STEPHENS CITY, VA / ACCESSWIRE / September 14, 2021 / Planning for retirement is one of those processes that some people take very seriously and others just refuse to think about until it is at their door. Many folks believe that if they have not started saving when they are close to retirement that it is too late, and others believe the advice that if you do not have at least a million dollars come retirement you’ll be living in a van down by the river. Corey Seymour, AAMS® with Edward Jones works extremely hard to change this perspective and break down the million-dollar retirement myth.
Many people find themselves petrified by headlines or literature that claims if they do not have $100,000 saved by 30 or $200,000 by 40, 10x their salary or $1,000,000 come retirement they will never be able to retire comfortably. The dollar amount is only one piece of the puzzle, it also comes down to what you want to do, your spending habits, liabilities and several other categories. Corey offers four areas of consideration when it comes to determining how much you really need to retire.
Start today no matter your age, that means today not tomorrow! Corey emphasizes the need for this as of the utmost importance, every dollar counts and time is not always on your side. Most people assume their retirement plan at work and social security is their ticket to a cozy retirement. They are hit with a huge shock when the time comes and there is not enough money to do all they hoped to do. Remember, this is money that you will need to live out hopefully some of the best years of your life. Learning how to allocate your income, build good spending habits and budget resources wisely is good financial practice for retirement. Corey often encounters clients who have waited until the very last minute to come and see him about their retirement, too afraid that the calculator they used on some website is the determiner of their success or failure. “A lot of people feel they have to contribute a certain percentage or dollar amount to make it worthwhile instead of seeing it as every dollar contributed adds to my compounding effect. Corey says most of the numbers you see in articles are intended as a positive guideline but more often than not makes people feel behind. Regardless of the phase of life one is in if they have not started a personalized retirement strategy now is the time, today not tomorrow.
Get a financial strategy and PERSONALIZE it! No matter your income level, tax bracket, resources saved, or future plans, having a financial strategy in place, and then personalizing that strategy is key to effective planning for retirement. There is no one size fits all plan that works, much like there isn’t a magic number that works for everyone. Sitting down with an advisor and laying out what your personal financial situation is, what your goals are, what is important to you, and then establishing a road map to get you from where you are to where you want to be is the first step to a successful retirement. Building this comprehensive strategic strategy will help you achieve the financial stability and freedom you want to live that retirement dream, whatever that may be for you. This is an intensely personal process, so planning for it should also be personal. According to a joint study conducted by Edward Jones and Age Wave, Finance is one of the four pillars that influence your quality of life in retirement but not the only one. The study cites “Retirees derive the greatest sense of purpose from time with loved one’s regardless of their level of financial wealth.” Corey says working with an advisor to build a strategy that implements all four pillars; Health, Family, Purpose, and Finance is one of the best pieces of advice he can give.
Determine your future goals with a visual approach. Corey helps people create a mental canvas of what they want, finding that when he gives people something they can actually see and visualize for themselves; it is far more effective. “People assume that finance has to always just be all dollars and cents. But it doesn’t. Money is a tool, it can be as powerful or as meaningless as you want to make it. The planning process starts with creating a picture; what does it look like for you? Where are the places you want to go? What do you want to see or want to do? What do you want to give? It is a lot easier to create a realistic goal here if we can identify the pictures that you want. Do you want to be on the beach 6 months of the year sipping Mai Tai’s or are you comfortable picking up a book from the library and staying home?” Depending on the stage of life he even encourages some to start a vision board of places they want to see, activities they want to do and physically tape it to the board as accountability.
Understand risk versus reward. Any financial decision comes with both the risk and reward of that decision as well as the risk of not doing it, which applies to planning for retirement as well. Understanding the different risks and rewards of investing, different savings mechanisms, insurance, etc., is vital to creating that holistic all-encompassing retirement strategy that is going to help get you to where you want to be when that time comes. This is where financial advisors like Corey come in, with extensive knowledge, complex tools and understanding they can be that guide and support to help make sure that the financial risks one is taking are in line with their overall portfolio objective Investing and finance can be complicated but that does not mean it can’t be broken down and explained simply enough for everyone.
Corey brings a unique mix of education and experience to the table to assist clients in many different ways. With a background and education in Psychology, as well as financial and risk management skill he often finds himself taking on that counselor/teacher role. “One of my criticisms of the finance industry is we tend to make these discussions too complicated and too often throw jargon or terms around that barely anyone understands but it doesn’t half to be that way.” Corey says it’s a privilege to work with people in some of the best and worst moments of their lives because money gets involved in everything so being able to help people.
“I’ve always built my business in hopes of being a lighthouse whether people are in a storm or not. They know no matter the conditions we’ll do our best to safely get them where they’re going and keep them away from the rocks.”
Corey grew up in Virginia and initially learned his financial savvy from his Father, a small business owner who made him and his siblings start investing for retirement even as a teenager working in the family business. “Like anyone who’s ever been a part of a family business we felt like we were a gap in child labor laws for quite some time but it’s an experience I’m incredibly thankful for today. As soon as we were getting paid my Dad required us to contribute $200 a month toward our custodial Roth IRA’s, at the time I hated it but I had no other expenses besides minutes for my tracfone because I couldn’t even drive yet, he always said we’d thank him 20 years from now but it ended up being much sooner.” Working in the service industry and other local businesses, he discovered early on how often people were given no financial education or poor financial guidance and felt a moral obligation to change that. He’s had the privilege of speaking in many of the local school systems, retirement communities and leading courses with local non-profits. When he is not advising clients; you can find him with his loving family, the great outdoors, or trying to finish another book.
Company Name: Edward Jones
Contact Person: Corey Seymour
Address: 228 Elizabeth Dr, Stephens City, VA 22655
Phone Number: 540-869-1843
Website Link: https://www.edwardjones.com/us-en/financial-advisor/corey-seymour
SOURCE: Edward Jones
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