Addis Hill

Hiring a financial advisor can be challenging, especially if you don’t quite know what your looking for.

Here’s what Chip had to say about the 5 primary questions he would ask if he was interviewing a financial advisor.

1️⃣ Are they a fiduciary?
2️⃣ How are they compensated?
3️⃣ What does the planning process look like?
4️⃣ How do they handle taxes?
5️⃣ What happens during market fluctuations?

The answers they give will help you understand their process and philosophy to decide if they might be a good fit.

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There’s a short window in retirement where your taxes may be the lowest they’ll ever be.

No Social Security yet.
No RMDs.

That’s your Roth conversion window.

Done right, it can reduce lifetime taxes and create more tax-free income down the road.

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The first few years of retirement are crucial. You want to continue growing what you’ve saved but are now leaning on those savings to generate income.

But what happens if you retire in a down market?

If you aren’t prepared, it can have a serious impact on your overall plan. If you’re pulling from your assets as they are decreasing in value, you are effectively locking in losses and leaving less money invested to recover when the market bounces back.

The key to all of this is making sure you have enough cash reserves so you aren’t forced to sell equities when they might be taking a big hit.

Retiring in a down market isn’t impossible, as long as you have the right mindset and strategies in place.

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Stress testing is a crucial part of the financial planning process, but has anyone ever told you why?

Chip shares why Addis Hill places such importance on stress testing a client’s plan. Whether it’s to determine the best investment allocations, the impact of changes in spending, or the Social Security filing age, testing your plan is key.

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The #1 thing that most retirees overlook isn’t about money.

Chip shares what he sees many retirees struggle with early on in retirement and the 1 thing many people overlook when thinking about retirement. Purpose.

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