As a working adult who wants to plan for your retirement years, you likely wonder just how much planning you can do on your own and exactly when you should ask for help from a professional. There is no right or wrong answer to this question. In fact, retirement financial planning is an excellent example of how personal diligence can be integrated with professional expertise to yield the best, most rewarding results post-retirement.
Start with Personal Management
Smartly managing your finances throughout your working career is a crucial aspect of building a solid foundation on which to work during retirement.
- Spend wisely! The fewer debts you have upon entering retirement, the more peace of mind you will have throughout your golden years and the more securely you can care for your family.
- Remember that your insurance needs will change once you hit 60 years old. As you age, your insurance costs will rise, so plan for this increase!
- Understand your personal goals. Know how you want to provide for your family and loved ones. Do you want to save for travel during retirement? Plan, plan, plan!
Pick The Right Financial Advisor
Just as crucial to your retirement financial planning success is your financial planning expert. This is where the teamwork truly comes into play! Your financial planner will work with the resources you’ve worked hard to preserve and can help you capitalize on your assets and investments. What are some of the best ways to know that you’re choosing the best financial advisor?
- Understand how your partner in financial planning teamwork will be compensated for their work. This may be via an hourly wage, on commission, or as a percentage of your assets being managed.
- Reviews speak volumes. Do your research, listen to recommendations from your peers, confirm credentials, and look for evidence of past results.
