For folks who are in the final stretch before retirement, tying up any loose ends is essential. Before they begin traveling, taking up hobbies, and enjoying downtime, retirees must be sure that they have the assets necessary to support themselves. Retirement planning can take decades of hard work, but seeking sound financial advice from a professional can help ensure that retirees are on solid financial footing for their golden years. Whether you are seeking financial advice for the first time or have worked with a professional advisor for years, here are some reasons why soon-to-be retirees should talk to financial experts.
Financial Advice Provides a Valuable Second Opinion
Although there is a great deal of preparation and research that people can do on their own, talking with a retirement planning expert can provide valuable insight, clarification, and guidance. There is a great deal of nuance involved in financial planning, and consulting a professional for financial advice can help you ensure that you are indeed following the correct course of action. An advisor can evaluate your plan and suggest any changes that can bolster your financial stability in retirement.
Plan for Expected and Unexpected Complications
Once retirees have established sufficient assets to support them and their loved ones into retirement, knowing how to spend those funds can be tricky. Many folks seek financial advice so that they know which accounts to tap into first and which funds to use for certain expenses. Financial advisors can also bring up complications that are unexpected, but that are well within the realm of possibility. You may need to plan for things like a sudden illness, the loss of a spouse, or other significant life events that can have major financial implications.
Ensure That Spouses and Dependants are Provided for
Seeking financial advice is particularly important for soon-to-be retirees who have adult children, spouses, or other dependants. While you may be able to provide for your family now, your retirement plan should ensure that your dependants are provided for in the event of your decline in health, loss of mental faculties, or death. These situations can be difficult to think about and plan for, but working with a financial advisor can ensure that all of your bases are covered no matter what.
Take Control of Your Finances with EveryIncome
EveryIncome is dedicated to providing our clients with career and finance management tools to help them create a stable financial future. Regardless of where you are in life, our system of tools and guided learning is tailored to fit your specific needs. Take control of your financial health today. Contact the team at EveryIncome online or give us a call at (571)370-5400. For more tips and tricks to foster financial wellness, follow EveryIncome on Facebook, Twitter, and LinkedIn.