Making long-term decisions about money can be difficult and even a little overwhelming. When it comes to planning for retirement, financial advisors can help you navigate the simple and complex situations that life has in store for you.
While most people could benefit from working with a professional financial planner, some deem it unessential. However, there comes a time when seeking financial advice becomes a solid investment in your future. How do you know when it’s time to hire a retirement income advisor? Here, CKS Summit Group breaks it down for you.
What is a Retirement Income Advisor?
Let’s get back to basics… a retirement advisor is a financial professional whose services center on helping clients save and prepare for their golden years.
These planners can help you manage an investment portfolio, buy stock and other investments, advise on investments, set up a plan to reach a financial goal and set a solid plan for retirement.
The main reason people enlist the help of financial planners is to get an experienced opinion and guidance for their financial plans.
When is it Time to hire a Retirement Income Advisor?
There are many benefits to hiring a retirement financial advisor. They often have a broader, deeper knowledge of money management than you do. This is especially true when it comes to complicated money matters like investments and taxes.
If you need help with investing and other financial planning, a retirement planner may be the way to go. You should seriously consider hiring a retirement income advisor if:
- You’re nearing retirement: Some of your biggest money questions may arise when you’re close to retirement. “Do I have enough money?” “What are my options?” “How can I save more?” Retirement planners are trained to help individuals plan for and navigate the unique challenges of retirement.
- You’re going through a divorce: While divorces can take a major toll on your emotional health, they can also take a major toll on your financial help because of shared finances. Who gets what? How do I protect myself? Where should I reallocate my assets? All of these questions and concerns can be put to rest with the helpful advice of a financial retirement professional.
- When your spouse dies: Death brings a unique set of financial challenges. A surviving spouse may have to live on a reduced income or need to determine how best to manage assets such as a home, the death benefit from a life insurance policy or investments. What’s more, for some spouses, this may be the first time they have been in charge of household money management.
- You’re in the sandwich generation: Many people are finding themselves increasingly responsible for the physical, emotional, and financial challenges of caring for aging parents. If you think your parents or another elderly loved one will need care, either in-home or in a nursing home, talking to a financial planner sooner rather than later can help you prepare for this sizable expense.
- When you are worth a quarter of a million: Once your income and assets reach a certain point, you may want to develop a regular working relationship with a planner who can keep you in check. When you have attained a quarter of a million dollars in assets, it’s a good time to step away from your investments and let an objective third party step in.
- You’re ready to take control of your financial situation: You don’t have to have a major life event happen to get the desire to take control of your current and future financial situation. If you’re ready to make a new plan, reach out to a financial planner. Additionally, if you have an existing plan that you want to stress-test, a good financial planner can help you identify and plug any leaks for optimal performance.
When you Don’t Need a Retirement Planner
There are times when hiring a retirement income planner simply is not beneficial to your circumstances. You probably don’t need one yet if you’re in your 20s and are closer to starting a college fund or buying a home than retiring. Other times a financial planner may not make sense for you include:
- If you’re in debt: Financial planners mainly focus on helping people grow wealth. What you need instead is a credit counselor or financial professional who specializes in getting people out of debt. Once you’re out of debt, you can start focusing on growing for the future.
- You live paycheck to paycheck: While you still need to work on your financial situation, you probably don’t need the help of a retirement income planner. Instead, you should look into simple practices like budgeting, saving and cost-cutting to slowly get ahead. Once you’ve made up some ground with the basics, you can look into getting the help to take the next step.
- You’re already an expert: If you’re a professional in this field, outsourcing someone with the same knowledge doesn’t make much sense and could be a waste of your time and money. The only exceptions to this might be if you’re short on time, want a second set of eyes or you want to stress-test your existing plan.
Finding a retirement advisor that fits your needs doesn’t have to be hard. Depending on your situation, a good retirement income planner can help create an investment portfolio with little to no risk and recommend an investment strategy to help you reach your retirement goals.
At CKS Summit Group, our focus is to bring you fresh new ideas for your retirement income. Our cutting edge tactical portfolios help our clients achieve safe, healthy growth of their savings and preservation of their principal balance.
We design plans which are specifically structured to limit downside stock market risk. This allows us to protect our client’s assets while providing them with strategies for achieving effective tax reduction and inflation protection.
Come experience the new evolution of Retirement Income Planning. Set up your complimentary strategy session with us today by calling 586-286-5820 or via our website at SummitGP.com.