The single most important goal for every working person is to retire comfortably. Having a concrete idea of when you’ll be giving notice might make Mondays less disagreeable. That’s why you need a retirement planner to help you map your road to retirement.
What Is a Retirement Planner?A retirement planner (aka financial advisor) is the professional you want to help plan for your retirement based on your personal finances and retirement benefits. They also help guide and adjust your plans throughout life events.
How To Select the Right Financial Planner for Your RetirementFor many considering a retirement planner, this is unchartered territory. Many people haven’t even considered using financial planning for retirement and have no idea what to look for. Here are some tips on how to find the right professional for you:
- Ask about the fees for a planner’s service. Some will be commission-based, while others charge by the hour. Commissioned-based planners may push certain things onto you to make more money, while hourly fees don’t usually have a conflict of interest.
- Only some who work in finance will have the expertise to help you plan your retirement. For example, someone who specializes in the stock market may be able to advise you on specific retirement investing opportunities. But while this may be lucrative in the short term, you still need a qualified retirement planner to help with the big picture.
- Ask for a list of clients you can contact to get feedback on a potential retirement advisor. A good planner should be able to provide you with at least a handful of recommendations from satisfied clients!
Benefits of Investing in a Retirement AdvisorYou need help with planning for your retirement. Here are some of the many benefits that come with hiring a personal financial advisor:
- Your advisor will look at your financial situation as a whole to plan how to position yourself for retirement. This often includes how much you will need to save per month or year to meet your goals.
- When you have significant changes, like buying a home, changing jobs, or even divorce, your advisor can adjust your plan to keep on track.
- If you’re interested in what you might receive from social security when you retire, your pro can help figure that out.
- For retirees with a 401(k), your planner can advise on investing and how much you can withdraw per month when you retire.
- It may be uncomfortable to think about, but your planner can help you to figure out what medical decisions you might need to make once you’re retired.
- If you’re likely to leave an estate behind, your pro can ensure that your heirs or favorite charities get your money via trusts or other avenues.
- IRAs can benefit your retirement plans. Your planner can help you with your selections and explain the details to get you the best one for your needs.