There are two types of people; those who think about retirement once they start their careers and those that wait until they are getting close to retirement. And in those respective groups, people will either do it all on their own or hire a professional. Retirement planning is inevitable for all working people and there can be a lot to do to get things in place. Should you do it on your own? Would it be better to hire someone to help you?
The Professional Has Your Back
Financial planning companies, like Harlow Wealth Management, were once seen as only an option for the rich. Honestly, if you have income then you can benefit from financial planning. They can help you determine your retirement goals, what your current financial situation looks like, and how to make all of that happen. They are also aware of some tax laws so that you can make your plan work in your best interest. Another huge benefit is if you have any major life changes before retirement, they can help you navigate making adjustments so that you can handle the new change and still reach your goals. It is important for you to know that a financial advisor is not necessarily a financial planner. A person capable of financial planning should be a Certified Financial Planner after completing mandatory classes and are regulated by the state. Also be wary of any financial planner whose fees are based on commission, rather than a regular salary. Those based on the commission could be persuaded by third parties to steer you in a specific direction and they get a kickback in return.
Do It Yourself Is Possible
So maybe you still don’t want to hire a professional and you are determined to do it on your own. Great! With some time to research and diligent learning as you go, you can create your own retirement fund from the ground up. What is the benefit? You can find some truly new ways to invest and save your money to work for you. Found a new cryptocurrency that sparks your interest? You can certainly take that risk if you choose. Decided to turn a small property into a rental unit? You can do that too! By doing it all on your own, it empowers you to learn more and be in control of your financial health. Wouldn’t it feel amazing to be in complete charge of your future?
Blend For The Best Of Both Worlds
One problem with the above is that it leaves an either/or situation. You either hire a pro or you don’t. But just as much as we tell you that your portfolio should be diversified, we will tell you that your plan to save for retirement should also be diversified. This may mean that you go through all of the preemptive work to ensure that your debt is paid down and you have some money being set aside in a 401K or an IRA. You may only talk to a financial planner if you want to make a major investment in property or come into a large sum of money. It leaves all budgeting on your hands but keeps some advice available if you want to dive into something you are not as educated about. Or you can have a planner check in every few years and give you the advice to make improvements or tell you about any new trends or laws that you should be aware of.
Retirement planning is one of these things that no one knows how to do instinctively, it’s all learned. Now that you have looked at the options you can take, are you going to DIY it or hire a pro?