photo by E l u s i v e E y E

Finding a financial advisor can be daunting. This is because the title “financial advisor” is not regulated, and advisors range the gamut from annuity sales people to insurance agents to registered money managers.

Who you select to be your financial advisor is largely dependant upon your goals, financial situation, state of life and investment style. If you are just looking to buy insurance, there are certainly no problems buying from an insurance agent. But, if you are interseted in investing in your 401k or other funds for long-term growth, it is crucial that you understand how to select the top money managers that will help you grow your instement portfolio over time.

You should ask the following 7 questions before you select a financial advisor. We also invite you to watch a short video for additional information on How To Select A Financial Advisor.

#1 - Is the advisor a fiduciary advisor? Do they have the legal obligation to put your interest ahead of their own?

#2 - Does the advisor have at least 10 years of experience? 

#3 - Can the advisor produce a clear report that shows exactly what their track record has been over the years?

#4 - Does the advisor have a conflict of interest? Are they paid based on a commission for selling you a product you may not need?

#5 - Do they have a surrender charge? Are you free to move your money out of an investment if you are not satisfied?

#6 - How will your funds be protected? 

#7 - Will the advisor work with you to determine your risk tolerance and make sure your investments are in line with your ability to tolerate risk? 

To download the complete article visit paragonwealth.com. 

Paragon Wealth Management is a provider of managed portfolios for individuals and institutions.  Although the information included in this report has been obtained from sources Paragon believes to be reliable, we do not guarantee its accuracy.  All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice.  This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.  Past performance is not a guarantee of future results.

photo by Nicolas Valentin

Although saving for retirement is always important, the way you approach it will vary depending on your age. The following excerpt discusses how to best save for retirement in your 40s and 50s.   

Saving For Retirement At Any Age

by Scott Reeves.  To view the complete article visit Forbes.com

Investing In Your 40s

You’re Not Immortal
That sound you hear is time whistling in your ears. Ahead are the first foothills of middle age, not to mention a double chin, thinning hair and teenage kids who drive you nuts. But relax, Old Timer, because there’s still time for aggressive investments in your retirement portfolio.

Up The Allocation
By now, you’re established in your career and should consider setting aside 15% or 20% of your salary for retirement. You’re also an experienced investor and can make wise decisions with the help of your financial advisor. Set up a meeting. It’s time to get serious.

Pencil It Out
How do you want to spend your retirement? What will it cost? Crank up the spreadsheets and match your projected retirement income with estimated expenses. This is a good reality check. There’s still plenty of time to make needed adjustments.

Trappings Of Success
Yeah, yeah–a BMW, Lexus or Mercedes is nifty. But remember that the life cycle of a car involves boobs backing into it in parking lots, crazies crunching it in traffic and birds bombing it. Moral: Don’t let the trappings of success smother your retirement plans.

Update Plans
The numbers in the early draft of your retirement plan may have been yanked out of the air. You’ve now got years of experience to draw on. Update the plan and make needed adjustments.

Review Performance
Sit down with your adviser and review the performance of your investments. What did you do right? Wrong? What could you do better? Differently?

You Haven’t Started?
Duh! If you haven’t started planning for retirement, remember that it won’t get any easier with age. If you’re just starting, consider setting aside as much as possible. Talk to a financial adviser about where to put your money–don’t exceed your risk tolerance.

Investing In Your 50s

Switch On The Turbocharger
If the calendar doesn’t focus the mind, your eyes aren’t open. If you haven’t started saving and investing for retirement, it’s time to get busy. You probably won’t be able to retire at 65, but with careful planning and shrewd investments, you can call it a career in your 70s.

Check The Actuarial Tables
The average life span is increasing. What was a sufficient retirement plan in the past may not cover the additional years many are expected to live in the future. This means setting aside more money now.

Be Realistic
A late start limits your options. Focus on what can be done. Be realistic. Don’t expect too much. If you’ve been investing for years, check your portfolio and think what you can do with what you’ve set aside.

