Planning for Retirement -- Not a DYI Activity

As you contemplate your financial check-up, there are a many tools and calculators available to you. But where do you start? Banks, asset managers, brokerage firms all offer these tools to their customers. I was reviewing some of the tools available at my bank and there were over 50 financial calculators. That's right 50! I've been working in the financial services sector for over 20 years and I was so overwhelmed, I just logged off. If you have encountered the same scenario, find a financial advisor who can help you assess your retirement saving plan. Don't put off finding out "how you are doing" because you are overwhelmed by information. A financial advisor can cut through the clutter.

"How am I doing?"

Ed Koch, former New York City Mayor, would ask everyone he met one question, "How am I doing?" As a New Yorker, someone opening the door for you to express your opinion was not necessary, nevertheless, it was welcomed. This question is one that most people never ask regarding their retirement. How many participants do an Annual Review of their personal retirement plan? If they are working with a Financial Advisor, he or she will probably propose an Annual Review and perhaps recommend strategies like rebalancing to keep your overall financial plan on course. The reality is that no one can force us to do what we don't want to do. If your healthplan didn't pay for it, would you go for Annual Check Up? (How many of us don't do it even if it only costs us a $20 copay?) As we get ready to embrace Fall and the 4th Quarter, now is the time to start planning for 2008. Start gathering your statements. Read about the impact of the Market on long-term investing, and begin thinking about your personal Financial Annual Review? Spend more time planning for your retirement, then you would trying to figure the "perfect" Holiday present for Aunt Matilda.