by Nicholas Hamner
Investment Advisor Representative
[email protected]
If you looked at the tires on my travel trailer—which I have done because camping season starts in two weeks—you would think they’re fine. No flats, no nails or screws, no dry rot, no cracking… heck, even some of those little nubby thready things are still on the sidewalls. And yet, as you read this, the shop is putting four new tires on my camper.
Why? Preventative maintenance. Taking care of things that can become a problem before they can become a problem.
I’m swapping tires because the old ones are past their date code and I’d rather pay to get new tires than have a blow out on the highway and cause a big accident. You do this with your car when you change the oil at the manufacturer’s recommended interval instead of waiting for your engine to squeal and smoke. You do this at home when you have your hot water heater’s anode rod replaced before you flood the basement, or swap out a vacuum bag before you get a *pop* and a spectacular dust cloud in the living room. We can all justify spending a few dollars and a few minutes now to save hundreds of dollars and many more hours of labor later.
Your plans for your financial future are no different—everything about your financial plans and retirement plans needs continual maintenance to ensure they work like they’re supposed to when you need them.
Why can’t you set and forget? Imagine buying GE stock in 2001 when it was $290 a share then ignoring it before going to tap those assuredly rich reserves in say… 2020? When it was in the 30s? Not too many plans survive an 80% drop. Or imagine keeping your health insurance as-is as your health changes, unaware that the prescription drugs you now need are not covered by your prescription formulary?
It’s easy to go to Lowe’s and buy a new $20 filter for your HVAC. That kind of preventative maintenance is easy. Sitting down to look… and even knowing where to look… at your financial plans to make sure they hang around is much more intimidating. And talking to someone about it? Yecch! More people fear talking to financial planners than they do spiders or snakes, and both of those are ornery & venomous!
Nonetheless, preventative maintenance is necessary. And if you haven’t looked under the hood of your retirement plan lately (or maybe you don’t know where the hood is… or where your retirement plan is…), there’s no better time than now.
Give us a call and grab a time. We don’t bite. And we can make sure you’re up to date and that your plans will last you as long as you need.