As the year comes to a close, getting your financial house in order should be a priority for you and your family. Whether you decide to do something before the year end or right after the first of the year, it is important to DO SOMETHING if you have been unhappy with your financial accounts for as long as you can remember. Ask yourself, “When was the last time you were pleased with your returns?” If you can’t answer the question, then it’s time to explore other options.
Some clients of mine are in a great position, thus have no need to change anything. They might have doubled their money over the last ten years and/or have recently transferred all or a portion of their retirement accounts into something that will guarantee that they can double their income value within a 10 year period. We tell them to stay put for now. They are in great shape and ready to enjoy their retirement years with no worry of losing money.
Conversely, I’ve also seen prospects that are absolutely 100% NOT HAPPY with their retirement accounts and haven’t been happy for a number of years. Whether or not they have experienced a loss in the market and they feel they need to recoup that loss before doing something or they are nervous about receiving a slight penalty for cancelling a CD or brokerage account early, it is normal for some people to be frightened about changing course. The psychological impact of taking on another type of strategy after years and years of doing something that hasn’t worked can be daunting. However, the act of making a major financial decision regarding your retirement accounts is akin to purchasing a new car when your old car has broken down for the last time or purchasing a new refrigerator when the older refrigerator stops running for good. When the outdated model is just not doing its job anymore, it’s time to get something new. This doesn’t apply to tangible necessities only. This also applies to your financial strategy which arguably is a greater overall need. Without a sound financial plan, you could have one bad year in the market and regress permanently (to the point where you cannot afford a new car or even a new refrigerator when you need one). Or, you could trudge through the contract with a low interest rate and miss out on the potential for higher available returns. This is the sad reality of today’s market and has happened to many people that I’ve spoken to over the years.
At Atlanta Wealth Security, we will perform a complimentary “Cost of Waiting” analysis to determine if you are making the right decision in surrendering or cancelling a low interest rate contract early. We will also run a “Risk Assessment Analysis” to determine if you should finally get out of the market based on your current attitudes and temperament towards the ups and downs. As always, we make sure that our offerings are appropriate for your future well-being in the hopes that we can provide peace of mind. If you would like some help regarding these items, please feel free to call us anytime at the office by dialing (678)648-7221 or request that we contact you by visiting our website at www.atlantawealthsecurity.com.