One of the challenges many people have when creating a retirement income plan is they meet with ten different financial advisers, and end up with ten different opinions about the right way to create a plan.
Most of the disagreement among financial advisers will be based on which financial vehicles you should use to implement your plan. Investment advisers tend to recommend stocks, bonds, mutual funds and ETFs. Brokers tend to recommend commission-based mutual funds, variable annuity contracts and alternatives such as REITs and limited partnerships. Insurance agents tend to believe strongly in the use of fixed annuities and life insurance contracts.
There really is no magic bullet, no perfect financial vehicle. Creating a retirement income plan does not have to be an all or nothing decision. Combining the use of these different financial vehicles to create a plan is often a better solution than being committed to only one way of thinking or the use of one financial vehicle.
Understand that all of the different financial vehicles that exist today are better at some things than others. They all have some sort of fee associated with them and someone is making money as a result of the path you choose. My recommendation is to keep an open mind. Look at the advantages and disadvantages of the different financial vehicles that are being recommended and make sure that they are being recommended as part of a comprehensive plan and not just a product being sold to you.
I have a passion to help educate and inspire retiree’s to take action to achieve clarity, confidence and freedom in their retirement. I am the author of Sound Retirement Planning, the host of Sound Retirement Radio and the President of Parker Financial LLC.
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Parker Financial LLC does business as the following: Sound Retirement Planning, Sound Retirement Radio, Insurance Services by Parker Financial, LLC, & Parker Financial. Home office located at 9230 Bay Shore Drive NW #201, Silverdale, WA 98383. Jason Parker, RICP® is a Registered Investment Adviser Representative and has a Washington State insurance license. Parker Financial LLC is a registered investment adviser with the SEC. The adviser may not transact business in states where it is not appropriately noticed-filed, excluded or exempted from registration. Most states allow for a de minimis exemption of up to 5 clients in any state. Individualized responses to persons that involve either the effecting of transaction in securities, or the rendering of personalized investment advice for compensation, will not be made without notice filing with the SEC or exemption. Retirement Budget Calculator LLC and Parker Financial LLC are affiliated entities and under common control.