Why Hire A Retirement Financial Advisor?

Planning for retirement can sound like a daunting task. There are many different ways to reach your financial retirement goals, and finding the best approach can be tricky. With retirement being a major milestone in most people's lives, the pressure is even higher....
David Roberts
January 23, 2023

Planning for retirement can sound like a daunting task. There are many different ways to reach your financial retirement goals, and finding the best approach can be tricky. With retirement being a major milestone in most people’s lives, the pressure is even higher.

Because of this, hiring a financial advisor is a great option. Retirement financial advisors have expertise in wealth management and financial planning. Whether you are in your 20s and preparing for the future or if you are a current retiree, hiring a financial advisor offers many benefits for your future. In this article we’ll be looking at what retirement financial advisors do, why hire a financial advisor, and the benefits of hiring a financial advisor. We’ll also go over practical steps you can use to start your retirement planning journey.

What Is a Retirement Advisor?

A retirement advisor works with you to help you meet your future retirement goals. They look at your current finances and your financial goals to design a comprehensive financial plan that works for you. This financial planning can include everything from retirement to preparing for any unexpected financial problems that could come up. Advisors will also help you set up investment accounts. One of the major benefits of hiring a financial advisor is that this plan is fully customized to meet your timeline for retirement, relieving the uncertainty behind when you can retire.

Is a Financial Advisor Worth It?

Why hire a financial advisor? Is hiring a financial advisor worth it? These are understandable questions you might be asking yourself. While hiring a financial advisor might sound like a serious investment, it is a small price to pay for securing your retirement dreams. If you struggle with financial management, don’t understand investments, or are feeling stressed about the retirement planning process, hiring a financial advisor may be right for you.

What Do Retirement Financial Advisors Do?

There are many different financial pieces that go into creating your perfect retirement plan. Financial planning, investment management, tax planning, estate planning, and long-term care planning are some pillars of the retirement plan that your retirement financial advisor will create for you.

Financial Planning

The financial planning part of the retirement plan involves managing your debt and saving money. This makes your 20s and 30s a good time when to hire a financial advisor since you have more time before retirement to grow your savings account.

Investment Management

Financial advisor retirement planning also centers around investment management. Retirement financial advisors can help you choose wise investment options based on your state of life and present financial situation. They can also help you make adjustments as you near retirement age to protect your investments.

Tax Planning

Tax planning is a key part of retirement planning that many people overlook. The benefits of hiring a financial advisor are that they have tax expertise and can help you prepare for taxes before and after retirement. They can help minimize your tax liability so that you have more money available to do what you love after retirement.

Estate Planning

While estate planning might sound like something just for the very wealthy, it’s important for anyone with assets to set up an effective estate plan. This can include creating a will and setting up beneficiaries.

Long-term Care Planning

Preparing for the unexpected is an important part of financial advisor retirement planning. Your advisor can help you plan for the possibility of needing long-term care after retirement, and set up a payment plan.

Pros and Cons of Working With a Retirement Financial Advisor

When looking at why hire a financial advisor, you want to weigh the benefits of retirement planning services. This can help you decide if a financial advisor is the best choice for helping you meet your retirement goals.

Retirement Advisor Pros

  • Financial expertise
  • Comprehensive savings and investment plan
  • Less time, energy, and stress
  • Customized to make sure you reach your financial goals on time

Retirement Advisor Cons

  • Cost of service
  • Trusting someone else to manage your finances can be difficult
  • Slow response times (depending on the advisor)

When to Seek Financial Advice?

When to hire a financial advisor depends on your personal preference and financial situation. If you are in debt, own a home or other assets, or have a complex financial situation hiring a financial advisor is a wise choice. You may also find a financial advisor helpful if you don’t understand finances or have time for managing your investments. Regardless of your age and nearness to retirement, hiring a retirement advisor tends to be a worthwhile investment for most Americans.

How to Choose a Retirement Financial Advisor?

Since your retirement is such an important milestone, you’ll want to look at the best financial advisors for retirement planning. The best financial advisors for retirement and financial planning will have the following attributes:

  • Have clear communication
  • Strong credentials and years of experience
  • Offer the type of financial advice you need
  • Have pricing that works for you
  • Have great reviews on sites such as Google and their website

 Looking For A Financial Advisor?

