What Will a Good Retirement Planner Do for Me?

A qualified retirement planner will have a skill set that goes beyond basic financial planning or providing investment advice.

What Does a Retirement Planner Do?

Like financial planners, retirement planners must understand your financial goals; knowing when you will need to use your money, and what you will be using it for.

In addition, a retirement planner must have a clear understanding that the financial assets you are accumulating, as well as other resources you have such as pensions, Social Security, part-time work, home equity, etc., are all pieces of a puzzle that must be put together in a way that will result in reliable monthly paychecks once you are retired. This requires an in-depth knowledge of taxes, Social Security and retirement plan rules; knowledge often requires years of experience and training to accumulate.

What Type of Advice Can a Retirement Planner Give Me?

A retirement planner/advisor will be able to offer advice on:

  • When to take Social Security benefits in a way that is best for you
  • What pension distribution choices are right for you
  • If an annuity is a suitable investment for you
  • Which accounts to take withdrawals from each year, and in what amounts, to minimize the retirement taxes you will pay
  • What amount of retirement income you could reasonably expect to have
  • What withdrawal rate is appropriate when taking money from a traditional portfolio
  • How much of your money should be in guaranteed investments
  • What types of taxable income your investments will generate
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