Are you set for life after 55? We all want to think so. After all, we work hard in our careers to ensure smooth sailing after retirement. Places to go, grandchildren to see….
Jan Warner and Jan Collins, authors of Next Steps: A Practical Guide to Planning for the Best Half of Your Life, caution that we need to make sure our financial security isn’t undermined by incomplete planning or deliberate scams.
The book gathers together information we need to protect our resources, including how to put together a professional team of advisors to plan for financial power of attorney, long-term care planning, wills, medical directives and much more.
To whet your appetite, the editors of GRAND present here an excerpt from Next Steps. (Watch for more in an upcoming issue.)
Finding a Financial Advisor
Depending on your financial situation, you may or may not need a financial advisor. Given the recent huge swings in the stock market, whether you remain in the market or stay on the sidelines is clearly your choice…. In our view, preservation of principal is essential for seniors because future asset acquisition is unlikely. Additionally, seniors must be careful not to get caught up in the numerous scams that permeate the investment community today.
If you do choose an investment advisor, that person or entity should never serve as your attorney, personal representative, or trustee….
To find a financial advisor, go to http://www.adviserinfo.sec.gov/IAPD/Content/Search/iapd_OrgSearch.aspx
And to find out if there have been complaints filed against a potential broker or financial advisor, go to www.finra.org/Investors/ToolsCalculators/BrokerCheck/index.htm or www.sec.gov/investor/brokers.htm.
Jan L. Warner is the founder of Life Management®. Jan Collins has more than 27 years of experience as a journalist, writer and editor; she is a special correspondent for The Economist (London).