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Practicing for Retirement: Are You Ready? | Guiding You Forward
Watch this podcast episode for invaluable retirement planning tips from the vice president of wealth management at Mountain America Investment Services.
Knowing when you’re ready to retire is a two-pronged decision—there’s the emotional side of it, and there’s the practical financial side. Both are important, and both require planning. Chad Waddoups, vice president of wealth management at Mountain America Investment Services is our guest on this episode of the Mountain America Credit Union Guiding You Forward podcast. Watch the video to get his tips for building the best retirement scenario for you.
In this episode, you’ll learn:
- How to choose between saving for retirement and paying off debt.
- Why practicing your retirement plan is crucial to your success.
- The role of a fiduciary and why you need one.
A common retirement planning question many of us have is, "Which should I focus on first—saving for retirement or paying off debt?” Chad’s answer may surprise you. “I don’t think those two are mutually exclusive,” he explains. “If we have a plan in place, if we have somebody helping us with that plan, we can still save, create an emergency fund and make sure we are managing our debt appropriately as well.” Chad elaborates on his recommendations in the full video above.
Chad recommends taking your retirement plan for a trial run before you actually retire. This allows you to test out your budget and lifestyle changes in a low-risk environment to help ensure your retirement plan is realistic and sustainable.
Who you choose to manage your investments matters. Chad strongly suggests working with a fiduciary. “You want to verify that you are working with someone like [a fiduciary] when you are putting your life savings in front of them and asking them to invest it,” he states. Learn more about the role of a fiduciary and why working with one is so important to your retirement plan in the full video above.
Ultimately, involving a financial advisor brings emotional and practical benefits to your retirement planning. Chad summarizes, “The role of an advisor is to add comfort and peace to that person’s life.” Get more retirement planning advice in the full video.
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| Not Credit Union Deposits or Obligations | May Lose Value |
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