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It’s Your Money: Be not afraid
Posted 7/24/2012 Updated 7/24/2012
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by Ralph Lunt
Air Force Reserve Command
7/24/2012 - Citizen Airman/Aug 2012 -- I recently had an appointment to meet with a woman who had no investment experience and no employer-sponsored retirement plan, like the Thrift Savings Plan. She had no idea how to invest for retirement. She didn't want to get taken and was very reluctant to go to a big investment house, where she would "become a number."
Turns out, she rode by our place on her motorcycle and, in her words, "thought about planning for retirement for hours."
My advice to her was simple. "Don't be afraid. It's okay to ask questions."
During our meeting, she very capably voiced her concerns and asked me a slew of questions from carefully prepared notes. She had spent hours on the Internet researching retirement accounts and investments, which left her confused and very much in need of answers.
I encourage everyone to do research on the web. And don't just research investments. If you meet with a financial professional, do some research on him or her. I'd suggest you look for licensing, any disciplinary actions, professional designations and the numbers of years the person has been in business.
Then, when you meet with an adviser, ask the questions you didn't find answers for in your research, such as how the person gets paid, what to expect if you do business together, and what financial products the person can and can't offer. Ask what the adviser invests in and why.
Please note that I haven't mentioned anything about asking where the market is going. Many professions like to talk about this, but I've yet to hear of one who knows the answer.
Now, what made my appointment with this woman such a rewarding experience for me was that look I got. You know, the one people get when they finally understand something because of the way you explained it. It rocks!
If you haven't started planning for retirement, start now. Ask questions, research via the Internet, talk to friends and family, and, if it suits you, meet with an adviser. No doubt, retirement planning and investments can be confusing and complicated. With that said, set your goals, ask good questions and be not afraid!
(Editor's note: This feature is designed to provide financial advice and information of a general nature. Individuals should conduct their own research and consult a financial adviser before making any financial decisions. Based in Cleveland, Ohio, Mr. Lunt is a certified financial planner and vice president of a financial planning and consulting firm. He is also a colonel in the Air Force Reserve, serving as the reserve forces director of the Great Lakes Region of the Civil Air Patrol adviser's program.) |
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