Technology has changed the world we live in, so it only makes sense that the ways we go about our retirement planning have changed as well.
Gone are the days when the company we worked for 40+ years would ensure our pleasant retirement with a secure pension. In today’s world, the majority of the retirement burden lies on us. Luckily, there are readily available online tools that can help in figuring out this new system, but knowing which to trust is important.
TMI (Too Much Information)
The internet has made information more readily available and in vaster quantities than ever before. Though this access to information can and should be empowering, it can also be completely overwhelming and begin to confuse and dilute the decisions you are trying to make.
If you’re planning for your retirement on your own and not using a financial adviser, stick to just a few trusted sources of information and planning tools to ensure a consistent stream of guidance and information.
If you’ve chosen to work with a financial adviser, it may be wise to stick to sources you’ve been directed to by that professional.
Available Tools
After calculating your estimated annual expenses you’ll need to pay during retirement, consider using an online calculator that will give you guidance towards how much you should try to have saved beforehand. Two great options include Stash and Fidelity’s Retirement Score.
Another great tool is something that can give you an overall picture of your spending habits, your savings, your tax liability, and how inflation, among other things, can impact you. Some are free, some come with a larger price tag, but using something like the Personal Capital Retirement Planner or WealthTrace Retirement Planning Software can go a long way towards feeling confident in the years to come and the decisions you’re making along the way.
Tools that automate your investing are also available. After sharing some information about your goals and how much you’d like to invest, tools like Betterment can automatically build you a custom portfolio designed to reduce the impact of market volatility. You can even set up recurring deposits to continue building the size of your investment.
Other robo-advisers may simply advise you towards certain investment types based on your goals, but if not working with a financial professional, choosing a reliable online service can be a smart move.
Combining Digital with Real World Professionals
After guiding your ship for decades, handing the keys to your financial future to a financial professional might just not work for you. But it’s important to remember that digital tools can only do so much and consider so much nuance in your situation. In contrast, a financial adviser who has been working with retirees for decades is able to assist with more complex financial maneuvers and offer advice based on years of experience.
Whether you’re looking for a second opinion or assistance with obtaining a certain investment product, working with a financial adviser doesn’t mean you have to give up control of your retirement.
To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff member is awaiting your call Monday through Friday, 9 AM to 5 PM.
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