Are you ready for your next phase?

Encore Wealth Advisors will help get you on the right financial path


Tim Schaefer, CFP and founder of Encore Wealth Advisors, has been helping people navigate their way through Social Security and retirement planning for more than 20 years. Photo by Jim Palmer


Each day, more and more baby boomers enter into a new phase of their life. And preparing for that next phase can be both challenging and daunting.

Did I save enough? When can I afford to retire? What about Social Security?

The questions can mount up. Sorting out those questions is where Tim Schaefer at Encore Wealth Advisors comes in.

“Some people call it retirement, but I like to call it the ‘next phase in life’ because people aren’t really retiring. They are staying active and going on to do many other things,” said Schaefer, CFP and founder of Encore Wealth Advisors in Morris.

Sooner or later, all people who live long enough will receive Social Security benefits. Learning the right way to make Social Security work for you is critical, said Schaefer, who has been helping clients through the challenges of Social Security for more than 20 years.

“There is a lot of money involved when it comes to Social Security and many people end up leaving a lot of that money on the table,” said Schaefer. “If you had a specific question on Social Security, and you called the Social Security Administration, they would give you an answer on that specific question. The problem is, the Social Security Administration is not in the advice business. That is where I can help.”

Clients who come to Encore for help with their financial planning and retirement planning will be offered advice… but not until Schaefer learns about their financial wants and needs. There is no cookie cutter approach to the advice he offers.

“I want to see the entire picture,” he said. “Financial planning is not a product, it is a strategy and so we look at all aspects.”

In addition to assets and current and potential financial position, Encore takes into consideration such things as a client’s values, concerns, family, lifestyle, hobbies and legacy.

“I want to know their history, and know what kind of outcome that would make them happy,” said Schaefer. “Then we work to get them on the right path to achieve that outcome. We talk about hopes and dreams and fears, and money is just part of these.”

When is the best time to start preparing for ‘the next phase’? The earlier the better, said Schaefer.

“I encourage people to meet with a financial advisor in their early 50s,” he said. “It is a good time to start thinking about a long term plan. Options will start to narrow after that. And it is important to have time to make adjustments and ultimately reach your goals.”

Some people who come in to see Schaefer as retirement nears may find out they have not saved enough money, or the money they thought they would use in retirement is not accessible because it is tied up in a family business or just does not create an adequate amount of cash flow.

“But even late in the game, there is still a lot we can do. There are many options,” said Schaefer. “More and more people are starting second careers they really enjoy (after retiement) or take a part time job, not just for an added income, but as a way to stay active and stay away from becoming bored.”

Schaefer likes to meet people and get to know what makes them tick before devising any kind of plan. He then works to find a plan that allows his clients to reach their goals.

“It is better to have a simple plan than no plan at all. And if I am doing my job right, even the most complex plans will seem elegantly simple,” he said.

And when a couple or individual is able to reach their financial goals, it is very rewarding. But it is not the most rewarding part of Schaefer’s job.

“It is most rewarding when I meet the next generation,” he said. “When I have been working with a client who is in their 80s and 90s and I start working with their children, it feels great because they appreciate what I was able to do for their parents.”

Serving the next generation is something that Schaefer was thinking about when he picked the name of his business.

“The word “Encore” means a request for repeat performance,” he said. “When everything works well, the planning continues into the next generation.”

And passing on a legacy from one generation to the next is really what it is all about, according to Schaefer.

“”It is not always about passing on money or estate planning, it is about passing on a legacy,” he said.

Working hard and developing a good plan is something Schaefer has been doing his entire life.

“I grew up on a farm near Hancock and my first business venture was selling sweet corn door to door with my Oliver 70 tractor and a wagon,” he said. Like many people raised in rural America he has a set of values and work ethic that serves his clients well.

His roots have always remained in the Hancock area. After earning his business economics degree (and securities license in college), he returned to live and raise a family near Hancock.

Schaefer served as the investment/wealth manager at Riverwood Bank in Morris for over a decade before venturing out on his own to form Encore Wealth Advisors in 2010.

He is also a pilot which allows him to fly to meet with clients all across the country.

Schaefer is a member of the Hancock School Board and lives in the country near Hancock. He is married and they have four children and a trusty hunting dog.

If you would like to learn more about Encore Wealth Advisors visit www.encorewealthadvisors.net or call Tim at 320-288-4084 or email at tim.schaefer@encorewealthadvisors.net. Encore Wealth Advisors is located at 715 Atlantic Ave, Morris, MN 56267

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