Financial Advisor for Retirees

Many people do not plan for retirement early enough, probably because they think it is decades away, and there is no need to think about it now. Others may feel that it is too late to start saving for retirement. None of this is true. You can start planning for your retirement today and still enjoy those golden days.

Planning for retirement is easier the sooner you begin. A professional retirement advisor can help formulate a suitable plan and set you on the right course. Remember getting educated about wealth management and retirement is necessary to plan for your financial future.

After retirement, you move from the accumulation stage to growing your wealth. This is why you need a qualified retirement advisor to demonstrate how you can benefit from your assets and accumulated wealth in the future. But how do you find a good financial advisor for retirees? Read on and learn how to get a retirement advisor with outstanding skills and experience handling retirement planning. Also, you will know what to expect from a financial advisor and when to hire them. 

How To Find a Good Retirement Planner

Finding the best can be a daunting task with so many financial advisors out there, especially when you do not know what to look for. Here are tips to help get good retirement income planning advice.

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1. Know what you want.

Articulate what you want from a financial advisor. You cannot get proper help if you do not know what you want. State the financial and lifestyle goals you want to pursue as a retiree. This will help determine whether the financial planner you choose is qualified to help you work towards your goals.

2. Get referrals and interview multiple candidates.

A straightforward way of finding a reputable financial planner for retirees is by asking family, friends, or neighbors you trust. You can also ask other professionals that you know, like accountants or lawyers. Looking for advisors from yellow pages can be a hit-and-miss strategy that is time-consuming and unreliable. You can also ask why they think the referrals are great retirement advisors. Make sure you get more than one name and interview the potential candidates before choosing. This will help you compare the strengths and weaknesses of each advisor and end up making a better decision.

3. Choose between generalists and specialists.

Many financial advisors services extend from selling insurance, investment management, financial planning, estate planning to retirement planning. While there are some advantages of working with a generalist, there are times when you should consider working with an professional or a specialist. Do not hesitate to ask the financial advisor if they only specialize in retirement planning.

What To Expect from a Retirement Advisor

A financial advisor for retirees specializes in helping people prepare for their future. Their services involve 401(k) rollovers to an IRA, tax planning, estate planning, financial planning, and long-term care.

What should you expect when you sit down with a retirement advisor? You should expect a comprehensive look at your financial picture, according to the financial information you give. Some of the questions you can expect during retirement income planning include:

  • What are your assets?
  • Do you have real estate, investments, pending inheritances, or any other valuable resources
  • Do you have car payments, mortgage, credit cards, business liabilities, or other loans?
  • How much are your retirement savings?
  • What insurance covers do you have?
  • How much do you collect from social security monthly

Once the advisor has the necessary information, they will provide a detailed plan for your retirement income. If the advisor offers portfolio management for retirees, they will set a portfolio that suits your goals. If you are a federal employee, picking a suitable retirement strategy can be more complicated. Working with a financial advisor for federal retirees that understands federal compensation structures and benefits will seek to provided you with financial confidence during retirement.

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When To Hire a Retirement Advisor

Recommendations on the appropriate time to hire a retirement advisor varies from one professional to the other. Some will advise hiring a retirement advisor ten years away from retirement. Others recommend you wait until you retire. However, having retirement income planning strategies before retiring can provide greater financial confidence.

Now that you know how to find the best retirement advisor, you probably wonder how much advisors charge. Retirement advisors are paid in various ways. Some may charge a flat fee, an hourly rate, an annual retainer fee, or get a commission from financial products you buy through them.

Retirement income planning should not be a do-it-yourself endeavor. Hire a professional retirement advisor with the goal to put your retirement income on the right track. Let Gottlieb Wealth Management professionals walk with you during your retirement.

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