Who was it that said, "knowing is half the battle"?
In yesterday's USA Today, there was a simply written article with a good point: Baby Boomers are paralyzed by fear when it comes to their retirement. This is a phenomenon that is rather common and unfortunate because those that could benefit the most from seeking professional advice often do not out of a feeling of hopelessness and/or a "I'll do it later" attitude. The main problem with this is that time can be the most valuable asset in such a situation, thus creating a self-fulfilling prophecy.
The problem of not knowing where you are is that you also don't know what it takes to get where you need to go. If we were speaking of health issues few would agree that leaving so much to chance is a good idea. Though health concerns are more important than financial concerns, it is a matter of degree. Yet annual physicals and routine testing are a staple of healthcare but not of financial care. So what's stopping people? Is it a fear that your worst fears will be confirmed? Is it difficult to decide where to go for help?
As an industry, the tools that financial professionals have to offer these days can go a long way and make a significant impact on a person's chance for success. It's not just investment management any longer. The process shouldn't be much different from that at a doctor's office. If this USA Today article hits close to home, ask somebody who you trust, who they trust. Do it for your future. Your lifestyle could depend on it.
(This article contains the current opinions of the author but not necessarily those of Brighton Securities Corp. The author's opinions are subject to change without notice. This blog post is for informational purposes only. Forecasts, estimates, and certain information contained herein should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. References to specific securities and their issuers are for illustrative purposes only and are not intended and should not be interpreted as recommendations to purchase or sell such securities).