3 Signs You May Need To Work with a Financial Professional

Are you the Do-it-yourself (DIY) type? Do you enjoy completing your own repairs around the house? Do you perform your own maintenance on your car? Do you even handle your own financial planning and investment management?

Sometimes taking a DIY approach is the right strategy. Other times, though, it can expose you to more risk and even cost you significant money. That can be especially true when it comes to financial planning and investment management.

Not convinced that a financial professional is right for you? Consider the three scenarios below. If they sound familiar, you might benefit from professional financial advice.

  1. You panic when the market takes a downturn.

It’s perfectly understandable to experience some anxiety when the market takes a turn downward. After all, that’s your hard-earned savings declining in value. However, that anxiety can become problematic if it turns into full-blown panic. If you rush to sell all of your investments when the market goes down, you may benefit from working with a financial professional.

A financial professional can help you find a diversified allocation that meets your risk tolerance. If you have trouble dealing with extreme volatility, your financial professional can help you find investments that are unlikely to take you on a wild rollercoaster ride.

Your financial professional may also recommend products that have upside potential but eliminate downside risk. For example, fixed indexed annuities can pay an interest rate based on the performance of an underlying index. However, if that index performs poorly and decreases in value, you may be protected from any loss.

A financial professional can help you develop a plan that manages volatility and limits your exposure to risk.


  1. You don’t know how much money you need to save for retirement.

According to a study from the LIMRA Secure Retirement Institute, 60 percent of Baby Boomers and Gen Xers and 70 percent of millennials don’t know how much they need to save for retirement.1 Are you among those groups? If so, it might be time for professional help.

You wouldn’t go on a trip without knowing your destination. Similarly, it doesn’t make sense to plan for retirement without knowing your retirement income goal. Your goal should be based off numerous factors, such as the age when you will retire, your life expectancy, your estimated living expenses and your expected investment returns.

As you might guess, that can be a complicated formula. Your financial professional can help you evaluate all those factors and calculate a retirement income goal. You can then use that goal to plan a savings schedule and stay on course.


  1. You don’t know what would happen to your family if you become disabled or if you pass away.

Your greatest asset may be your ability to earn income and financially support yourself and your family. What would happen to your family if you passed away at a young age? What if you became disabled and were unable to work?

Think it couldn’t happen to you? Think again. According to the Council for Disability Awareness, one out of four 20-year-olds today will experience disability at some point in their lifetime. More than 12 percent of the population is disabled and more than half of that group is between the ages of 18 and 65.2

Disability is a reality for many people, and it can cause serious financial damage. Similarly, your family could struggle if you pass away. They may be unable to replace your income, making it difficult for them to pay bills and support their standard of living.

In both cases, insurance can be a strong form of protection. Disability insurance provides regular payments should you be physically unable to work. Life insurance pays a death benefit to your beneficiaries should you pass away.

The key is in determining exactly how much and what types of insurance you need. Contact a financial advisor who can help you review your needs and determine exactly what kind of coverage is best for you.





This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation. By providing your information, you give consent to be contacted about the possible sale of an insurance or annuity product. This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.

15538 – 2016/3/31

Reality Check: It Might Be Time to Revisit Your Retirement Income Plan

Funding your retirement today has changed dramatically from planning a retirement income a few decades ago. Today’s economic circumstances have created a new reality that requires a different approach.
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