Financial advisor retirement planning is great for anyone looking to prepare for retirement and set up an achievable plan. It is also great for current retirees who are in need of investment or estate management services. Regardless of your current financial state, hiring the best financial advisors for retirement planning can help you achieve the financial future you’re dreaming of.

If you’re looking for a retirement financial advisor you can rely on, we have you covered! Meet David— a financial advisor that understands what it feels like to worry about an uncertain retirement path. He’ll help you work through the planning process, giving you peace of mind as you create your dream retirement plan.

Ready to begin your retirement journey? Visit our website for a free financial review! David will answer your questions, identify gaps in your current financial plan, and give you practical steps to get started today.

Early Retirement: What You Need To Know

Early Retirement: What You Need To Know

Early retirement might sound like an impossible dream. We all hope that if we work hard enough and save our money right that we can have a long retirement filled with travel and time doing what we love. There are many benefits of early retirement. It can allow you to relax and experience improvements to your health, and discover new opportunities to pursue the things you are passionate about.

Planning Early For Inherited IRA Distributions Matters

Planning Early For Inherited IRA Distributions Matters

There is no crystal ball for taxes or the future tax landscape, so waiting too long to begin your RMDs from an inherited IRA could result in adverse tax consequences. Coordinating the timing of your RMDs with tax factors such as anticipated income, deductions, and credits could help to minimize the negative impact on your inheritance.

Are You Including Social Security Income In Your Retirement Plan?

Are You Including Social Security Income In Your Retirement Plan?

Since Social Security impacts us all, it’s important that we stay informed about the reality of the program’s financial situation and the key role it plays in our financial lives. Its future impact on retirement planning should not be sold short. This applies to everyone, not just those who will rely heavily on their Social Security income to keep them from running out of money in retirement.

How To Achieve Financial Freedom

How To Achieve Financial Freedom

What is financial freedom? Financial freedom is the ability to make choices without high financial stress. For many people, it involves being able to choose whether they want to work, when they retire, and make purchases when they want. With financial independence,...

Get in Touch

Plan For Your Goals Logo

Many have no financial plan for retirement. At Plan For Your Goals, my mission is to help both the newly retired and the nearly retired take control of their finances with an evidence-based plan so they can retire with confidence.

Contact

Branch Office: 5954 E Bay Blvd, Gulf Breeze, FL 32563

(850) 786-3400

david@planforyourgoals.com

Check David's background on FINRA's BrokerCheck

Plan For Your Goals, LLC is a state registered investment adviser. Plan For Your Goals, LLC may only transact business in those jurisdictions in which it is registered or qualifies for an exemption or exclusion from registration requirements. Plan For Your Goals, LLC’s web site is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of Plan For Your Goals, LLC’s web site on the Internet should not be construed by any consumer and/or prospective client as Plan For Your Goals, LLC’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet. Any subsequent, direct communication by Plan For Your Goals, LLC with a prospective client shall be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. For information pertaining to the registration status of Plan For Your Goals, LLC. A copy of Plan For Your Goals, LLC’s current written disclosure statement discussing Plan For Your Goals, LLC’s business operations, services, and fees is available at the SEC’s investment adviser public information website or directly from Plan For Your Goals, LLC:  Click here to download a PDF copy.

This website and information are provided for guidance and information purposes only. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy. This website and information are not intended to provide investment, tax, or legal advice.

Plan For Your Goals, LLC throughout this website has provided links to various other websites. While Plan For Your Goals, LLC believes this information to be current and valuable to its clients, Plan For Your Goals, LLC provides these links on a strictly informational basis only and cannot be held liable for the accuracy, time sensitive nature, or viability of any information shown on these sites.

Insurance products and services are offered and sold through individually licensed and appointed insurance agents.

 Copyright © 2023 Plan For Your Goals, LLC. All rights reserved.

Retirement Readiness Score Quiz Icons

What's Your Retirement Readiness Level?

Take This FREE 60-Second Quiz To Discover How 'On Track' Your Savings Are For Retirement