Get An Adviser
If you’re late to the game, meet with an adviser ASAP who specializes in retirement planning. Don’t panic. Make a plan. Set aside as much money as possible. If you don’t develop a plan and stick to it, you’ll have to develop a taste for dog food and ketchup in retirement.

Stay The Course
If you’ve been investing for years, review your plan and make needed adjustments. Now may be the time to start moving into less risky investments such as bonds and maybe some real estate. The closer you come to retirement, the more conservative your investments should become.

Redefine Your Needs
Some say you should have at least 70% of your income in retirement. Sounds reasonable, if you can live comfortably on 30% less. If you can’t or simply don’t want to cut way back, get busy on rustling up additional money for retirement.

The Non-Traditionalist
Retirement is changing. It’s no longer just a matter of moving to warmer climes to play golf. Many people are doing consulting or part-time work. The extra income and additional years in retirement may alter your plans. This is an opportunity. Check it out.

Paragon Wealth Management is a provider of managed portfolios for individuals and institutions.  Although the information included in this report has been obtained from sources Paragon believes to be reliable, we do not guarantee its accuracy.  All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice.  This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.  Past performance is not a guarantee of future results.

photo by Rick Brotherton

When it comes to building a retirement portfolio it is important to take a comprehensive look at all your investments and organize them into a collective portfolio. This will ensure that your long-term objectives and risk tolerance are truly in line with how you are currently saving for your retirement. The following article discusses three main things to keep in mind when preparing for retirement.

Things To Consider When Building Your Retirement Portfolio

Article taken from Investing Toolkit

#1 Put Your Retirement Plan in Writing

It is important to begin by assessing your expected retirement needs, anticipated lifestyle, and current assets. Before you can adequately evaluate the essential components you will need to build your portfolio, you have to know where you are beginning and what your final goal is. Let’s take a look at the major components that make up a retirement portfolio:

• Pension
• 401k
• IRAs
• Stocks, bonds, mutual funds, certificates of deposit, and treasuries
• Real estate
• Social Security Income

You may well have some of these items in place. So to start out, you need to take a written inventory of what you have in place. This will give you your starting point for your map to retirement freedom.

#2 Know Your Financial Goals

Once you know what your starting point entails, you can decide what you will actually need to have in place to achieve your retirement goals. There are certain items that should be put in place as quickly as possible.

If your employer offers a pension or 401k program, especially if they provide fund matching, you should absolutely - at the very least - participate up to the match point. This is a way to immediately double your investment. Find out if you qualify for an IRA; in particular, check into the Roth IRA. There are many benefits specific to the Roth, including the fact that all contributions can be withdrawn at any time tax free as the contributions are made after taxes.

#3 Save For Competing Goals

Before saving for retirement, make sure you have higher priority financial goals addressed such as saving for things you may need for the shorter term. For instance, save for an emergency fund by keeping around 6 to 9 months’ worth of expenses in a safe, liquid account.

Also, if you are renting a home, it is wise to save up towards purchasing your own home. Instead of throwing money away on rent, you will be building equity in something of your own. There are also several tax benefits that go along with home ownership, including tax-deductible interest and a one time capital gains tax exemption if you sell.

Other common goals to save for include your children’s (or future children’s) educational funds. But take note that if you have to decide between saving for retirement vs your kids’ college education, you should prioritize towards retirement saving and investing.

Paragon Wealth Management is a provider of managed portfolios for individuals and institutions.  Although the information included in this report has been obtained from sources Paragon believes to be reliable, we do not guarantee its accuracy.  All opinions and estimates included in this report constitute the judgment as of the dates indicated and are subject to change without notice.  This report is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.  Past performance is not a guarantee of future results.

 Watch this short video to learn more about Paragon’s Live Your Dream Scholarship for single mothers.

Video donated by Living Biography

To sign up for the 5K Race on May 15 in Provo, click here Live Your Dream 5K Registration

If you would like to donate to this cause, contact Shannon Golladay (shannon at paragonwealth.com or 801-362-5362).