Momentum - Business to Business Online Magazine MOMENTUM May 2018 | Page 26

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Retirement Planning

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Retirement Mistakes

By: Don Burrows, Jr. Hilltop Securities, Inc. don. Burrows @ hilltopsecurities. com
Over the next six months, we will be discussing the top retirement mistakes that people make. Today, we start with mistake number one:
Taking Advice From Friends, Family and Co-Workers: We all have family members, friends and colleagues that we love and respect. We appreciate their advice and support on challenges we may be dealing with. But, while they may have your best interest at heart when giving us investment advice, they likely do not know retirement investing strategies for your particular situation.
According to an AARP study, among respondents who seek advice from those other than financial advisors, the most common sources include a spouse( 30 %), family members( 25 %), and friends( 21 %). 1And, a Money magazine article cited a few retirement plan statistics: 21 % of all 401( k) participants rely on friends and family for advice about managing their plan accounts, as do 44 % of those under age 35. This is concerning, especially for those who have significant assets inside their retirement plan, because taking advice from those who cannot offer professional advice has the potential to derail your retirement plan.
Another important point to consider when asking for advice from someone other than a skilled financial professional is that we all have different goals and time horizons. For example, a 35-year-old should not advise a 55-year-old about which mutual funds to invest in because they will both have different time frames. And a 70-year-old should not advise a 45-year-old, even if he is that individual’ s father. That is a very significant reason not to rely on family and friends for advice. We each have different needs, different income, different assets, different risk tolerances. If you are in a situation where you don’ t know what to say to the person giving you advice, all you have to say is, " I ' m going to take that into consideration. I ' m going to look into that fund, or I ' ll talk to my advisor about that.” Simply be gracious about your
If you are in a situation where you don’ t know what to say to the person giving you advice, all you have to say is, " I ' m going to take that into consideration. I ' m going to look into that fund, or I ' ll talk to my advisor about that.” Simply be gracious about your response and let that person know you will take their advice into consideration. You don’ t have to put your friendship at risk, or alienate a family member when you receive their advice. Just say“ thank you.” A true friend or loving family member won’ t pressure you into taking a financial risk you aren’ t comfortable with or keep bothering you with follow-up questions about any action you did or didn’ t take.
Many times, people will ask friends, relatives and coworkers about investing because they simply don ' t know who else to ask. Or, they get bombarded by various advisors soliciting their business, or perhaps trying to sell them products, and they get frustrated and just ask their friend who ' s been working with them for twenty years. But you have options and various sources to turn to for advice that will help keep your retirement goals on track.
You can ' t afford to make mistakes when planning for your retirement, and you ' ll need to make every dollar count if you want your money to last throughout your retirement. Your job is to find a trusted and experienced financial advisory team who puts your interest first, who will help you determine your goals, and then help you choose the best investment strategies for your retirement.
This article was written and prepared by the Burrows Auttonberry & Agol Investment Group and S. LeBlanc & Company( 760. 929.134); email: sydney @ financialwriter360. com. The Burrows Auttonberry & Agol Investment Group, which is a marketing name for a group of registered representatives within Hilltop Securities Inc., a member of NYSE, FINRA, and SIPC and a registered broker dealer and registered investment 
 adviser that does not provide tax or legal advice, with headquarters at 1201 Elm Street, Suite 3500, Dallas, TX 75270, 214.859.1800. Though information provided in this article was prepared by sources believed reliable, Hilltop Securities Inc. does not guarantee its accuracy or its completeness. This article is a paid advertisement for the Burrows Auttonberry & Agol Investment Group of Hilltop Securities Inc., and may not be duplicated or redistributed without the prior consent of Hilltop Securities Inc. S. LeBlanc & Company is not affiliated with Hilltop Securities Inc.
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