Plan for the Unexpected

USA Today runs an excellent financial advice column online. Recently, a young man wrote in to the column asking what he could do to avoid struggling financially throughout his life, in the way that his parents, who likely had not engaged in solid retirement planning, had done. Fiscal expert, Mike Krantz, provided the young man with some solid advice, advice that is good for people of all ages and from all walks of life.

Krantz’s number one piece of advice was to plan for financial emergencies. He advised the concerned advice seeker to put aside as much as six months’ worth of money that he could live on if he had to. Obviously, six months worth of expenses will vary from person to person, but whatever your amount happens to be, Krantz advises going above and beyond the usual “three months worth of savings” advice.

Once a firm savings is in place, Krantz advised making further investments and thinking about things such as retirement planning. While you might not be able to turn to USA Today or Krantz for personalized financial advice, know that you can get the same practical, high quality advice from Platinum Financial Associates of Naperville.

Pierre Wauthier Found Dead

If you’re at all involved in retirement planning or other financial matters, you may have come across the name Pierre Wauthier before. Wauthier was the chief financial officer of the well-known Zurich Insurance Group, which offered a variety of retirement planning and financial products.  The 53 year old was found dead in his home on August 26, 2013. His death has been ruled a suicide, though no details surrounding how or why Wauthier took his life have been released yet.

Despite the sad circumstances surrounding his death, Wauthier had lived a happy and successful life. He graduated from L’Ecole des Hautes Etudes Commerciales with a graduate degree in international finance and also earned a graduate degree in private law from the celebrated Sorbonne University in Paris. His true financial career started back in 1982 when Wauthier was employed by KMPG. Other employers, before coming to Zurich in 1996, included The French Ministry of Foreign Affairs and JP Morgan Chase & Company.  At the time of his death, Wauthier was living in the municipality of Walchwil

Though no motives behind the suicide have been released, there may be a correlation between Wauthier’s suicide and the 27% decline in income that Zurich recently experienced.  The company, which has released statements of sorrow over Wauthier’s death, has asked Vibhu Sharma to take over as CFO of Zurich Insurance temporarily.

Naperville residents can honor Wauthier’s memory by learning more about his life and career and by remembering that, while money matters are important, they certainly aren’t everything.

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Financial Advisors Go Unregulated: What Does This Mean for You?

Reuters, a top financial magazine, recently brought attention to the fact that financial advisors are under no real regulations or rules when it comes to treating you fairly and doing business with you. Though this unfortunate fact was just recently brought up by the magazine, it’s been a fact for quite some time. Legislation demanding that financial advisors follow a fiduciary standard has been talked about since 1990. It seemed like something was finally going to happen when the U.S. Securities and Exchange Commission seriously considered the issue in 2010, but ultimately, nothing did. No laws were passed, which means tax advisors are free agents!

Knowing this, you can understand why it’s incredibly important to choose your tax advisors wisely. Whether you’re seeing a professional for help filing your taxes or for retirement planning advice, it’s imperative that you know how to pick a legitimate, trustworthy advisor.  One tip to keep in mind—one that you might not want to hear—is that good financial advisors cost money! Someone who agrees to work on your retirement planning for free or for next to nothing probably isn’t going to put nearly as much effort into it as someone you’re paying fairly!

Reuters advises individuals, regardless of whether or not they’re working with financial advisors, to keep all of their assets in a secure brokerage account. Secure, in this context, means an account that’s protected by the Securities Investor Protection Corporation. That way, even if you do come across a less than honest financial advisor, you won’t be left out in the cold. For financial advice in Naperville that you can trust without a doubt, contact Platinum Financial Associates.

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Making the Most of Your Retirement

If you’re like most (smart) people, you’ve spent a large chunk of your life retirement planning. If you’ve planned carefully, when the time finally comes to retire, you should be able to do so comfortably. But what should you do after you retire? Well, the answer is anything you want, providing you are living within your means and not spending all of your retirement savings in one go. Many retirees make the decision to travel and to see the parts of the world they’ve always wanted to see. Others prefer not to stay on the go but, instead, to just relax and get some much-needed rest.

The possibilities are really endless though. You could get involved in a sports team for people in your age group, start exercising at the local gym, volunteer and make a difference in your community, or just spend time with the ones you love the most.

Of course, you can’t do any of these things without retirement planning first. So, no matter what your age or how far away retirement seems, it’s important to start getting ready. Platinum Financial Associates, based in Naperville, is a wonderful resource for learning more about and planning for retirement.