Do You Need Help With Your Railroad Retirement?

Transcript:

Five points for and against hiring financial help. 

Welcome everyone to another edition of the Highball Advisors Railroad Retirement Whiteboard. My name is John McNamara of Highball Advisors. And today, I'm going to make an argument, I guess, for and against myself on reasons to hire financial help. Obviously, it could be me, it could be anybody else, but just what your mindset should be thinking when you're saying, do I need help? Don't I need help. So I'll just throw out these points here. Feel free to put other points in your comments, in the comment section down below also. But these are the top five points that I came up with. Right? 

So the first would be a yes to you had no time, energy or even interest in managing your financial life. Right? Just I'm too busy. Railroads got me going here, there, all over the place. This thing's out of control. I only know if I'm doing this right. I need help. Right? So that's no time, very, very busy, other things interests you, family, hobbies, all that other stuff, but I want to be able to retire. So yeah, okay. That makes sense. I'll hire somebody. Okay. 

Next one. Right? No. Right? This is your do it yourself, right? Not seeking that collaborative relationship. Right? So when you work with an advisor or a planner, right, it's back and forth. You're partnering as a team to achieve your goal. All right? So if a advisor is just going to dictate to you, you don't want that relationship. And likewise, if an advisor or planner is giving you advice and you say, "No, that's stupid." That's not a collaborative relationship. That's just butting heads all the time. So you just want to go out on your own. You feel you know enough. Right? So that's fine too. Right? Nothing wrong with that. You are who you are. So you go with that not seeking a relationship. That's fine. 

Next one. Right? This is interesting. Not sure what's valuable information. A lot of noise out there, and this is kind of big. This is kind of a big one for me. Right? Especially when it comes to railroad retirement, there is a lot of noise, right? A lot of confusion, a lot of myths. I did a video on the six myths surrounding railroad retirement. So yeah, there is a lot of confusion. So you might want us to go out and seek help with somebody who understands railroad retirement, because it's a big part of your retirement. And there is a lot of noise and a lot of confusion. The water cooler is a very dangerous place to do your financial planning. So that one, I would probably say yes on that one.

Next one. Right? I have no here. Right? Maybe the railroad that you're working for is providing financial planning and it's giving you advice on railroad retirement and how it all blends into your final retirement goals. So if you're already getting that advice from your employer or the vendor that works for the employer, then don't go out and seek help. Right? You're good to go there. Right? You can have that. 

And then finally, this is another big one, right? You've been doing this on your own, but your mistakes. Right? And I always talk about compound and you look at Warren Buffett, right? He made all this money compounding his investment, made all his money post 55 years old. Right? But if you compound on your mistakes also, that can really dig into a big hole. So you want to stop digging, right? In a hole and you're just making too many mistakes and they're going to add up to you, right? And it's really going to hurt you. So that would be another reason to say, "Hey, you know what? May a little bit out of my depth here." Nothing wrong with that. Seek help. And build that relationship with an advisor to help get you on the right track so to speak. 

So these are the five give and takes, think about ... maybe there's some more. Put them down in the comments section. I appreciate that. Please subscribe to this YouTube channel, click on the notification, share this video, reach out to me. If you have any questions or you want to go through my boarding for railroad retirement assessment process, great stuff, builds you a nice roadmap right into railroad retirement. That's always available to everyone. In the meantime, everyone, please stay safe, stay on track and take care. So long everybody. Bye.

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Disclaimer: This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes tax advice, a recommendation for purchase or sale of any security, or investment advisory services. Highball Advisors encourages you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Reproduction of this material is prohibited without written permission from Highball Advisors, and all rights are reserved.from Highball Advisors, and all rights are reserved.