Insurance adviser speaking with senior couple about their options
June 5, 2020
Written By:
Brian Goldman
Retirement Specialist, Financial Adviser

The Four Factors Why You Should Meet With a Financial Advisor

As a financial advisor, I talk about the financial facts that affect your independence, lifestyle, and retirement. I talk about everything you’ve worked for your whole life. That includes your home, your savings and all of the things you still plan to do with your family.

Basically, as a financial advisor, I talk about your blood, sweat and tears.

While you are working, you play by one set of rules. You were saving and doing all the right things to make sure you were able to maintain your standard of living when you finally reached retirement.

Now that you are here, the rules of the game have changed.

There are four major areas that will drastically impact everything you’ve worked for.

1. Medical Expenses / Medicare

Of course, there are premiums to pay. You may or may not have copays or deductibles, but Medicare does not pay for everything. We make sure you understand what is

covered, but most importantly what is not covered, so you avoid any surprises in your retirement. And you probably know that hospitals don’t keep you very long, anymore. We talked about "What is the Best Medicare Plan" in our first blog. Click here to read it.

2. Long-Term Care

That's where post-hospital care (commonly known as Long-Term Care) comes into play. Medicare does play some role in post-hospital care. We help you to understand what Medicare covers and what Medicare won’t cover. Long-term care is the No. 2 reason for poverty in the retired community.  This will drain your savings faster than anything else!

3. Inflation, Taxes, and RISK

Inflation. You know things are going to cost a little more each year. Are you in a position to handle that throughout your retirement?

Taxes. We sit with a lot of people who are paying income taxes unknowingly and unnecessarily. Uncle Sam took his fair share when you were working. We make sure you are not paying more than your share, now. If you are needlessly paying taxes, I am going to let you know.

Risk. Like you, many of my clients were tolerant of the ups and downs of our economy while they were still working. But we're not so tolerant now that retirement is here or approaching soon. Is your money at risk to the roller-coaster stock market? Often, I am able to help your money grow without the risk.  

4. Premature Death.

This is the No. 1 reason for poverty in the retired community. There’s a lot to talk about here. Understanding the rules for social security and pensions. Understanding what the income to the house will be if one passes away unexpectedly. What will the financial burden be to the family? And avoiding probate are all common concerns for most of our clients.

I take a holistic approach to your situation and review the BIG picture. I do that because it’s very easy to make a good decision in any one of these areas, but not leave yourself open to making the best decision for yourself in the other areas, as well.

The Big Picture

All four areas are important. As a financial advisor, my job is to build a wall around everything that you’ve worked so hard for, so these issues have as little impact as possible on your retirement.  

How I do it is simply to ask you some questions and get to know you. I find out what is important to you and what’s not so important. If there is anything that I can do to put you in a better spot I will let you know.

Brian Goldman
Retirement Specialist, Financial Adviser