National Retirement Week is time to review portfolios - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

National Retirement Week is time to review portfolios


Secretary of State Jason Kander has marked National Save for Retirement Week (Oct 20–26) by encouraging state residents to review investment plans and offering helpful questions and tips to help investors make sure they're on the right track to meeting savings goals.

“National Save for Retirement Week is a good time for Missouri families to sit down and review their investment portfolios,” Kander said. “Knowing the right questions to ask can help you choose a retirement professional and lead to a secure retirement.”

According to Kander, for preparing for retirement, be sure to ask your broker-dealer or investment adviser (and yourself) questions like these:

1) Is your financial professional registered? In Missouri, investment advisers and broker-dealers must be registered. Understanding the difference between an investment adviser, broker-dealer or financial planner will help you decide what services best meet your needs.

2) Does your financial professional have a disciplinary record or any formal complaints? Before risking the safety of your hard-earned retirement savings, you should know the performance history of your adviser. Investors should call the toll-free investor protection hotline at (800) 721-7996 or visit before investing.

3) Am I saving as much as I can to meet my retirement goals? Be honest with your adviser or financial professional about your income and retirement goals. A general rule of thumb is to save 10–15 percent of your annual income for retirement, though that may be difficult for many Missouri families. Your adviser or financial professional should work to create the best-suited plan for what you can afford.

4) What fees are associated with my investment? Your investment professional should be up-front with you about all fees associated with any investment. Additionally, you should receive advance notice if the fee structure changes or accounts incur any charges.

5) Am I invested in a diverse range of products? Your investment professional should provide you with an assortment of options to help meet your retirement goals. Further, you should never place all of your savings in one investment or company.

6) Can your financial professional provide a prospectus for the product or company in which I am investing? A prospectus is a detailed brochure or list of company and product facts and information to help you make the best decision about whether the product or company is a suitable investment for you.

7) Does the timing make sense? Knowing how long you have left before retirement can help guide your investment decisions. Asking yourself and your investment professional whether you have enough time before (and during) retirement to accept the risks associated with the investment or product is a helpful start. Assessing your financial situation to determine your maximum saving potential will help ensure you save enough for retirement.

8) Is your financial professional a fiduciary? A fiduciary is required to place the financial needs of his or her own client over their own when making investment decisions. You should never feel pressured into buying or selling a product, and your investment professional should be willing to adapt your retirement plan as your needs and goals change.

For more information, call (800) 721-7996 or visit

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