Planning to Retire? Why You Need a Financial Advisor

Planning to Retire? Why You Need a Financial Advisor
  • Opening Intro -

    Planning your retirement to where you can maintain a lifestyle you want requires thinking and planning.

    That is where a financial advisor can come into play.


You’d be surprised how many people haven’t prepared for retirement. Thankfully, you are taking action by doing your best to make sure you’re prepared, and the following will tell you why you need a financial advisor to get this right.

Sense of Direction

One thing a financial advisor can give someone is direction. Retirement feels overwhelming to some, especially if you don’t know how you are supposed to achieve it. All of this can make some people feel anxious about retirement, and no one needs that added pressure.

Hiring an advisor is your first step to a more peaceful life. Of course, since you are putting a lot of trust in this person, you do have to learn how to find a financial advisor you can trust before hiring someone to protect yourself and assets.

Smarter Investment Suggestions

Part of what you have to do to retire well is investing in lucrative opportunities. Many people know this, but the problem is many people choose to invest in only one type of investment option when it’s important to diversify.

In essence, you don’t want to be the person who placed all their eggs in one basket.

You are putting yourself at risk if you do that, so you need to make sure you invest in as many baskets as possible.

Some folks don’t only invest in regular 401Ks but also in gold stocks and silver stocks, which are great since they protect your finances even if the country’s economy isn’t doing so well.

An advisor should be able to tell you about the kinds of investments you can make and which ones are safer than others.

Good Tax Navigation

The next thing you have to worry about is taxes. Uncle Sam does its best to not tax retirees as much, but that doesn’t mean you won’t be taxed. The goal is to find ways to ensure you aren’t taxed too much so that you can keep most of your cash.

The problem is the amount you are taxed depends on your investments. Since you will have a few in your portfolio, you need to make sure you don’t have the kind that could be heavily taxed, which is another way an advisor can help.

These individuals keep up with tax changes and can help reduce the amount you owe on your investments. You don’t have to keep up with these changes, which is one reason why you should leave this to a professional.

Informed Decision Makers

Financial advisors have made it their business to know everything there is to know about the stock market. They understand dips and spikes, which is the information you need since you aren’t an investor. Many first-time investors and people planning their retirement allow emotions to rule their decisions.

If they see the market dip, they panic and end up making a mistake that could end up costing them money. You do not want to make emotionally-based decisions but rather decisions based on facts and trends. This is something you can do with the help of an advisor. Yes, you may have to pay a fee for their services, but you could end up saving money with the right advice.

Customized Retirement

One of the first things an advisor will want to know about you is what kind of retirement you want. What kind of things are you planning on doing and what kind of life you want to lead when you retire. The reason an advisor asks questions like these is that he or she wants to help you get that kind of retirement.

He or she wants to customize your retirement as much as possible so that you get to live out your retirement as you imagined. Once these questions are asked, the advisor takes your savings, current earnings, and potential spending to create a financial plan.

This plan does contain investments, but it’ll also contain a specific budget that will help you reach your goals. Getting the lifestyle you want is a big perk of working with a financial advisor.

These are just some ways an advisor can make a difference in your life. Talk to the one you trust, and ask him or her more questions until you understand everything.

Image Credit: need a financial advisor by Pixabay

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