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 Harrison Schaefer, Financial Advisor at Retirable.

Get to know Harrison Schaefer

Harrison received his BA in Writing, Rhetoric & Discourse, BA in Political Science, and a Minor in Economics from DePaul University in Chicago. He has over 5 years of experience in financial planning with a special focus on education and inclusion for underserved communities.

He previously worked in the non-profit sector helping low-income households build assets and was involved in the nation’s largest universal basic income program. He also worked in corporate law and mass tort law as a paralegal. Outside of work, Harrison really only does three things: cooking, running, and playing music. Give him those three, and he doesn’t need much else!

Why is financial literacy important to you?

Financial literacy is the cornerstone of not only financial well-being but also emotional well-being. The primary stressor for most individuals is that financial matters feel like a big black hole of jargon, numbers, and unapproachable concepts. This is far from the truth. Financial literacy and education builds upon itself; it requires a little nudging and guidance along the way, but everyone can achieve a competent level of financial literacy which will ultimately reduce worry and stress.

What do you love about being a financial advisor?

The best thing about being a financial advisor is meeting with clients who are anxious about their finances and retirement, building a plan with them, and showing that they are in a better position than they previously thought. I love making clients feel empowered and that they have a seat at the table when it comes to their finances and their future. There’s nothing more satisfying than providing people reassurance, an actionable plan, and ultimately the ability to go through retirement with confidence.

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

Social Security and Medicare are two of the most important elements of retirement planning, and (unfortunately) they are both complex and messy. Social security makes up a big portion of most retirees' fixed monthly income. Making sure you elect at the right age is very important to preserve assets and ensure a healthy income long into retirement.

Similarly, Medicare can be confusing because of different coverage levels and requirements. Getting a grasp of the basics before enrolling can lift a load off your shoulders and help you have an understanding of your needs.

Pre-retirees should meet with a planner and start educating themselves, so they don’t feel overwhelmed when they are ready to elect for social security and medicare.

For a great overview of both, visit our blog for Medicare basics and for Social Security optimization strategies.

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For someone close to retirement, what actionable steps should they be taking to prepare themselves?

Knock out any high-interest debt or reduce it to a sustainable level!

You should map out what your monthly budget and income will be in retirement. If you know what to expect for your monthly cash flow, you will have clarity on what is possible in retirement and how you can change current habits to benefit you later.

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

Retirable offers professional advice and expertise but without the performative suit-and-tie stuffiness and exorbitant fees traditional advisors are known for. We focus on what’s important to you by understanding your retirement goals. With recurring meetings and video conferencing tools, no matter where you are in the world, your advisor will be available to chat and know your situation through and through.

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

Need help making sense of it all?

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