We've got some good news and some bad news for you.
First, the bad. According to the 2003 Retirement Confidence Survey, only 37% of workers have tried to estimate, in detail, their financial needs for retirement. According to a 1999 report from the Securities and Exchange Commission (SEC): "Two out of three households in America -- an estimated 65 million households -- will probably fail to realize one or more of their major life goals because they've failed to develop a comprehensive financial plan."
The good news is this doesn't have to be you. Consider tapping the services of an experienced financial advisor to help you get your financial house in order. Financial advisors are not just for the rich.
A financial advisor can guide you through retirement planning, investing strategies, tax issues, dealing with employee stock options, and more. This is valuable throughout your life, but especially when you near major life events, such as paying for college, retiring, buying a house, getting married, having a baby, or inheriting assets.
When changing jobs, you need to consider how to deal with your retirement accounts. All of us should evaluate whether we have adequate disability insurance or need long-term care insurance. Financial advisors can help you determine whether you're better off leasing or buying your next car, whether you should refinance your mortgage, how to avoid estate taxes, how to maximize your ability to care for elderly parents, and so on.
You can certainly learn a lot about these topics on your own, in books or online -- and we encourage you to do so. But if you still have questions regarding how various rules and guidelines apply to your specific situation, you might consider consulting a pro.
There are good and less-good financial advisors. Watch out for those who will put their financial self-interest before yours, perhaps trying to sell you products you don't need, or skimming a percent off your assets without helping to increase your wealth.
Learn more about financial advisors in our financial advisor center.
Another option, if you wish you had a financial pro to talk to, is to check out our TMF Money Advisor service, which features customized independent advice from a variety of objective financial pros. We're currently offering a free 30-day trial. Perhaps now's the time to let an objective pro address your specific situation and help ensure that you're saving enough and well enough to meet all your needs.
