Retire with Confidence using a Retirement Focused Independent Fiduciary and CFP®
West Hartford, Connecticut – May 20, 2020 – Perhaps the biggest dread in retirement is that of a downturn and how it could influence retirement income. Be that as it may, working with an advisor who is a CFP® and fiduciary, can be a huge step in mitigating the effects of a recession.
The ups and downs in the market can take a serious toll on the country’s economy, causing the news headlines to warn of the likelihood of an economic recession. In addition, the Dow experienced its worst first quarter this year by declining over 23%, which is a cause of concern. You have likely watched your personal retirement savings plan plummet as well, which can be very worrisome.
However, with the help of an independent investment advisor, like those at Fuchs Financial, you stand a much better chance of “recession-proofing” your retirement savings and retiring stress-free with consistent, steady income. As a fiduciary advisor, Ben Fuchs has a suite of services whose goal is to bring confidence and stability to your financial life, pre and post-retirement, so you can focus on more important things instead of your nest egg. When planning your retirement, it is also important to find a financial advisor with the proper skillset to help you navigate your journey from start to finish. Just like you wouldn’t ask a foot surgeon to perform open heart surgery, you don’t want an advisor that focuses on life insurance to plan your income in retirement. There are many factors that can influence the quality of your retirement. Making it ever more important to work with an advisor who specializes in creating comprehensive retirement plans and seeing that those plans are properly implemented.
Not all financial professionals are equal, and unfortunately, most are only held to a standard of suitability. Meaningthat while a proposed investment may be suitable based on your needs, the advisor may be persuaded to offer it over a better investment due to compensation or a sales incentive. However, a fiduciary like Ben Fuchs, is held to a higher standard, requiring him to place his clients’ needs ahead of his own, no matter what. When asked how a fiduciary responsibility plays into the advice a retiree receives, Ben Fuchs, Founder of Fuchs Financial, responded with “Retirees shouldn’t have to worry about the intentions behind a proposed investment or plan. We feel that as independent investment advisors we have access to more choices for our clients, which allow us to fulfill our fiduciary responsibility and provide a plan that has their best interests in mind.”
Strategies to Protect Your Retirement Income
Have A Plan
Investing in the market can come with some level of risk. Therefore, all retirees should have an investment plan designed around their needs, objectives, risk tolerance, and time horizons. A properly constructed plan gives retirees a much greater chance of not only achieving their goals but avoiding unnecessary risks. Plans offered by fiduciaries tend to include an additional level of transparency, as they are obligated to thoroughly discuss their decisions with clients and provide all relevant information and facts. If the economy takes a turn for the worse, such a plan could provide you with peace of mind knowing that while the course may be a little rougher than anticipated, you are still on track to achieve your goals.
The main goal of diversification is keeping a portfolio healthy, no matter what the market is doing. Traditionally speaking, this means having a proper balance of investments that leave an investor less vulnerable to market volatility experienced by one specific investment. For retirees, reducing market losses is certainly important, but having diversity in income can also be key. Plans created by a fiduciary advisor consider diversification in the context of your whole portfolio, and as part of an overall strategy, based on the suitable levels of risk and return. There are a variety of investments that can produce income during retirement. However, without an income plan and diversification, some retirees may end up paying unnecessary taxes or worse – losing income due to market volatility.
Work with a Professional
Regardless of how much you know or understand about managing your finances, working with a Certified Financial Planner®(CFP®) can further improve your chances of having a successful retirement. While becoming an investment advisor is no jog in the park, receiving a CFP® certification requires a much greater level of education and experience. Advisors who hold this certification must also follow the CFP® Board’s code of ethics and conduct. This added level of education, experience, and accountability means that retirees are more likely to reach their financial goals while having peace of mind knowing that someone is acting in their best interests.
Why Choose Fuchs Financial
For the past several years, Fuchs Financial has maintained its commitment to making personalization and relationships the cornerstone of its retirement planning and wealth management services. Ben Fuchs is a Certified Financial Planner® (CFP®) and has over 15 years of investment experience. Over this period of time, he has created thousands of plans helping retirees in Connecticut live out the retirements of their dreams. Their competent team of financial professionals will help fully prepare you for your retirement years so you can maintain your lifestyle.
“We leverage the latest and most advanced forecasting techniques available and provide our clients with year by year financial benchmarks so they can measure and evaluate their overall progress. Using our techniques, we are able to make mid-course corrections to ensure that they stay right on target. The payoff is security and peace of mind,” said Mr. Fuchs.”
About Fuchs Financial
Fuchs Financial is a Connecticut-based financial planning firm focused on helping retirees and people preparing for retirement to maximize their finances. The firm is dedicated to setting the highest standard of professionalism, accuracy, and timely service and to equipping its clients with access to the latest and most advanced plan administration technologies.