When people talk about investing, their main priority is usually the financial security that this money can bring later in life. But, what about the fun and entertainment that money can also provide after retirement, such as traveling the world, buying a vacation home, maybe a sleek sports car, or other items on your bucket list?
"Once people get through all the heavy lifting – buying a home, putting their kids through college - they want to enjoy whatever time they have left later on," says Van Hauswirth, managing director and senior vice president of investments with the Grosse Pointe Advisory Group of Raymond James®. "That's a time when people really try to focus on that next chapter."
While there's no magic age to start saving and investing towards these "silver" dreams, like all investments, the earlier you start, the better. "Some people can do it at a really young age if they're aspirational and they want to save more aggressively," he says. "In this situation, we would generally focus on growth-oriented investments that tend to have a little bit more volatility, but over time – say we had a 20-year horizon - these would be more appropriate for the long term."
He explains that different vehicles such as exchange traded funds, individual stocks, and other items along those lines tend to do very well over time and will perform much better than a savings account or a municipal bond.
While advisors can surely help you plan for these later-in-life adventures and luxuries, Hauswirth, of course, always prioritizes the necessity to first cover clients' basic needs, such as home expenses, food, utilities, and healthcare, when putting money into their retirement. "I want to make sure all of these needs are taken care of before they get into some of the extras that they could do without if they had to. Of course, it wouldn't be as much fun then!"
In addition to living life to the fullest, another goal for some of his clients is to use retirement money to support organizations and bring joy to others as well as themselves. "A lot of my clients have philanthropic goals, whether they have certain charities they want to give to, or they just want to make a bigger impact and have their money do something other than just buy something," he says. "By doing this, they can leave a mark on and make a difference with something they're passionate about."
While you can invest on your own, having an experienced and knowledgeable financial advisor guide you is invaluable. "One of the most important things we do is prevent people from doing the wrong thing at the wrong time," says Hauswirth. "In other words, we're avoiding a panic selling when markets go down and making sure people stay invested and aligned with their long-term goals."
As an advisor, he has made assisting people with their financial goals a lifelong career - this year marks his 30th anniversary in the industry. In 1993, upon graduating from college, he started with Edward Jones, and in 1995, he joined Roney & Company, which became part of the Raymond James family in 1999. Today, he continues to devote himself to providing the most expert advice to his clients.
"I love a lot of things about this field, but number one is helping people," says Hauswirth. "One of the others is because our industry is constantly changing, I really get to enjoy those dynamics where there's always a need to evaluate and re-evaluate investments."
He's also glad to be part of Raymond James because it has historically always put clients' needs first. When looking for a financial specialist of your own, it's critical, he says, to seek out a fiduciary like Raymond James. A fiduciary, he explains, means that your needs and goals are put first and foremost.
He also recommends that people interview several advisors to make sure they feel comfortable and confident and that they are being listened to. These advisors should evoke a feeling of trust. After all, these are your hard-earned savings that you're putting into their hands.
Hauswirth, who lives in Grosse Pointe with his wife, Wendy, and sons, Noah and Andrew, is thrilled to announce that Noah is following in his footsteps. "He graduated from Miami University in Ohio about two years ago, and along with my mentoring him, he's also in our training program here."
When talking about thriving in retirement, Raymond James states, "Retirement isn't a finish line, but a new way of life that can last 25 years or more." Take advantage of this new chapter of life, whatever that means to you, by planning for it with the proper guidance from a financial expert. It's never too late to dream and to turn those dreams into a reality.
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"Once people get through all the heavy lifting – buying a home, putting their kids through college - they want to enjoy whatever time they have left later on."