How Much Money Do You Need to Get Good Retirement Advice?

How Much Money Do You Need to Get Good Retirement Advice?

If you’ve ever heard someone say, “If you have to ask how much it costs, you can’t afford it,” they were probably talking about some expensive toy or knick knack wealthy people (or people who want to seem wealthy) buy. Unfortunately, though, many people believe that expression also applies to investing advice. A recent survey of Americans shows that 63% of those who have never consulted an investing advisor put it off because they think they need thousands of dollars already saved just to schedule an appointment. More than half believe an advisor’s services will cost more than they can afford. The truth is personalized investment advice isn’t something only wealthy investors can take advantage of. Great advice is available no matter how much you have saved or how much you have to invest if you just know where to look. Myth #1: I Need at Least $50,000 to Even Get an Appointment With an Investing Professional It’s no surprise that most people believe the price of entry to simply meet with a financial advisor is out of reach. Some advisors do require their clients to have five- or six-figure account balances before they’ll do business with them. At a time when most people have less than $25,000 saved for retirement, it’s easy to assume you’re on your own to build up your balance to “advisor-worthy” levels. The amount of money people assume they need to work with an investing advisor. Even automated online investing services, also known as robo-advisors, often require large initial investments or have high minimum balance requirements. That seems like a lot to ask for...
3 Money Hacks Every 40-Year-Old Should Know

3 Money Hacks Every 40-Year-Old Should Know

  Is there a more financially challenging time of life than your 40s? In your 20s, you’re just starting out and you never have any money. But that’s okay because none of your friends have any money either. In your 30s, your biggest challenge is avoiding the living-large-on-huge-debt trap most of your friends will fall into. By the time you’re in your 40s, you’re facing some big-ticket responsibilities like paying off your mortgage and funding the kids’ college. But your top priority is saving for retirement and figuring out how to build a secure nest egg. We asked some of Dave’s financial professionals for advice you can use to make working toward your retirement goals a little easier. Here are three of their suggestions you can use to get started today! Hack #1: Make minor adjustments to your budget, one at a time. Soon, you’ll be saving more without sacrificing your lifestyle. If you’re ever going to win the battle with those everyday expenses that seem to eat up more and more of your paycheck each month, you’ve got to have an effective budget. Chadd Hoeft, an investing Endorsed Local Provider (ELP) in Omaha, NE, understands why people have hang-ups about budgeting. “They’re worried that they’re going to need to change their lifestyle so much that it affects how they live today,” he said. He recommends you start by examining your spending in just one category, like entertainment or eating out. “Then let’s say you don’t go out to eat one or two times as often as you did the month before,” Chadd suggests. “Start with that position, and...
Haunted by a Late Start on Retirement Saving? Expert Advice to Help You Catch Up

Haunted by a Late Start on Retirement Saving? Expert Advice to Help You Catch Up

This time of year, scary stories abound. Ghosts come out of the woodwork. Vampires lurk in the shadows. Things go bump in the night. Of course, if you’re behind on your retirement savings, spooky specters don’t hold a candle to what lies ahead. It’s enough to send a chill up your spine and back again. But your future doesn’t have to be frightening! We asked a few of Dave’s investing Endorsed Local Providers (ELPs) to share their late-starter retirement advice. Here’s what they had to say. Be Intentional You know how you avoid going to the doctor because you’re afraid of what they might find? Money’s no different. What you don’t know really freaks you out! But if you want to feel good about your future, you’ve got to dive headfirst into the details. Russell Kizer, an investing ELP located in Birmingham, AL, suggests starting with a budget. Put every dollar on paper on purpose, then look for ways to cut spending and free up more cash for retirement. It’s okay to take it one step at a time. “Go back and look at what you spent on entertainment in the last three months,” Chadd Hoeft, an investing ELP in Omaha, NE, says. “Can you eat dinner at home a couple of extra nights a month instead of taking the whole family out? Start there and contribute those dollars toward your future.” Being intentional with your budget requires commitment each month, but it’s well worth the time invested. Why? Because once you know where your money’s going, you can take control of the situation. Know Your Options Want to...
Can You Trust Your Investing Advisor?

Can You Trust Your Investing Advisor?

Successful retirement investing takes teamwork. You and your spouse are the captains of your team. It’s your retirement, after all, and no one will care more about the outcome of your planning than you. Playing an integral, but supporting, role on your team is your advisor. Your advisor is not the captain—they don’t call the shots. But that’s easy to forget when you’re working with someone who has more knowledge than you do on a complicated topic like retirement. So we asked some investing Endorsed Local Providers (ELPs) for advice about how to talk to an investing professional. If they were in your shoes, what questions would they ask? What red flags would they look for? And how would they know when they’re getting a sales pitch instead of solid investing recommendations? They had some great insights and ideas you can use to make your retirement investing team even more effective. Keep these things in mind with your next (or first) meeting with your advisor. Ask the Tough Questions Ideally, your advisor will be a part of your team for a long time, so it’s important to take some time to get to know each other. “The first time we meet with a client, we don’t ever show them any recommended investments,” Chadd Hoeft, an ELP in Omaha, NE, explained. “We don’t know who they are yet.” Instead, Chadd spends his first meeting with new clients asking questions and taking notes so he can make the right investing recommendations for them—at a later date. (Here’s a bonus red-flag preview: If an advisor shows you a package of investments “that’s...