{"id":6111,"date":"2015-06-30T05:47:59","date_gmt":"2015-06-30T12:47:59","guid":{"rendered":"http:\/\/blog.paladinregistry.com\/?p=6111"},"modified":"2015-06-30T05:47:59","modified_gmt":"2015-06-30T12:47:59","slug":"can-reach-financial-goals-retirement","status":"publish","type":"post","link":"https:\/\/www.paladinregistry.com\/blog\/retirement\/can-reach-financial-goals-retirement\/","title":{"rendered":"Can You Reach Your Financial Goals for Retirement?"},"content":{"rendered":"

I was taught by my coach, Jack Beatty, to reach one\u2019s goals generally involves having a person to hold you accountable to create a plan, and then asking you the right questions to test that plan.\u00a0 As a business owner, I seek out a coach to hold me accountable.\u00a0 Jack, Founder of Core Group USA<\/a><\/span><\/strong> has coached me over the years. The biggest benefits were being able to hold me accountable and ask me the right questions.\u00a0 A good financial advisor should ask good questions to understand what your retirement<\/a><\/span><\/strong> goals are and what your concerns are.<\/p>\n

Payton Manning has a conditioning coach, passing coach, a head coach and a quarterback coach.\u00a0 Why do we think twice about using a coach to get to our own goals?<\/p>\n

Often times we do not know what the proper questions to ask to reach our goals.\u00a0 When it comes to working on my car or the electricity in my house, I don\u2019t know the first question to ask.\u00a0 When I recently went to sell my home, did I know the right questions to ask the buyer about the contract they offered or the inspection process? No \u2013 that\u2019s why I hired a real estate broker.\u00a0 With the broker\u2019s navigation, I was able to increase the sale price by $17,500.<\/p>\n

Many times individuals have not realized one\u2019s goals and values. This includes realizing what is important about financial independence, family, charities and finally, what you will pay in taxes.<\/p>\n

DEFINED PROCESS<\/strong><\/p>\n

After clearly asking questions to determine what your goals are then the process begins.\u00a0 The best way to determine if a person can reach retirement<\/a><\/span><\/strong> is creating a personal balance sheet, knowing what you are spending now, and realizing what income\u00a0you will have in the future.\u00a0 The process should include what rate of withdrawal you can sustain from your portfolio. These items are the foundation of the plan.<\/p>\n

As a financial planner, I believe there are two things clients need to reach retirement: First, have a defined process for reaching one\u2019s goals. \u00a0Second, realize that the unexpected will happen.<\/p>\n

EXAMPLE<\/strong><\/p>\n

Recently I was asked: \u201cWhat is our level of confidence that we will reach our financial goals?\u201d<\/p>\n

This is a very typical question.\u00a0 It\u2019s a frequently asked question because clients have little knowledge or experience trying to solve this question.\u00a0This couple in New Jersey is expecting to retire in 10 years.\u00a0 Their income is significant and they have accumulated $3,400,000. And yet their biggest concern was they were not confident they could reach retirement.<\/p>\n

Individuals frequently do not want to assess themselves nor do they want to deal with the uncertainty that lies ahead.\u00a0 I was speaking with Bob Barry, CFP founder of Barry Capital Management<\/a><\/span><\/strong> and past president of the\u00a0Financial Planning Association<\/a><\/span><\/strong>.\u00a0 He said that clients have a negotiation between their current selves and future selves, and the future self is getting kicked in the butt.\u00a0 It\u2019s just that planning is hard and it\u2019s worrisome to think about the future, so people don\u2019t.<\/p>\n

So rather than stick your head in the sand, choose a financial advisor that has a defined process for identifying and then getting you to retirement.<\/p>\n

To learn more about James Cornehlsen, visit him at\u00a0www.Capstoneinvest.com<\/a><\/span>.<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

I was taught by my coach, Jack Beatty, to reach one\u2019s goals generally involves having a person to hold you accountable to create a plan, and then asking you the right questions to test that plan.\u00a0 As a business owner, I seek out a coach to hold me accountable.\u00a0 Jack, Founder of Core Group USA has coached me over the years. The biggest benefits were being able to hold me<\/p>\n","protected":false},"author":27,"featured_media":6117,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[],"class_list":["post-6111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement"],"yoast_head":"\nCan You Reach Your Financial Goals for Retirement?<\/title>\n<meta name=\"description\" content=\"Understanding what your retirement goals are and what your concerns are are questions a good financial advisor should ask. 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