As we welcome in the month of March, many of us are looking forward to the change in seasons. Changing seasons doesn’t have to only do with nature, and that’s especially true if you’re looking forward to your retirement season.
Experts from Jacobs Financial Services stopped by “Live in the D” to share tips on how to maximize your retirement.
“I believe with every fiber in my body, as we get older we need to take less risks,” Tom Jacobs, founder of Jacobs Financial Services.
He said the older you are, the less time you have to recover. He doesn’t mean physically, but financially.
There are four steps he said those approaching retirement can take to maximize this time in your life.
1. Minimize risks
Jacobs said its important to position the money of clients in principle protective products. That means if the market goes down, they keep all their money and they never lose. If it goes up, they enjoy some of those gains.
2. Have a different philosophy
Terri Deboer, director of communications, said this has three parts: Indexing, having a tax strategy and having a written plan.
3. Learn from mistakes
Jacobs said his parents saved all their lives, only to lose almost half of their money months into retirement. He said they received bad advice.
4. No fees
The final step is “no fees.” Jacobs said they are paid by the companies they represent, and do not charge clients fees for their services.
To see the entire interview, click the video above.
If you would like more information on how Jacobs Financial Services can help you maximize your retirement, click here.