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When you enlist a retirement planner’s help, you aren’t just trusting them with your financial future. You’re putting your entire life’s work in their hands.
At best, their advice can help you stretch your retirement funds further. At worst, they can take advantage of your trust to sell you bogus services, earn commission, and line their pockets.
What many of these so-called advisors won’t tell you is exactly what will end up costing you your hard-earned money. So, here are five things they often conveniently leave out, so you can find a consultant you can trust and prepare for retirement confidently.
Believe it or not, many financial advisors have no legal obligation to keep your best interests in mind. It may seem like they’re looking out for you, suggesting investment opportunities and financial services. But in reality, they could have ulterior motives.
For these advisors, financial products and services come with commission and other financial incentives. This often leads them to push less than suitable “solutions” to manage your retirement funds. Solutions that make them money in the short term and cost you money in the long term.
To avoid these salesmen in disguise, make sure the retirement planner you work with has signed what’s called a fiduciary agreement. This is a signed pledge stating that they’re committed to the following:
This might come as a shock, but not only are many financial planners under no obligation to look out for your best interest…
But their titles are also often totally meaningless.
According to the Financial Industry Regulatory Authority, the following titles are “generic terms” that can be used by professionals without the proper credentials:
This isn’t to say that everyone who uses these titles needs to be avoided. There are plenty of upstanding financial professionals who use them. But when you’re thinking of entrusting someone with your retirement plans, you should take the time to verify they’re the real deal.
But their titles are also often totally meaningless.
To do this, head over to investor.gov to do a quick background check and find out if they’re properly licensed.
While some advisors earn commission from financial products and services, others provide assets under management or AUM services. This means they get paid a percentage of the assets you entrust them with.
If your retirement planner gets paid a percentage of your assets, they’re going to want as much of your assets and investment portfolio under their watch as possible. If more debt for you means more money in their pocket, an AUM advisor may encourage you to carry your debt into retirement, which is almost always bad financial advice.
If you can afford to wait, your patience will be rewarded. When you delay collecting your social security, you’ll receive a delayed retirement credit (DRC), which bumps your benefits by multiples of 8% depending on how many years you waited.
So, if your full retirement age is 67 and you waited until 70 to collect social security, that would be three years multiplied by 8%, bringing your DRC to 24%.
Now, why would your advisor not tell you this?
Well, if you’ve partnered with an AUM advisor, they may tell you the exact opposite: to collect your social security money as early as possible. That way, they’ll get a larger percentage kickback from your assets, all while robbing you of a significant boost in retirement income.
If your retirement planner won’t tell you any of the above things, they’re definitely not going to tell you about the Money Max Account.
This award-winning interest cancellation software is the perfect tool to set yourself up for a smooth and secure transition into retirement.
Worried about carrying debt into retirement? Want to predict and track the financial impact of your investments and rental properties? Want 24/7 access to a comprehensive snapshot of your finances all in one secure location?
The Money Max Account has you covered.
Driven by advanced algorithms and high-level banking strategies, this program tracks every cent of your cash flow and accounts for any outstanding debts and their corresponding interest rates. Using this information, the system provides real-time guidance—like GPS directions—on how to get out of debt as fast as possible and potentially save tens of thousands in interest along the way.
Believe it or not, shaving ten to twenty years off of a mortgage term isn’t a rare occurrence with the Money Max Account. It’s the norm. Plus, the average user saves up to 70%—sometimes over six figures—on interest, keeping that money in their pockets where it belongs.
But that’s not all.
In addition to these savings, you can also see what it would look like to invest in other sources of retirement income. For example, if you’re considering acquiring a new rental property but you’re unsure if it’s worth the time and money, simply enter the new mortgage amount into the system to see exactly how long it’ll take to pay off the new property.
It’s like having a financial GPS right at your fingertips. And unlike with retirement planners, you’ll never have to worry about the Money Max Account working against your interests. It may give you directions on how to get out of debt in record time, but you’ll always be in the driver’s seat.
Fill out the form below to learn more and schedule your free 1-on-1 consultation with one of our interest reduction experts today. With the Money Max Account on your team, you can retire with confidence and peace of mind.