April is Financial Literacy Month, a yearly event to raise public awareness of the importance of financial literacy and maintaining smart money management habits. We believe that a healthy financial future starts with financial education and literacy. We firmly believe that it’s never too late to start your financial literacy journey.

We’re celebrating this April by introducing our team of talented fiduciary advisors who will share their knowledge, expertise and actionable insights on relevant financial topics. We believe that by opening access to greater financial literacy, we further Retirable’s mission to empower a confident, worry-free retirement for everyone.

This week’s spotlight is on Eric Schwartz, CFP®, Financial Advisor at Retirable.

Get to know Eric Schwartz, CFP®

Eric Schwartz graduated from the University of Delaware with a Double Major in Finance and Financial Planning. Since graduation, Eric has spent the past 4 years in the financial services industry where he successfully obtained his CFP® and AIF® accreditations. Outside of work, Eric is a proud Eagle Scout and spends his free time exploring the endless restaurants, shows, and activities that NYC has to offer.

Why is financial literacy important to you?

A strong understanding of financial literacy can help support a person’s goals throughout their lifetime. These can range from educational savings, retirement planning, insurance coverage, and debt strategies. Financial literacy is like any other field of study: it requires a little bit of upfront effort but eventually builds and builds upon itself.

What do you love about being a financial advisor?

I love that my job is people-focused and requires building relationships with clients in order to help them achieve their financial goals. I also thoroughly enjoy learning about different financial products and tools, and how they can be incorporated appropriately into financial plans.

What is an area of finance that many pre-retirees/retirees are not familiar with, but understanding it may help their financial picture?

An often overlooked part of financial planning for retirees is understanding advisor fee structures. Advisor fee arrangements can range from one-time flat fees to hourly rates to fees based on the client’s total assets. Making sure you understand how an advisor gets paid is one of the first things you should understand before agreeing to work with them.

Going along with understanding fees, you should always ask an advisor if they are a fiduciary or if they work off commission. A fiduciary is someone who has a legal and ethical obligation to only make recommendations that are your interest. This is an important standard as it helps ensure the advisor isn’t making biased decisions or has other incentives rather than yours. Advisors working off commission are more likely to recommend products solely because of the commission they earn rather than making an appropriate recommendation.

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How do you know how much is safe to spend in retirement?

In order to know how much you are able to safely spend in retirement, a holistic retirement plan needs to be built. By building a plan, I can understand an individual's income and spending needs in retirement. Many retirees have a fixed income such as Social Security benefits, pension or part-time work. Once I know income sources, we break down spending in retirement. From there, I can begin to understand distribution needs from your retirement nest egg and confidently map out how much is safe to spend in retirement!

Why should people work with Retirable to build their dream retirement?

Working with us means you not only get a dedicated financial advisor at all times, but also a financial coach to help guide you through the financial ups and downs that life will throw at you.

Financial Literacy Month is a great time to start building your ideal retirement. Schedule an appointment with Eric today!

Need help making sense of it all?

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