three inquiries to ask your retirement plan advisor
CHARLOTTE, NC – If you’ve worked or are currently working with a financial advisor, chances are you’ve put a retirement plan together. But how can you be sure that you have closed any loopholes and fixed any issues that could lead to financial troubles for you later on? Hobart Financial’s Chris Hobart says he meets with people who have a retirement plan but may have loopholes.
To make sure there are no gaps in your plan, Hobart recommends sitting down with your advisor and asking the right questions about your plan.
The first question is probably the most basic: “Where does my income come from after I retire – and how much do I have to live on?”
An extension of this question would be, “Do I have enough to live my life?” Hobart says you need to know now if you have enough to keep up with your desired lifestyle or if you need to make radical changes to make sure you don’t run out of money.
Hobart says the second question you should ask: “What happens when the sky falls?”
He says we often make plans in best-case scenarios. But we also have to be a bit realistic and think about the what-if. What if you lose your job or have a health crisis? What if a spouse dies earlier than expected? Hobart says all of these things can have a dramatic impact on your retirement income.
Finally, Hobart says another good question to ask yourself, “Should I consider getting a second opinion on my retirement plan?”
The Hobart Financial Group meets with many people who come up with their existing plan and have it checked for possible loopholes.
To find out more about what your retirement plan should include, visit www.askhobart.com.
You can find answers to the most frequently asked questions about retirement, and even ask your own question.
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