ready for the hit to his income.
“I didn’t realize exactly how much of my retirement income would go to taxes,” he said. “There were probably strategies I could have used to keep more of my money, but hey, hindsight is 20/20. I only hope I can help people now.”
A financial advisor could have helped Wes navigate the tricky world of retirement taxes, potentially saving him a bundle.
Wes thought he was playing it safe by sticking to what he knew. Unfortunately, that wasn’t the best move for growing his nest egg.
“I kept most of my money in my company’s stock and a few other familiar investments,” he explained. “Now I know that putting all your eggs in one basket isn’t the smartest move.”
An advisor could have recommended other investments to help Wes diversify his portfolio and figure out the correct balance between riskier and more conservative assets for his retirement goals.
