Retirement help can make the financial planning aspect of this milestone less overwhelming, giving you the peace of mind that your financial future will be taken care of in your retired years. The earlier you can start planning for retirement, the more comfortable you will be. Your needs and plan of action change as you near retirement, so seek out professional help every step of the way. Ensuring that your expenses are paid and your assets are secured is too important to take into your own hands, and professional retirement help is available to walk you through the process leading up to the time you stop working and beyond.
Experts are recommending today that people as young as 25 start saving for retirement. The economic downturn in recent years caused people to tighten their belts across the board, including a drawing down of investing and saving. Less aggressive investments, early withdrawals and a slew of other circumstances might spell trouble for future retirees, but it is never too soon (nor too late) to consult professional retirement help. A good financial planner can help get you on the right track toward reaching your future goals.
Starting decades before you plan to retire until well into your retirement years, there is a series of steps you can take to optimize your savings and investment potential. Many people get derailed by medical expenses in their later years, and because people are living longer, they need to stretch their dollars much further. Ideally, working people will start early seeking retirement help, but any effort to get on the path to financial security will help you achieve a comfortable, satisfying retirement.
Professional retirement help exists at every step of the way toward retiring, and there are several players to consider for a comprehensive plan. The first professional to consult for financial planning help is an investment advisor. As soon as people start earning significant income, they should consider investing to retire. Young people have plenty of time to grow their capital substantially with high-risk, high-return vehicles. As they age, people should transition to safer securities to protect their gains.
Advisors can also help future retirees plan for drawing retirement income. Turning investments into income is a tricky process, since you want to maximize your interest-earning potential for the duration rather than withdrawing your savings in a lump sum. An advisor can also devise a strategy for drawing Social Security and pensions to prolong those payouts while ensuring a high quality of life for their clients.
Another aspect of retired savings and expenses to consider is insurance. Consulting an insurance agent about the policies you need in later years is likely not in your best interest. Their primary goal is to sell a product, and you could end up paying much more than is necessary. Your financial advisor can help choose the life, medical and long-term care insurance you need to protect you from debilitating expenses during your retired years.
Another service of professional retirement help could be preparing your taxes. Advisors with training and experience in accountancy can assist with income taxes, which become more complex when you begin drawing new sources of income like Social Security and pension benefits and when you begin paying taxes on tax-deferred savings once they are tapped. Your current advisor would be familiar with your income, investments and the potential for deductions and credits, so consider choosing an advisor who provides this service.
The terms "financial advisor" or "financial planner" indicate nothing about certification or training. Because you are trusting these people with your financial future, it is vital that you choose professional retirement help with the qualifications to advise you well. The key credentials to look for are Certified Financial Planners and Chartered Financial Analysts, board-examined and certified to practice financial planning.
When it comes to investment advice, be sure your advisor is vested in only your best interest. Those paid hourly or by a flat fee have less incentive to saddle you with only risky investments, for instance. Immediate annuities may be the better route for many, but advisors paid a percentage of assets managed would likely not recommend such a vehicle because it would not provide them a payday.
To select professional retirement help to start planning for your retired years, ask friends for referral. This will narrow your options, but don't stop there. You should always interview financial advisors before hiring them on. Experience, training and credentials matter in this field, and feeling personally and professionally comfortable with your advisor is crucial as well.
Seeking retirement help can make your financial planning streamlined and effective. Give yourself peace of mind by contacting an advisor today. Fill out out easy-to-use form for more information about advisors in your area.
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