How to set retirement planning goals?
Many Baby Boomers lack basic knowledge about investing, which can have significant implications for their retirement planning, according to OppenheimerFunds Investing for Retirement Survey. It is not a secret that we Americans do not like to save or plan for retirement. But there is some help. The folks at Oppenheimer are saying that all we need to do is first ask some basic questions about our own financial knowledge and goals. And then if we don’t know what to do it makes sense to use a financial advisor.
Oppenheimer Funds suggests some simple questions to get started:
- How much do I know about specific investment terms/concepts?
- Do I have a specific retirement goal?
- Do I know how Social Security works?
- What do I need to know about asset allocation?
- How do I think my assets should be allocated and are they allocated that way? If not, why not?
- Do I review and re-balance my portfolio regularly?
While these questions may seem difficult at first, but if you do the right research, you may be able to come up with at least a preliminary understanding of where you stand in terms of saving for retirement. At that point you may want to decide if you need professional help from a financial planner. Oppenheimer suggests that there are more questions that you should ask your advisor before you decide to hire her/him.
- What is stopping me from working with an advisor?
- What characteristics am I looking for in an advisor?
- Can I get a referral?
- Do I know the role of a financial advisor and how he/she can work with me on my goals?
Recommended article: Four pillars of retirement planning
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