Mutual Funds

Retirement: Don't Go It Alone

Working with a Financial Representative is an Investment in Your Future.

When it comes to your retirement, building a team is beneficial. Consider this: 79% of pre-retirees who work with financial representatives say they are well or moderately prepared. Among those who do not work with financial representatives, 34% say they are poorly prepared — and 16% are not prepared at all.*

The key to working with a financial representative is maintaining an ongoing relationship, not scheduling a one-time meeting. When a financial representative understands your financial situation and life changes, he or she can offer relevant and timely guidance to help you reach your goals.

Here are three ways financial representatives can help:

1. Identify opportunities, risks and gaps.
By identifying potential pitfalls years in advance, financial representatives can help customers distribute resources wisely. For example, many people aren't sure how to mitigate health-care costs in retirement, which can lead to depleting assets prematurely. A financial representative helps you understand projected expenses and the insurance options that can best protect your savings. 

A financial representative can also analyze your potential retirement income sources and help you understand your options. Take Nancy Morgan, a Wyoming-based State Farm® agent: Because she understands the ins and outs of Social Security, she can clearly communicate the benefits to customers.

2. Set retirement timeline, budget and expectations.
Financial representatives help customers set comfortable retirement dates — and they also help give individuals "an accurate picture of their [retirement budget] based on their expenses and income," Morgan says. Prior to meeting, Morgan's customers fill out a detailed profile, which includes questions about their financial situations and goals. She uses this as a guide for their conversation.

3. Provide guidance and address concerns when they arise.
Morgan fields many calls about navigating life's changes — whether someone has recently retired or started a new job. She can provide guidance based on her knowledge of their situation. "State Farm agents really care about our customers and develop long-term relationships with each person," she says. "So we understand your specific circumstances and what is important to you."