What’s your end goal? There are many factors to consider when retirement planning. The right person to help you with that can be difficult to find. Your planner needs to know what you want out of life and how much risk you’re willing to take on in order to achieve that. So it’s important to find someone who not only has all the skills you need. Who also cares about your interests and needs specifically. Here are some questions you should ask any potential retirement planner before signing up with them.
Outline your goals
The first step to reaching your retirement goals is writing them down. Most people want to continue working because it’s fun and offers intellectual challenges, but that doesn’t mean retirement planning has to feel like a job. Before you decide how to create your future vision, write down what you want from life as a retiree: Do you dream of traveling? Working on a hobby full-time? Changing careers completely? Also consider how much money you need in order to be comfortable. It will dictate where (and whether) you choose to live and will shape other financial decisions along the way. Outlining your goals will help keep things on track later in life when it comes time for investing and budgeting.
Do your research
There are a number of considerations to think about when choosing a retirement planner in Plant City FL, including how much you’re willing to pay. But first and foremost, make sure your planner is licensed by state or local regulatory bodies. Make sure your planner has experience with people in your position . He should understand how to advise on various plan types: defined benefit plans, defined contribution plans and individual retirement accounts (IRAs). If they don’t have direct experience with all three types of plans, ask them what kind of research they do as part of their process. A good financial planner will be able to provide facts about historical performance . He also provides other details about different investments so you can make an informed decision.
Make sure they are ACA compliant
As of 2014, all federally registered financial planners have to be registered with FPA. But do make sure your planner is actually a CFP—not just someone who went through an education program and takes exams. All newly minted CFPs have three years to get their certificates of completion on file at FPA. Plus, you should ask any planner you’re considering how long they’ve been practicing . What their experience has been like with clients in your situation. Say, if you’re nearing retirement, or already there and planning for it. That’s a good way to find out about how their practice works. Are they more interested in investing assets than other aspects of planning?
Check out past clients
So you’ve decided to hire a retirement planner in Plant City FL, but how do you know which one is right for you? Talk to your peers and coworkers and see if they have any experience with retirement planners. If not, look up reviews of some of their competitors in local newspapers or review sites such as Yelp. Many retirement planners will offer a free initial consultation. Make sure that any initial consultation is focused on determining whether your needs are a good fit. Don’t rush it and don’t settle! Above all else, trust your gut: if something doesn’t feel right when you meet with them, choose someone else.
Finally, don’t forget about tax planning. It’s easy to get so caught up in retirement savings that you forget about taxes. Make sure your retirement plan also includes strategies for reducing what you owe come April 15th. You may even want to consult a CPA or other professional who specializes in taxes.
Is this planner independent?
An independent planner will have no ties to any specific product or service. He gives you a free hand in choosing your investments. If a planner does sell investment services or products, he or she should be able to refer you to a colleague who doesn’t. Choose an adviser with his own fiduciary responsibility—that is, someone whose financial interests are aligned with yours. Avoid planners who are registered representatives of investment firms and advisers who work on commission (like stockbrokers). Such advisers may be legally required to put their clients’ interests after their own . They may not be allowed to provide you advice about how much fee-based compensation they receive from third parties.
