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4 Questions You Should Be Asking Your Retirement Advisor
What value do you provide as a retirement planning advisor?When you ask this question, you’re asking about what services you will be receiving and at what cost. What makes this particular retirement company or advisor capable of providing you with the best in retirement planning services over another retirement planning company? In fact, what do they offer that you can’t do on your own? Working with a retirement planning advisor can provide you with not just best practices, but also investment options that you wouldn’t even know were available. A retirement planning advisor can also provide you with pertinent information and big picture planning that can help you figure out when is the best time for you to retire, how much you need to sustain yourself through retirement, and when to start collecting on Social Security benefits. Having up-to-date and thorough information can help you to make the best financial decisions. Making sure the services a retirement planning advisor offers lines up with your personal retirement plan is key and understanding their approach to retirement planning can help you make that decision.
Do you provide comprehensive retirement planning?Depending on your retirement planning needs, this question can be critical. Some retirement planning companies and advisors work with very strict types of investments and won’t help with other areas of your retirement plan. You want to make sure that you are able to get the services you need from your retirement planner. For example, Income for Life works very closely with different types of annuities and life insurance, but we can also help with Social Security planning, 401(k) planning, and help you manage your overall retirement goals. Making sure your advisor is the best to help you with your unique plan, or help you make that plan, is very important when choosing your retirement advisor.
What is your professional background?As important as it is to make sure that your plan for retirement works with a retirement advisor’s services, it’s also important that an advisor’s experience level is appropriate for your needs. You can never have an advisor with too much experience, but you can have one with too little. Someone who does not have experience working with a variety of individual situations and a variety of retirement solutions will not be able to help you create a fully comprehensive plan designed perfectly for your needs.
What does compensation look like for your services?Sometimes the most important question can be the hardest to ask. It’s important to ask a retirement advisor what they’re fees look like. There are many different ways in which fees schedules and payments may look. Some retirement advisors may take a percentage of your portfolio, some may be paid a flat rate, and others may be paid by the distributors of the products which the advisor sells. There are many different ways that this can work and understanding what impact that may have on you and your investments is important.
Income for Life is an independent retirement income strategies firm that focuses on helping you find the best retirement plan and strategies to meet your lifestyle. Additionally, we not only want to help you retire, but we want to help you stay retired. With professionals experienced in solely retirement planning, your needs are always put first. Learn more about what Income for Life has to offer by visiting our website or scheduling a free consultation with us today!