David Bach is a financial expert, co-founder of AE Wealth Management and author of 10 New York Times bestsellers, including “The Automatic Millionaire,” which spent 31 weeks on the list. He is one of the only business authors in history to have four books simultaneously on The Wall Street Journal, BusinessWeek and USA Today bestseller lists.
Recognized by GOBankingRates as one of Money’s Most Influential, here he shares why everyone should work with a professional to create a retirement plan.
What advice would you give to someone who feels they are behind on their retirement savings?
Don’t wonder if you are behind — find out!
If you feel you are behind on your savings, the first thing you should do is have your numbers run. Specifically, you should have a retirement plan done by a professional financial advisor, preferably an RIA who is fee-based and a fiduciary.
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A financial advisor in less than a few hours can help you access the likelihood of a successful retirement based on your savings, investments and projected spending. A professionally done plan can help you access how much additional savings you need to have each year to reach your goals. It can also help you figure out if you need to cut your expenses.
Most importantly, right now with inflation, it can help you figure out what you need to do to specifically hit your retirement goals.
Jaime Catmull contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: ‘Automatic Billionaire’ David Bach: What To Do If You’re Behind on Retirement Savings