Retirement Planning: 5 Financial Pros You Should Talk To
Written by
Ashleigh Ray, AI Editor
Edited by
Ashleigh Ray
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Embarking on your retirement journey is a major life transition. It’s a time filled with possibilities, but also with important financial decisions. Navigating this new landscape can be daunting, but you don’t have to do it alone.
There are financial professionals whose expertise can guide you in making informed choices that secure your future. Here are five key experts you should consider consulting as you plan your retirement.
Financial Advisor
Think of a financial advisor as your retirement’s navigator. They can provide a holistic view of your financial situation and help you tailor a retirement plan that suits your needs and goals.
A financial advisor will work with you to assess your assets, income and expenses, and then devise a strategy that ensures your retirement savings last. They can also guide you in making wise investment choices, managing your portfolio and adjusting your plan as needed.
Tax Consultant
Taxes can eat into your retirement savings if not properly managed. If you’re not well versed in tax law yourself, a tax consultant will really come in handy.
They can help you understand the tax implications of your retirement income sources, including pensions, Social Security benefits and withdrawals from retirement accounts.
A tax consultant can also advise you on tax-efficient withdrawal strategies, charitable giving and estate planning to ensure you’re not paying more than necessary.
Estate Planner or Attorney
Estate planning is all about determining how your assets will be distributed after you pass away.
An estate planner or attorney can help you navigate the complexities of wills, trusts and estate taxes. They make sure your estate plan is up to date and reflects your current wishes, which provides peace of mind for you and your loved ones.
Insurance Agent
As you age, your insurance needs may change. An insurance agent can help you review your current policies and determine if they align with your retirement needs. This could include life insurance, long-term care insurance and health insurance, including Medicare.
Understanding what you’re covered for and where you might be vulnerable can help protect your nest egg from unexpected health-related expenses.
Social Security Advisor
Deciding when to start taking Social Security benefits is a major decision that can impact your retirement income for the rest of your life.
A Social Security advisor can help you understand the various claiming strategies and how they align with your overall retirement plan. They can help you calculate the optimal time to start taking benefits based on your health, life expectancy and financial needs.
The Takeaway
Retirement planning is not a one-size-fits-all process. It involves many moving parts, each with its own set of complexities. By consulting with these financial professionals, you can gain a clearer understanding of your financial picture and make decisions that will help you enjoy a comfortable and secure retirement.
Remember, the earlier you start planning and seeking advice, the more prepared you’ll be for the golden years ahead.
Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.
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