The issue of Baby Boomers and retirement takes up a lot of “real estate” in cyberspace, as the world’s largest demographic continues to wrestle with how best to prepare for a comfortable retirement.
As the clock ticks forward, one issue stands above the rest: How the nation as a whole will manage the simultaneous departure of millions of Americans from the workplace. Some might say this raises a frightening specter. Yet, it’s really more a tale of two choices — those who prepare and those who continue to put off the day of reckoning. A legion of lawmakers cannot delay the aging of millions of Americans, but a savvy future retiree can still chart a prosperous course as they sail into the golden years.
The good news is that if you’re in your fifties or even sixties, statistically speaking you have a number of years remaining to not only incubate that nest egg, but also to access expert knowledge on how to ensure an adequate retirement.
With a plethora of advisors standing in line to render assistance, how does one choose an appropriate advisor? The first consideration is whether or not you will be charged according to a fee-based arrangement or a commission basis. It’s a question of no small import, since the allure of commissions may sway an advisor to steer you in a direction that may not meet your needs.
Another consideration is taxation. No one can predict what legislators will do as Boomers age and revenues potentially plunge over the next two decades. Still, most pundits anticipate tax rates will rise. That’s why you need an advisor who understands the tremendous impact the nation’s fiscal policies will have on your bottom line.
Perhaps the most important consideration of all concerns an advisor’s attitude. A mindset that focuses on scarcity and frightening fiscal scenarios detracts from the simple truth that the U.S. is still a land of abundance. The truth is America is overflowing with the wealth possessed by its citizenry and their collective social and intellectual assets. It’s easy to focus on the negative — we have a news media that delights in doing so. But, don’t let that detract you from the positive developments that will likely improve our lives tremendously over the next decade or two.
Never underestimate the positive developments in technology that are right around the corner. That’s why you should choose an advisor with the foresight to help steer you to a future of abundance.