Preparing for Retirement With a Financial Adviser

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Contributor, Benzinga
January 11, 2023

Retirement is a significant part of a person’s life. Saving for retirement is one of the best ways to prepare for your future, even when retirement seems ages away. As investors age, retirement feels more immediate and the need for detailed planning arises. And it’s never too early to start planning.

For a truly detailed retirement plan that outlines income, expenses, healthcare and much more, retirees and near-retirees should work with a retirement financial adviser. Advisers can give personalized advice and recommendations on investments, lifestyle choices and much more.

What Is a Retirement Financial Adviser? 

A retirement financial adviser is a type of financial planner that specializes in all things retirement. They can help investors with everything from investing and saving before retirement to budgeting and spending during retirement. These licensed fiduciaries are crucial in ensuring retirees have a comfortable and prosperous retirement.

Retirement is much more than deferring income and spending it in retirement. It requires complex math to ensure you are saving enough as well as making important choices regarding healthcare, residency, Social Security benefits and expenses, all while maintaining a high quality of life. 

It’s important that investors and retirees have a platform where they can easily talk to their retirement adviser. Some platforms allow people to access their advisers over message, email or phone or video calls. Advisers are meant to help you talk through decisions and questions regarding your retirement, so you should be able to reach out to them whenever you need to.

How Can a Retirement Financial Adviser Help You Plan? 

There are many benefits of using a retirement financial adviser for retirement planning, which can provide peace of mind during the best years of your life.

Getting the Best Retirement Income

Retirement income comprises multiple streams, namely Social Security benefits and distributions from a retirement account. But there are many nuances to forming your retirement income that an adviser can walk you through. For example, they can help you decide when the best age to start taking Social Security is. They can also help make investments that will provide passive income and help you come up with a decumulation strategy. 

With the help of an adviser, you can come up with an income strategy that will cover your expenses and last throughout retirement. This assistance is crucial before and during retirement and is much more personalized and reliable than using a retirement calculator. Beforehand, retirement advisers can help make sure you’re saving enough to meet your retirement goals without impinging on your current financial situation. They’ll keep you apprised of your progress and guide you through investment decisions.

Finding the Right Healthcare

Healthcare might not seem connected to financial planning, but it’s intrinsically linked to it. When people retire, their healthcare costs typically rise because of aging. Many retirees choose to enroll in a Medicare plan after they lose employer-sponsored insurance. But not all Medicare plans are the same. Because healthcare is a huge part of retirement and a significant expense, many retirement financial planners can help you choose the best healthcare plan.

When looking for a retirement planner, it may be beneficial to search for a platform and adviser that has a connection to Medicare. That way, your adviser can leverage those connections to find you the best plan to fit your healthcare needs and your expenses. Then it will also be easier for them to account for healthcare costs in your retirement budget.

Housing Once Retired

Some retirees choose to move during retirement. This may be to another state or may involve downsizing and going from a house to a condo. No matter what you decide, your retirement adviser can help you through it. If you’re questioning how much money you could potentially save by downsizing or moving, your adviser will be able to walk you through various situations and help shed light on what the best decision for you is.

Many retirees move to a different state during retirement for a better tax situation and lower cost of living. Some states don’t tax retirement income, which can help retirees save money. Retirement planners are experts on all things retirement and can walk you through different states’ benefits during retirement to help you find the best housing. Then, they will help fit those costs into your budget so it is all accounted for.

Quality of Living While in Retirement

Retirement isn’t just about money. It’s about establishing a lifestyle that you will enjoy. After working hard your entire life, you deserve to enjoy retirement. A retirement financial adviser will understand that and can help balance the financial aspect with maintaining your quality of life. They’ll help provide financial peace of mind so you can enjoy your best years.

Guidance and Updates on Portfolios

Retirement planning is not a one-size-fits-all solution. Typically, your savings strategy will change throughout your life as you reach certain milestones such as receiving a raise, getting a promotion, getting married and buying a house. There will be multiple times in your life when you’ll need to rethink your retirement savings. A retirement adviser will be there every step of the way to help you pivot and adjust your strategy so that it makes sense for your lifestyle.

Additionally, as you near retirement, your investment strategy will change. You’ll slowly want to switch to less risky investments to focus on generating reliable streams of income. You may also need to switch types of retirement accounts or convert your savings accounts to a Roth individual retirement account. An adviser will go over all of this and help you diversify and reallocate your investment portfolio as needed.

How To Find a Retirement Financial Adviser 

Thanks to technology, investors have access to a wider range of retirement advisers and planners than ever before. But that can make it difficult to narrow down their options. Many investors choose to have an adviser who is linked to their savings accounts. This way, advisers can directly impact the investment choices you are making and can make more personalized decisions regarding your finances.

When looking for a retirement planning platform and adviser, it’s important to find one that is always accessible to you. That way you can talk through any problems or questions you might have right away, instead of having to wait for a regularly planned meeting by which time it may be too late to ask your questions. Of course, your adviser also needs to be a registered fiduciary with proven experience in retirement planning.

 Your Personalized Path to Retirement

Every investor’s financial situation and lifestyle are different. That’s why it’s so important to work with a retirement financial adviser who can help you make decisions based on your situation. This will provide the best opportunity for an enjoyable retirement. Find a financial adviser today and take the first step toward your future.



What is the difference between a financial adviser and a retirement adviser?


A financial adviser typically handles other aspects of a person’s finances, including taxes, investments, philanthropy and estate planning. A retirement adviser is a type of financial adviser who focuses specifically on the nuances of retirement.


Do millionaires use financial advisers?


Many millionaires use financial advisers to help manage their investments, estates and other assets. However, professional advisory services are becoming increasingly accessible for non-millionaires as well.


What should you look for in a retirement plan adviser?


A retirement financial adviser should be easily accessible, a registered fiduciary and able to make decisions on your account based on your personal situation.

About Savannah Munholland

Savannah Munholland is a dynamic author and communications professional known for her captivating storytelling and expertise in public relations. With a passion for YA fiction, Savannah explores themes of sexuality and acceptance in her writing, resonating with diverse audiences worldwide. Alongside her literary pursuits, she excels in verbal and written communications, social media management, and customer service, showcasing her multifaceted talents. As a dedicated advocate for the LGBTQ+ community, Savannah’s work reflects her commitment to promoting inclusivity and representation. Whether crafting compelling narratives or spearheading PR campaigns, Savannah’s creativity and determination leave an indelible mark on every project she undertakes.