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Just ask Wes B., a retired boomer whos learned some tough lessons aboutmanaging moneyin his golden years.
GOBankingRates talked with Wes about his retirement journey and why he now wishes hed gotten some pro financial advice.
Here are seven reasons he thinksa financial advisor could have made all the difference.
Living Longer Than Expected
Turns out, retirement can last a lot longer than you might think.
Wes is finding this out firsthand.
Im still so active at 73, he said.
Im kayaking and hiking and camping.
I thought Id be slowing down but Im nowhere near it.
I thought Medicare would cover everything, he shared.
Well, it doesnt!
That was a rude awakening.
Dont wait until retirement to factor in healthcare costs into your retirement plan.
If Wes had consulted with a financial advisor, he wouldve put more money aside forunexpected health-related expenses.
Taxes Took a Bigger Chunk Than Expected
Surprise!
Taxes dont disappear when you retire, and Wes wasnt ready for the hit to his income.
I didnt realize exactly how much of my retirement income would go to taxes, he said.
I only hope I can help people now.
These professionals are well versed in tax law and strategies and can help you save a bundle on taxes.
Unfortunately, that wasnt the best move for growing his nest egg.
I kept most of my money in my companys stock and a few other familiar investments, he explained.
Now, I know that putting all your eggs in one basket isnt the smartest move.
I started taking benefits as soon as I could at 62, he admitted.
I realize I might have been better off waiting for abigger monthly check.
Inflation Snuck Up on Him
Sure, Wes knew prices would go up over time.
But he didnt really understand just how much inflation would eat into his purchasing power in retirement.
The cost of everything seems to have doubled since I retired, he said.
My fixed income doesnt stretch as far as it used to.
Thinking back, he wonders if a financial advisor couldve helped with that.
I just didnt stay on top of that stuff, he shared.
And I wonder if my portfolio would look different if I did.
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