Blog: savings

Should You Talk With A Financial Advisor?


A financial adviser is someone who advises individuals and companies on how to spend their money, especially if they have certain savings goals they are trying to meet. Although most financial advisers use applications nowadays, mathematics is heavily involved in understanding how to align quotas and meet expectations. Just because you consult a financial adviser does not mean you are financially in trouble, but most people who do are not likely to be disappointed in their choice of a consultation.

There are a variety of different companies that employ financial advisers from assets under $100,000 to companies who won't even deal with anything under $1,000,000 in assets. Many celebrities, who are paid millions of dollars, hire financial advisers to ensure they make the best decisions as there have also been celebrities who have overspent and misunderstood how many they actually had. For example, if you buy a mansion and a garage full of cars, all of those assets need to be insured, and this is often what causes many people to go bankrupt, especially lottery winners.

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What Age Should You Start Thinking About Retirement?

It is hardly a thought about saving for retirement when you are young, especially under 30 years old. The thought of being 65 years old is not a reality to anyone that young. However, once you are in your 30s and 40s and you start to experience those unexplainable pains in your legs or your side, you begin to realize that maybe, just maybe, you are aging. You also face the reality when your parents reach the age of 62 and 65 years old, respectively, and you likely aren't far behind, especially if they had you in their 30s and 40s.

At 18 or even 25, thinking about retirement already may seem like its too early. You've just begun your life. You've just started college or even graduated college, or just bought your first car, or just moved into your first apartment, so why would retirement even be on your mind? Why should it be on your mind? The truth is: you should expect to live long enough and beyond to retire. Even though we live in a world plagued with COVID-19, the statistics are still pretty good on your survival up until at least the age of 75 to 78 years old. If you're lucky, you can even look forward to 80 and 85 years old.

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Who Wants To Retire A Millionaire?

Everyone dreams about being a millionaire and there are a few million people who get lucky in their lifetime to actually see it in their bank accounts. The rest of us usually acquire about a million to two million dollars over the course of our lifetimes, but we don't actually see it, at least not in cash. Over time, we may have actually spent it on luxury and life so we never get to see it. However, we may also acquire it in real estate assets or in the stock market among other investments or inheritances. By the time we reach the age of retirement, between 62 - 70 years old, depending on how much you have in assets and savings, you could probably claim to be a millionaire.

Whether you choose to continue to live in your home and do a reverse mortgage or sell your house, mixed in with your social security and any other investments you have, you could probably liquidate your assets and turn it into a million dollars in cash. There are several reasons you would want to do this, but other reasons you probably should not. If you are a millionaire by the time you retire in cash, you will be very likely the one responsible for any and all healthcare concerns and needs.

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What Should I Be Saving Every Year Towards Retirement?

I always encourage everyone to do and I constantly do myself: Have a conversation with the 65 year old you. If you had this conversation, what exactly would your 35 year old self say to your 65 year old self or vice versa? What would you talk about? Probably the most important thing you could ever talk about: money and living situation.

So you are now 65 years old and you've worked your whole life and are ready to retire. Retirement is not the end of life, but the end of a work era where you can finally relax and enjoy the life you've worked to have. You are now eligible to collect social security and if you've done everything right up to this point, including paid off your mortgage, have no debts at all, you could probably live off your social security benefits and mostly be fine.

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