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Are You One of the 62% of Americans Making This Financial Mistake?

Are You One of the 62% of Americans Making This Financial Mistake?

April 04, 2017
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If you’re worried about your finances and future retirement, you aren’t alone. Americans’ fears regarding their lifestyle, medical bills, and retirement continue to increase each year. More than 50% of Americans worry about not being able to maintain the standard of living they enjoy, and 64% are worried about not having enough money for retirement.

Why the steady increase in anxiety and stress? As we get older, life gets more complicated. We juggle all our responsibilities and try to maximize our time so we can focus on the things that truly matter to us. But in the midst of that balancing act, it’s easy to get overwhelmed with the necessary but overwhelming tasks, such as financial planning.

This may surprise you, but nearly half of Americans don’t know where to turn for financial advice and support, and 62% don’t work with a financial advisor of any kind.

Benefits Of Working With An Advisor

The good news is that you don’t have to be a statistic. You can change how you feel about your finances and how you enjoy your lifestyle without winning the lottery. Studies show that people who work with an advisor are more likely to feel less stressed, have more confidence in their savings, be more knowledgeable about their retirement opportunities, and have more awareness of their spending habits.

But perhaps one of the best things about working with an advisor is that there’s never a wrong time to start. Just as it’s never too late to start saving for retirement, it’s never too late to come up with a plan to ensure a thriving financial future.

When to Turn to an Advisor

Even if you feel confident in your finances and future retirement, you may not realize you’re making common mistakes or missing out on investment opportunities that could significantly increase your savings.

An advisor can help if you’ve experienced one of the following events in the last year:

  • You had a baby
  • You changed jobs
  • You lost a job
  • Your salary changed
  • You started a business
  • You bought a house
  • You got married
  • You got divorced
  • Your child graduated high school
  • You or a loved one experienced a severe disability or illness
  • Your spouse passed away

Additionally, an advisor can help if you’ve faced one of these questions in the last year:

  • Is my spending in line with my income?
  • Can I afford a second home?
  • What’s the best approach for college savings?
  • How much do I need to retire?
  • Do I have enough life insurance for my family?
  • Are my investments working hard enough?
  • How much should I contribute to my 401(k)?
  • Am I saving enough?
  • When can I retire?
  • What can I expect from my Social Security benefits?
  • Is Medicare enough coverage for my needs?
  • How can I help my kids make smart financial decisions?
  • How can I create a sound estate strategy?
  • How do I gracefully exit my business?

Finding the Advisor For You

Why do a majority of people trudge through their financial journey alone? Perhaps you are uncomfortable sharing the personal details of your finances with a stranger, or maybe you are discouraged and embarrassed because you didn’t start planning sooner.

Life goes by so quickly, and before you know it, you may find yourself ten years away from retirement. But getting started late is better than not starting at all. We want you to know that we understand and that we will always be judgment-free. We aim to make the process as pain-free as possible, taking time for us to get to know each other personally before looking at a single account statement.

How pain-free can it be? Let us show you. If you or someone you know has yet to meet with an advisor about their retirement, shoot us an email or give us a call for a commitment-free introductory meeting. We want to take away your financial stress so that you can enjoy your life!  Set up an appointment by calling my office at 909-981-1720. I look forward to hearing from you.

About Philip

Philip A. Board MSFS, CFS, is a retirement planning specialist and the founder of 1on1financial, an independent comprehensive investment firm serving individuals and businesses near Upland, California. Through educational workshops and a non-sales environment, 1on1financial specializes in working with employees of Southern California Edison, UPS, Esri and Verizon.