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BFG in the News: James answers a reader’s question about affording to retire

Retirement Planning Income Planning Baron Team Insights

James Suazo, a Wealth Manager at Baron Financial Group, is quoted on this topic, answering a reader’s question on NJMoneyHelp.com by Karin Price Mueller, originally published in July 2024.

I’m 64 and considering retirement.  Can I afford it?” 

A 60-second read by James Suazo, ChFC®: Your options for retirement need to be given very serious thought and examination to determine your needs and sources of income. Having a financial plan in place prior to retirement can help reduce the anxiety of knowing whether or not you have enough to retire. There are general guidelines which we often see online, however meeting with a financial planner who understands your goals and resources and who can hold you accountable to your plan can benefit you in retirement.

The best way to plan for retirement is to consult with a Financial Planner. They can help you plan for more than just retirement – they can offer their expertise when it comes to other money decisions such as RMD distributions, Social Security timing, Tax Planning, etc.

There are advisors that get paid by the hour or for a flat fee, and others that offer ongoing advice and management for a percentage of assets under management (AUM). Some advisors sell insurance or investment products such as annuities. It is important to understand how the advisor is compensated to determine what works best for you.

When it comes to choosing an advisor/financial planner, we recommend looking for a Fee-Only, Registered Investment Adviser.  Fee-only refers to how the advisor is compensated.  Fee-Only Financial Advisors may be paid hourly, as a retainer, or as a percentage of assets under management. Fee-Only Advisors are never compensated from the sale of a product.  Registered Investment Advisers have a fiduciary duty to act in their clients’ best interests.

Read Karin Price Mueller’s article here. 

If you have any further questions about retirement, please reach out to the Baron Team.

Disclosure: This is a general communication being provided for informational purposes only. Past performance is no guarantee of future results. Every investment strategy has the potential for profit or loss. This material is not intended to be relied upon as a forecast, research, tax, or investment advice.