Ten Steps for a Sound and Secure Retirement
5. Get all the professional help you can
- Use free, objective research from a financial professional.
- Retain a financial professional to help you: (1) set a savings and investment plan; (2) check and hold you to savings progress; (3) select prudent investments; (4) achieve broad diversification; and (5) be your "personal financial trainer" and savings coach.
- If you can not afford the services of a financial professional long term, at least invest in one consultation with a professional to help you set a realistic Retirement Plan.
- Get professional guidance before you draw down your IRA or 401(k) to avoid penalties.
Learn about retirement planning basics Henry Hebeler
, author of J.K. Lasser's Your Winning Retirement Plan
, (Wiley, ISBN 978-0471411246, April 2001).
Advice from David Laibson
, Professor of Economics at Harvard, on what to look for when seeking a financial professional.
Tools and Resources
- The web site for Certified Financial Planners offers planning basics at http://www.cfp.net/learn/knowledgebase.asp?id=1
- 401(k) draw down strategies published by bankrate.com may be found at:
- For a deeper understanding of how to properly make IRA and 401(k) draw downs, read "The Retirement Savings Time Bomb and How to Defuse It" by Ed Slott
, (Ballantine Books, ISBN 9780345494559, December 2006) or visit www.irahelp.com
"We have turned everybody who has a retirement account into a stock picker. What a big mistake. There are professionals who will do that for you." - Terry Savage, personal finance columnist.
is the withdrawal of IRA proceeds. IRA money can be withdrawn after the age of 59-1/2 and must be withdrawn at least partially by age 70-1/2 to avoid penalties. You should consult a financial advisor about the penalties you can incur if you do not withdraw within prescribed time frames.
Go to Step 6: Broadly diversify your investments
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