How to Choose a Financial Advisor for Retirement

Over 36% of Americans believe they’ll never be able to retire. Over 45% believe they’ll have to work for the rest of their life to make ends meet.

A recent study from AARP suggests that this has to do with a lack of preparation and income planning. 42% of Americans don’t feel prepared for retirement, even though 87% believe that planning for it is important.

Knowing the difference between annuities and 401Ks or how to generate enough savings to leave your job is difficult. Read on to learn how to find a financial planner for retirement who can help lead the way.

Evaluate Your Financial Needs

Take a moment to think about why you want a financial planner.

Are you a federal worker? Try to find an advisor that understands federal employment benefits.

Do you want to diversify your portfolio? Find one who knows about investments and the taxes attached to them. 

Most advisors specialize in a specific area. When it comes to retirement, you should look for one that has years of experience in income planning and income replacement.

They’ll help you diversify your assets and know where to withdraw from them to get the money you need to live comfortably. Sources may include annuities, a Roth IRA, or life insurance plans. They’ll also educate you on the taxes involved.

Write down your goals, create a budget, and gather documents about your current financial situation, such as paystubs or tax returns. Bring them to all potential advisors to see if they can help.

Check Their Qualifications and Experiences

Get recommendations from friends or family that have already begun or are in the process of retirement planning. Ask lawyers or other professionals in the business who they trust. Look at reviews to see what past clients thought.

Undertaking further education is always a positive sign. New knowledge of retirement tax and estate planning could prevent them from making costly mistakes.

Interview as many advisors as you can. Ask about their experience and what retirement planning solutions they offer.

Try to Communicate

Your financial advisor should always explain what they’re charging you for and why. They should also explain the logic of each recommendation. Most importantly, they should never do anything without your authorization.

Clear communication and a strong relationship make the process go so much smoother. Listen and pay attention in early meetings to see if this will be possible for you and your advisor.

Find an Advisor to Manage Annuities and Other Retirement Income 

A financial planner can help you meet budgeting, investment, or other money management goals. They can also help make your retirement more comfortable.

Find a professional with experience in income planning. They can help guide you to the right options, whether that’s annuities, Roth IRAs, or another method.

Lastly, look for one that’s qualified and is always learning. Communicate with them well, and you’ll spend your golden years in peace.

Contact us at Advanced Capital Management to begin income planning for your retirement today.