– Getting Started & Next Steps
Posted On 29. 5. 2020
Factors to consider when choosing a financial planning firm after retirement
Entering retirement is a totally different phase of your life and a lot of emotion and feeling of freedom comes your way. Certain stages of emotions take place as you adjust to the retirement but slowly the sense of settlement and slower lifestyle creeps in and you are able to adjust. Some of the worries most retirees go through are whether they outlive their savings, how to cater for medical costs because according to a survey, twenty-eight percent of people are worried their medical expenses will be a bit high, whether the money they have saved in enough to last them all their lifetime, how to maintain an income stream with much ease which will enable them to easily take care of their daily expenses, and how not to have a lot of debt or pay up all their debts before retiring.
Some of the benefits of having a financial advisor after retirement are that they help you manage your income streams after retirement, they guide you through any scenarios or happenings that could take place throughout your retirement phase, they give you the best ways on how you can withdraw your money from your various accounts, how to enjoy your money with caution after retirement, provide you with objectivity to ensure that you are knowledgeable about your retirement, advise on the issues of taxation before to avoid heavy tax implications and also researching on the best opportunities for you to consider and the make the most out of.
That discussed, what are some of the considerations you should think through before looking for a financial advisor after retirement?
One of the things to consider is whether the financial advisor is certified to carry out their practice. They should be a certified financial planner and not only licensed but regulated by the relevant regulatory bodies. They should have taken the necessary classes on the various aspects of financial planning and this will give you an assurance that you are entrusting your information to an expert.
The second consideration is the fee they charge to offer financial planning advice. You should consider the Fee-only retirement advice and it should be as budget-friendly as possible because usually, this is not a period to splurge money as every single coin at this phase of your life counts.
The third consideration when choosing a financial advisor to avoid a stress-free life is their area of expertise. You should consider one that is best suited or the needs you require worked on and his work portfolio should be a guide as to whether you should consider their services or not. You should find out what the financial advisor believes in and whether their approach to issues easily matches your beliefs and preference.
Last but not least is the competence and years of experience of the financial advisor. You want to work with a financial advisor who has a good educational background, has the right knowledge and expertise. Remember, a financial advisor with many years of experience is in a better position to take your through the process and is familiar with many similar cases o they will give you the best that will work for your case.
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