Anytime you meet with a financial advisor, you need to determine if your plan needs more review. On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re sharing the five critical questions you need to ask.
1) Have you adequately reviewed my personal financial situation to make sure this recommendation is in my best interest?
You want a customized recommendation, not a cookie-cutter one. You need to find out what process they used to make that suggestion.
2) How will your plan affect my tax return each year, and what future tax issues may concern me?
For our clients, we do what’s called a forward-looking 1040 review every year. We help identify potential issues or money falling through the cracks.
3) How will your plan affect my income and liquidity needs in the future?
If you ask this question, you may not make the same decisions as you did in the past.
4) How does your plan match up with my risk comfort level?
Risk is really about the value fluctuation of your money.
5) How will your plan affect the transition of my estate to my heirs?
You probably want to leave your kids and grandkids a better life than you had.
Listen to the entire show and use the timestamps below to find specific segments.
[3:58] – Vacation now or later
[6:17] – Adequate review
[9:36] – Tax plan
[12:00] – Income and liquidity
[13:59] – Risk
[15:34] – Heirs
Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.