Has a retirement planner been recommended to you, and are youn’t sure what that means? Figuring out what a retirement planner is and does can be tricky, but it doesn’t need to be. We are here today with the answers you need to help you decide if a retirement planner is needed. Keep reading to learn more about what a retirement planner does.
What is a retirement planner?
A retirement planner is a financial planner who specialises in helping people prepare a retirement plan that allows them to live out their final years with financial security. A retirement planner will focus on their client’s needs, tailoring financial plans to suit their needs. A retirement planner will not only ensure you have enough of a pension to live comfortably but also address any other requirements like insurance and estate planning.
What does a retirement planner do?
A retirement planner helps you to plan for your retirement. How they do this can vary, but usually, they will help you invest your money, offer a breakdown of how much you need to spend, and consider any relevant insurance products. A retirement planner can also help reduce tax liabilities and find cost-effective ways to pass your assets to beneficiaries with ease.
In essence, their job is to ensure that your money is protected and that you have as much as possible in your retirement fund to ensure you are provided for when you retire.
What to consider before hiring a retirement planner
When hiring a retirement planner, there are some considerations that you must make to ensure they are the right person to handle your affairs, including their credentials and references. We have outlined the considerations you should make below.
Check their credentials
First, you should check their credentials to ensure they have the qualifications they need to provide you with the right guidance and support. Check to see if they are a certified financial planner (CFP), as these must follow requirements set by the Certified Financial Planner Board of Standards. They must pass several exams covering retirement, insurance, taxes, and estate planning before they can earn this qualification. A certified financial planner will know how best to support you and your retirement goals.
It is also worth checking where they work if they are employed by a company. You can find out how many years they have been working as a retirement planner and if they are the right choice for managing your estate.
Ask for references
It is also worth asking for references to see what clients think of the retirement planner. References are a good way to see if the planner is as good as they say they are and will meet your needs. Some retirement planners will offer you a list of recommendations that you can use to learn more about them and the services theft provides.
Consider if they will meet your needs
You should also consider whether they will meet your needs as a retirement planner. Retirement planning is a broad term and can mean something different to everyone. It’s important that you consider what you want or need from a retirement planner to ensure that they meet your needs.
This is why it is helpful if you have an understanding of the planner’s client base, as you can tell whether he is used to working with similar portfolios and is up to the challenge of managing yours. You can also reach out to the planner to see what they usually work with and if your retirement plan is something they can handle.
Speak to them directly
Once you have narrowed down your choice of retirement planner, speak to them directly to help make your decision. You will be working with this person for years, so it’s important that they are the right fit for you. It can be worth creating a list of questions that you wish to ask them, including information about their pricing, scheduling, etc. You need to know as much as possible to make an informed decision and choose the right retirement planner.
Find your retirement planner today
Now that you know what a retirement planner does, it’s time to find your retirement planner. Solace Financial can help you here with a team of dedicated retirement planners, each with years of experience working with a variety of retirement funds. Why not reach out to retirement planners at Solace Financial to see what your new retirement planner could do for you?
