I’m a Retired Boomer: 7 Reasons I Wish I Used a Financial Advisor for Retirement Planning

Retirement planning is not for the faint of heart, especially if you are going it alone. Just ask Wes B., a retired professional who learned the hard lessons about money management in his golden years.

GOBankingRates spoke with Wes about his retirement journey and why he now wishes he had gotten professional financial advice. Here are seven reasons he thinks a financial advisor would have made all the difference.

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Living Longer Than Expected

In fact, retirement can take longer than you think. Wes finds this out himself.

“I’m still very active at 73,” he said. “I go kayaking and hiking and camping. I thought I was going to slow down but I’m nowhere.” ”

A financial advisor could have helped Wes plan for a long retirement, making sure his money grows with him – now and in the future.

Health Costs Caught Him Off Guard

Wes found out the hard way that health care in retirement is not free.

“I thought Medicare would cover everything,” he shared. “No, it’s not like that! That was a bad idea.”

If Wes had consulted a financial advisor, he could have set aside more money for unexpected health-related expenses. “My back surgery wouldn’t have scared me so much if I had more money in my health care savings account!”

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Taxes Took a Bigger Chunk Than Expected

Surprise! Taxes don’t disappear when you retire. Wes was not ready to receive his reward.

He said: “I didn’t really realize how much my retirement income would be taxed. “Maybe there were strategies I could have used to save more of my money, but hey, hindsight is 20/20. I just hope I can help people now. ”

A financial adviser could have helped Wes navigate the tricky world of pension tax, potentially saving him a fortune.

Putting Too Many Eggs In One Basket

We thought he was playing it safe by sticking to what he knew. Unfortunately, that wasn’t the best move to grow her nest egg.

He explained: “I’ve kept most of my money in my company’s stock and a few other investments that I’m familiar with. “Now I know that putting all your eggs in one basket is not the smartest move.”

The advisor could have recommended other investments to help Wes diversify his portfolio and find the right balance between risky and high-risk assets for his retirement goals.

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Social Security’s Time Challenges

When to start taking Social Security benefits is a big decision, and Wes isn’t sure he’s made the right call.

“I started taking benefits as soon as I was able to turn 62. I realize I would have been better off waiting for a bigger check every month,” she admitted.

If Wes had talked to a financial advisor, they probably could have crunched the numbers and helped him make a better decision about when to start collecting Social Security.

The price of money sneaked up on him

Of course, Wes knew that prices would rise over time. But he did not find out exactly how much inflation would eat into his purchasing power when he retired.

“The cost of everything seems to have doubled since I retired,” he said. “My fixed income is no more than it was before.

A good financial advisor would have factored inflation into Wes’ retirement plan – to ensure that he stays stable well into his golden years.

Overwhelmed by New Investment Opportunities

The world of investing has changed a lot since Wes started saving for retirement, and there are many new opportunities he didn’t know about – he wonders if a financial advisor could be helped with that.

He said: “I didn’t dwell on those things. And I wonder if my career would look different if I did.

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This article originally appeared on GOBankingRates.com: I’m a Retired Boomer: 7 Reasons I Wish I Used a Financial Advisor for Retirement Planning