Are you meeting with your financial advisor in New Jersey soon? Make the most of your time by writing down important questions and topics you want to discuss. Your financial advisor is here to manage your money and help you choose how to spend, save and invest wisely. This is why knowledge is power!
Here are five questions to ask your financial advisor on a regular basis.
Is my investment strategy on track?
For many people, their investments are a large part of their retirement plan. If this is the same for you, you’ll want to make sure that your investments are doing their job. Ask to see recent reports and check to see if your strategy is reaching your goals. While it’s normal to see some fluctuation, your strategy should still be sustainable and meet your expectations.
Do I need to make any adjustments to reach my goals?
Retirement planning can change over time, so check on the progress of your plan and if you’re set to reach your goals. If you’re not, talk to your financial advisor about what steps you can take. You may need to contribute more to your retirement savings or maximize your company match.
What things should I focus on most?
Some parts of your retirement plan will be more lucrative than others. Ask your financial advisor about which things you should be focusing on, such as different investment vehicles or building out your 401(k) plan. Your advisor will identify where your efforts should go based on how well they’re performing.
Am I prepared for emergencies?
According to a survey from the Pew Research Center, 4 out of 10 Americans say they are struggling financially as a result of taking a cut in pay or losing their job altogether. While you can’t plan for everything, the pandemic has shown us that being proactive is important.
Work with your financial advisor to create an emergency preparedness plan that ensures you have enough money to fall back on.
How can I manage my taxes?
You probably have taxes on your brain starting in January or February, but you should always be thinking about them! There are things you can do throughout the year to make sure you are minimizing the taxes you owe. For example, your financial advisor may recommend making charitable donations, opening a health savings account or claiming certain exemptions.
When you meet with your financial advisor in NJ, make sure you ask them questions about your savings and how they are performing. While your financial advisor is your advocate, it’s still important to know what’s going on with your accounts so that you can retire with confidence.
Here are five questions to ask your financial advisor on a regular basis.
Is my investment strategy on track?
For many people, their investments are a large part of their retirement plan. If this is the same for you, you’ll want to make sure that your investments are doing their job. Ask to see recent reports and check to see if your strategy is reaching your goals. While it’s normal to see some fluctuation, your strategy should still be sustainable and meet your expectations.
Do I need to make any adjustments to reach my goals?
Retirement planning can change over time, so check on the progress of your plan and if you’re set to reach your goals. If you’re not, talk to your financial advisor about what steps you can take. You may need to contribute more to your retirement savings or maximize your company match.
What things should I focus on most?
Some parts of your retirement plan will be more lucrative than others. Ask your financial advisor about which things you should be focusing on, such as different investment vehicles or building out your 401(k) plan. Your advisor will identify where your efforts should go based on how well they’re performing.
Am I prepared for emergencies?
According to a survey from the Pew Research Center, 4 out of 10 Americans say they are struggling financially as a result of taking a cut in pay or losing their job altogether. While you can’t plan for everything, the pandemic has shown us that being proactive is important.
Work with your financial advisor to create an emergency preparedness plan that ensures you have enough money to fall back on.
How can I manage my taxes?
You probably have taxes on your brain starting in January or February, but you should always be thinking about them! There are things you can do throughout the year to make sure you are minimizing the taxes you owe. For example, your financial advisor may recommend making charitable donations, opening a health savings account or claiming certain exemptions.
When you meet with your financial advisor in NJ, make sure you ask them questions about your savings and how they are performing. While your financial advisor is your advocate, it’s still important to know what’s going on with your accounts so that you can retire with confidence.
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