Tag: Travel

Preparing for the unexpected.

What happens if you have to live on less income because you lost your job or your spouse died? The economy has not been kind to many people and job loss can happen before we’re ready to retire. That’s when a financial advisor can help.

It can be tough to find a good paying job if you’re within a decade of retirement age.  Companies are reluctant to hire you.  You may be wondering what you should do when you realize that the best path is early retirement. Where can you cut back? How should your money be invested for an extra-long retirement? These are all questions that you should not tackle on your own because the wrong decision at this age can haunt you a few years down the road.

If the major breadwinner in your family dies how will the survivor cope? One 61-year-old woman left work to care for her dying husband. After his death she could not return to work but had a lot of decisions to make. Decisions about social security, insurance, where to cut back (fewer trips, sell the motorcycle and the RV), as well as decisions about her investments.

Each case is unique, but a financial advisor should be more than a money manager. He should advise his clients about all aspects of their lives that impact their financial well-being. Ideally you will have developed a good relationship with a financial advisor before an unfortunate event occurs. But if you have not, this is definitely the time to find one.

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Retirement Insecurity and What to do about it.

Would you care to guess what percentage of men age 51 years or older, making over $75,000 per year, who feel very confident about maintaining their current lifestyle in retirement?

According to the Journal of Financial Planning (July 2014) the number is less than half:

43{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} to be exact.

Women of the same age and the same income are even less secure:

Only 32{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} feel very confident that they can maintain their lifestyle in retirement.

If you are in the majority who are unsure about being able to retire and not cut back, isn’t it time you got a financial physical? Check out our website.  Give us a call. It won’t cost you anything. We won’t try to sell you anything (we hate that when we’re on the receiving end of a sales pitch).

After looking at these statistics, it may explain why we have such a large number of women clients as well as retirees. Retirement should be a time to enjoy life, to do the things you never had the time to do before. It’s not the time to worry about money.

The value of an RIA (Registered Investment Advisor) as your financial advisor.

The value of having a financial advisor may not be what you think, unless you have the right kind of advisor. People don’t hire an advisor to beat the market, or to plan tax strategies. People hire an advisor to free them from worrying about their money and allow them to do what they want to do. Here’s an example from another advisor:

I had an appointment scheduled [with a couple], but the wife showed up first. Her husband was coming from work, and he had gotten stuck in traffic. The wife and I began talking casually as we waited for her husband to arrive. She started telling me some of the ways that working with a financial advisor had helped their family. She and her husband had taken several vacations as a couple and also gone on some trips with their kids. These were things they wouldn’t necessarily have felt comfortable doing before, because they would’ve considered them extravagant. Previously, they couldn’t have taken these trips without spending the whole time worrying about whether or not they could afford them. But thanks to our work together, they had felt free to do so — and they had made some really valuable memories.
I was surprised to hear all that, partly because I hadn’t known about these vacations, and also because the client seemed to value something in the advisory relationship that was different from what I would typically think of as being [my role].

If you think of a financial advisor as a stockbroker who’s going to sell you investments, you have the wrong idea. Registered Investment Advisors, like Korving & Company, act as the family’s “Chief Investment Officer.”  We provide people peace of mind about their finances, so that they can spend more time on the things in life that bring them the most happiness.

Check our new Korving & Company website and learn more about us.

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