How to Become a Millionaire (And Enjoy a Scottsdale Retirement) Step 1
What should I be investing in? Am I on the right path to retire? What do I need to do to retire in the next few years? I’m still young; what do I need to do to ensure a successful retirement in Scottsdale?
These are questions we hear a lot from new clients, so to help better address some of these concerns and properly set up an inclusive and comprehensive financial plan, ARQ Wealth Advisors offers a free retirement planning assessment tool. This user-friendly Q form™ is a short and easy questionnaire that was created to help establish a to-do list, if you will, of what needs to be addressed to make sure you reach the retirement you envision; not the one your financial advisor has in mind. You can access our Q form™ here.
Whether the results of this assessment can help you establish your retirement priorities, see them in black-and-white, help organize your needs and start a plan of action. It can also help you address holes in a current plan and issues that may not have been addressed by an existing financial planning firm.
For example, does the financial plan you have in place enable you to reach the goals you have for retirement? Are your savings and spending goals clear and realistic? Does it incorporate your appropriate mortgage and other debt? Do you understand the investments in your portfolio and have you taken into consideration any tax-efficient strategies? Are your estate plan beneficiaries and designations up-to-date and still appropriate? (This is a common oversight that can be easy to fix and detrimental if overlooked.) Does your plan take into consideration some major costs you expect, such as your children’s education or a wedding? The rising costs of health care?
This assessment addresses what topics are most important to you and serves as a financial guide – where do you need support?
Here are the 7 most important areas in a financial plan that should be examined:
- Tax Planning
- Estate Planning
- Employer-provided benefits
- Life, disability and long-term-care insurance
- Property and casualty insurance
- Family needs
If you’re not sure if you’re prepared, take advantage of this complimentary retirement assessment. We will email you a summary of your results, which can help you perfect your financial plan or start a conversation with a financial advisor about better preparing you for the future you envision.
A Real-Life Example
Many people get stuck at simply getting started. What’s the first step I need to take.
Take our clients “Mike and Lisa.” When these busy professionals first came to ARQ, they were overwhelmed with what financial planning even meant and where, as young adults, they should even start.
With two successful careers, these 38-year-olds had strong incomes. Yet it seemed their money flowed out as fast as it came in. Between their children’s activities, health care and family vacations, they found it difficult to make much progress.
After having children, they knew some sort of plan was necessary, so they turned to a broker to watch their investments, but they didn’t really understand what was being done. The broker didn’t seem to contact them unless they called him, and they wondered what was going to happen to their tech-heavy investments if there was another 2008 market crash.
While the specific number was not important, this couple wanted to get to the point where they felt financially secure. It was their goal to have a “work-optional” lifestyle in their 50s and 60s so they could shift to part-time or consulting work. They wanted to make sure they were taking full advantage of their employee benefits, their 401K accounts and other savings accounts.
So they found us.
After taking this assessment, we were able to see where their plan had holes and helped them gather the right information they needed. We helped the couple with their investments and completed a financial plan that gave them specific action steps they needed to take to stay on track. We helped them open accounts for their kids to provide tax-advantaged methods of college funding and helped them roll over some old retirement accounts into a consolidated IRA.
Today, this couple is well on their way to their goal of financial independence. They established a plan, understand what steps are being taken to help them reach their goals and feel a peace of mind they didn’t have before.
When You’re Already Retired
We also help many clients who are closer to retirement or are already retired; clients like “Bob and Julie.”
These clients were in their 60s when they came to us with questions about their retirement. They had been working with a financial advisor that a neighbor recommended, but that person only recommended annuities and life insurance. Without a real understanding of the financial services industry, they didn’t initially understand what this all meant and trusted the advisor’s recommendations blindly. But as they neared retirement, they realized that most annuities were high in fees and difficult to get rid of when circumstances changed. There was little or no follow-up planned, so they were never updated with how their investments were performing.
This couple had been saving aggressively for the past two decades and had accumulated quite a bit of money for their retirement, but they worried if this amount would actually last or if they’d outlive their funds. They were healthy and had seen friends run out of money, putting them on a budget that these clients didn’t want to have to do.
When the ARQ team met with the couple, they were relieved to find out we didn’t sell any products and acted as their fiduciary – a term they had learned in their research online. We also gave this couple a retirement assessment so we could look at their assets, investments, liabilities and goals, and learned what areas were missing.
We regularly check in with them, and today, they are enjoying their travels and time with their kids and grandkids. With ongoing support of the ARQ team, they feel comfortable and confident about the future.
The financial advisors at ARQ are specialists in helping people achieve their financial goals – whatever those goals are. We want to help individuals with the framework of financial planning and support to help them get on the right track to the Scottsdale retirement they want to live. This assessment can help wherever you are in this journey.
All of our services include free customized financial planning along with investment management, so we pay attention to your entire financial life. We can also offer special loyalty programs that reward clients with lower fees (as a percentage of total assets) the longer they remain clients.
If you’re ready to see if you’re on the right track, contact us to see how we can help.