The best retirement gift for a friend or family member depends largely on their personality and interests and can be a difficult call to make. One gift, however, is beneficial for anyone about to retire. Financial advising can help new retirees take a critical look at their finances to see where they can make adjustments in their investments and how much they can withdraw each month to make their retirement funds last. Having the advice of a financial advisor can also help new retirees adjust to unexpected developments or make decisions about their lifestyle. For example, if travel was a big component of your retirement plans, an advisor can help you determine whether this is in your budget or whether you might need a part-time job. An advisor can also help you determine whether your cost of living is too high for your savings while showing you ways to cut down on your expenses.
A retirement gift of financial advising is a smart decision for people of all backgrounds, whether you have a large nest egg with many investments, or you aren't sure whether your savings will be enough for your life expectancy. Although it is ideal to begin planning for your financial future when you are young, sometimes life prevents the careful planning you had intended. A crisis might wipe out your savings, or an unexpected birth could give you a pleasant distraction from your retirement savings. Even if you had sought the advice of a personal financial advisor during the decades leading to your retirement and feel like you are prepared for the next few decades, having the retirement gift of a financial planner can help you react to unexpected changes and make the most of your savings.
Even if it seems like it's too late to benefit from professional financial help, an independent financial advisor can help you correct past mistakes and realize the best scenario for you based on your current decision. If you have a small nest egg and are approaching your mid-60s, you might have to work a few years longer than you had expected or keep a part-time job after you officially retire. Your advisor can help you determine what kinds of concessions you need to make to live comfortably. Offering financial advising as a retirement gift is a great way to let others realize the benefits of this kind of financial advice.
Another good retirement gift idea is to offer a gift that complements a desired lifestyle. The gift of travel is one that speaks to the retirement dreams of many. For many people, however, buying a friend or family member a vacation can be quite expensive. Financial planning sessions can serve the same purpose by helping retirees find ways to manage their expenses so travel can become a reality. Advisors can help seniors determine a budget and work their life dreams into that budget. In that sense, the retirement gift of professional advice is multidimensional. With so many areas concerning your finances to think about once you retire, from daily expenses to whether your investments are sound for the future, seeking the advice of a certified financial advisor can help you create a more comfortable financial future in many ways, no matter what the initial intent of the retirement gift was.
For people who are content with a quiet life once they retire, financial advising can still make a good retirement gift. An independent financial advisor can help these retirees determine whether or not keeping their investment home is a good idea, or whether selling and downsizing will help them live more comfortably. Seniors who want to be able to help their children and grandchildren financially can also make use of financial advising by evaluating their savings to see what they can allocate. There are many reasons to seek financial advice no matter what your financial situation is or what desired lifestyle you seek.
Although it might not be the first retirement gift to come to mind, offering professional financial advising is a universally beneficial gift that can help many people better their situation during retirement. Whether you know a new retiree who never sought financial advice or have a friend who is facing unexpected challenges or changes in their financial situation, the gift of consulting will never go to waste. Unless you are in the financial planning field, understanding which investments are best and how much you need to see you through to your expected lifespan can be difficult. While certified financial consultants can't see into the future, they can offer you advice based on tried and true techniques that have helped other clients enjoy a comfortable lifestyle once they retire.
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"I wanted to be sure I met with an advisor who wouldn't just throw all sorts of financial jargon at me without explanation, and this site helped me find an advisor who was great at explaining things simply. Thanks!"
Sharon D, Tempe AZ