4 Questions to Ask Your IRA Advisor

Consulting with your IRA advisor can provide you with a lot of valuable information when planning for your retirement. Here are a few questions that you might want to consider asking your IRA advisor.

1. Do I Have the Right Investment Mix?

Even if you are in charge of the individual investment decisions in your IRA, it would still be a good idea to consult with your IRA advisor about them from time to time. Your IRA advisor can provide you with an objective viewpoint that can be very valuable. They have a lot of experience in the investment industry and they can tell you what they think about your investment mix. Depending on certain market factors, they might recommend reallocating portions of your portfolio to other types of investments. For example, if the market is going through a large downturn, you might consider moving more money into money market accounts or cash. However, if everything appears to be good for the foreseeable future, they might recommend taking on more equities.

2. Am I Contributing Enough Money?

This is another very important question to ask your IRA advisor. Talk to them about your retirement goals and tell them when you would like to retire. With this information, they can use average investment returns to calculate how much money you need to be saving. If you are not saving enough money out of each paycheck, it could take you quite a bit longer to retire than you thought. You might also not be able to live as comfortably as you would like to during retirement if you do not contribute enough money. Therefore, it is important to determine how much you to save early on in the process.

3. Can You Lower Your Fees?

Although this might be a forward way of asking, you may be able to negotiate your way out of some of the custodian fees associated with your account. This is especially true if you shop around and can find better deals with other custodians. Many times, an IRA advisor will be able to eliminate certain fees that they charge you. This could potentially add to the amount of money that you have in your retirement account.

4. Do You Have Any Suggestions On Investment Strategies?

Many times, we tend to stick to ourselves when choosing investment strategies for our retirement accounts. Many investors have become self-reliant with all of the attention that online trading has generated. However, this may not always be in your best interest. IRA advisors have a plethora of experience in the financial markets and they are generally happy to help you with investment choices. Many times, they can recommend investments that have worked for themselves or for their clients. As an individual investor, it is virtually impossible to keep up with all of the investment options that you have. However, if you occasionally consult with your IRA advisor, they can keep you up-to-date with some of the best investment strategies that become available.

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