The Benefits Of A Financial Advisor After You Retire

The Benefits of a Financial Advisor After You Retire

You may be surprised to find out that financial advisors are beneficial even after you retire. Let’s look at how.

Updated on Feb 24 2020


Now that you’re retired, you may feel like you no longer need a financial advisor to help you make financial decisions. After all, you worked for decades to ensure a happy retirement. You may be surprised to find out that financial advisors are beneficial even after you retire. Let’s look at how.

What does a retirement financial advisor do?

There are financial advisors who specialize in retirement planning. While all advisors will have a grasp on retirement best practices and investment portfolios, you will most likely find the best retirement advice from an advisor who specializes in it and can look at situations from an objective standpoint. Smart Asset tells us:

“An advisor also stays on top of tax laws and policy changes that could affect your retirement plans. That’s important for avoiding potentially costly mistakes. For instance, if you’re planning to make an early IRA withdrawal to pay for your child’s college education costs or buy a first home, you’d want to know beforehand whether you’ll need to pay a penalty or income tax on the withdrawal. And of course, you’d want to calculate how withdrawing money early might impact your long-term savings plan. Those are questions a retirement advisor can answer.”

Retirement advisors focus on retirement and how you can manage your investments and portfolios. Additionally, they will be able to guide you through scenarios that could pop up, like helping out with a grandchild’s college tuition or needing to downsize your home.

How can a financial advisor help me after I retire?

Something that a financial advisor can help with throughout your retirement is figuring out the best strategy for withdrawing money from your various retirement accounts. They will help you determine the best options so you can enjoy your money and have it last as long as possible.

There is no right answer to these questions, so a financial advisor will be able to parse through these nuances and help you make the right decision.

How to choose a retirement advisor

The most important aspect of choosing a retirement advisor is picking one based on your needs. You don’t have to pick the first financial advisor you meet with—in fact, it’s advisable to meet with a handful of them to see which one is right for you. Get a good feel of how their fee structure works and what their reputation is like. It’s a good idea to find a retirement advisor that is a fiduciary, as they are legally bound to give you the best advice and are not incentivized to sell products.

Other considerations you may have can include how often they communicate with their clients, their investment style, and the range of services that they offer.

Read more qualities of top financial advisors here.

Getting started with a financial advisor after retirement

It’s never too late to meet with a financial advisor. Just because you’ve retired doesn’t mean that you won’t have financial questions that you need answered. A retirement advisor will be able to walk you through every step of the way and give you the best advice for your particular situation.

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