How to Choose an IRA Specialist. Helping Retirees Pursue Their Retirement Planning Goals

The type of lifestyle you want to live when you retire might just depend on how well you save and invest your money. At some point you may feel the need to seek professional help. But, to whom should you turn? Today, most seniors and retirees are lookig for ways to reduce the tax bite and increase earnings on their Individual Retirement Account's (IRA's) without risk to their money and that's why finding the right specialist who is dedicated to building a life long trusting relationship with their clients is important when it comes to developing strategies that will reduce taxes and increase returns without risking hard earned money. Plus, stretch assets all at the same time!

Instructions

Difficulty: Easy

Things You’ll Need:

• Good references from others who have had success with a financial specialist.
• Good listening skills
• Trust
• Knowledge
• Willingness to better your financial situation

1. The IRS has a lien on every IRA account. After years of deferral, the government is looking to get its money (taxes on IRS distributions) when IRA holder reaches 70 1/2. Taxes due the IRS can amount to as much as one third of the IRA's total value and oftentimes more. A specialist can show clients how to minimize the tax bite.
   
   Make sure the specialist you consult with recognizes that every client is different. Get an initial consultation and don't be shy in telling them about your entire financial situation. They are much like a doctor and need to know all about your "symptoms" before prescribing a treatment plan. Have them analyze your tax returns along with your savings and investment accounts.
2. Don't be fearful of making a mistake. Often seniors are afraid of making a mistake when it comes to dealing with financial affairs, especially IRA's. It is understandable to be cautious but often people are too cautious for their own good when it comes to choosing the most productive way to use their IRA's. In the game of retirement and especially IRA's, accumulation is only the first half of the game. Preservation and distribution are the all important second half. Just like nobody cares what the score is at half time of a football game, it's the final score that really counts and that is in the preservation and distribution of the IRA!
3. Let a financial specialist educate you on future generation(stretching) IRA distributions and also ask them to explain things to you in a "nuts & bolts" term when communicating. You should have a better understanding when a financial specialist has the ability to give you a more descript picture to help you better understand your finances. Example: A financial specialist and an auto mechanic have a lot in common. The mechanic has a tool box and each tool in it is used to perform a specific task. Likewise, the financial consultant has a set of financial tools at their disposal and uses them to the best of their ability to best meet the needs of the client.

Tips & Warnings

• The number 1 concern for most retirees today is outliving their money. A good financial specialist will show clients how to avoid that by getting higher potential "stock market-linked" returns without having to subject their money to risk of the stock market.
• Talk to your specialist and see if they are a "safe money" IRA advisor and only use financial tools that are fully guaranteed against loss, but offer a more competitive return than traditional savings accounts like CD's or money market accounts.
• Understand that the key to successful long term IRA growth is not in the investment returns you earn each year, but more importantly in the avoidance of losses.
• Ask your specialist if they furnish you with up to date monthly newsletters that keep you informed about what's taking place in the financial marketplace, including tax and legislative changes that may affect them.
• Ask your specialist if they keep in touch on a regular basis.
• You can run with the bulls and bears on Wall Street (referencing STOCK MARKET investing) Ask your specialist if this is what they do. If you are not wanting to get trampled and run over and chewed up, with a loss of money, then maybe you should choose a specialist who will let you S.W. A. N. (SLEEP WELL AT NIGHT) knowing your money is not losing when the stock market takes its dips, but have the potential to earn higher returns on IRA's when the stock market is rising.