5 Reasons to Talk to a Financial Planner Before You Retire

You’ve worked hard your entire life. Retirement looks like it may be an exciting possibility soon. Through sacrifices and smart investing, you have accumulated some retirement funds and are planning for social security eligibility.

Are you concerned about managing retirement funds and getting answers to legal questions? Hiring a financial planner may be an affordable option for making sure your hard-earned money is protected and working for you.

Read our retirement planning guide for 5 areas in which a financial planner can help you make informed choices about retirement.

1. Identify Financial Goals for Retirement

certified financial planner can assist you with planning for your financial goals for retirement and advise you on how to reach them.

Think about the lifestyle you hope to maintain. Being able to pay current and long-term bills such as a mortgage and health insurance is usually the first concern. Yet, do you also have dreams of traveling or relocating?

In the years you have been dreaming about retirement, what have you envisioned your life to be like? How will you finance your bills and also create future wealth with what you have now? These thoughts are part of a conversation to have with a financial planner.

2. Portfolio Management

Financial planning for retirement does not have to be confusing or scary if you have an expert on your team.

Hiring a financial planner can be an affordable investment in making sure you make choices that not only protect your wealth but create more wealth.

Many agencies employ fee only financial planners. This means your financial advisor is paid on a set fee and not a commission on services they sell you.

When preparing for the big day of retirement, a financial advisor can help you make further investments or manage your current investment portfolio to reach your long-term retirement goals.

3. Tax Analysis

One of the most concerning areas of retirement is meeting tax obligations. Your financial advisor is well versed in tax law. They can assist you with planning for tax requirements and making sure that you are not overpaying.

Effective tax planning during retirement is necessary for income tax filing, withdrawals from retirement funds, relocation, and selling assets.

The last thing you want is to lose the money you have diligently saved for retirement through tax filing mistakes.

4. Social Security Advice

If you have experience filing government forms, you may agree that they can be very confusing.

Filing for social security benefits can be a bit daunting. You want to be sure to do it correctly because making changes later can be challenging and based on time restrictions.

You will also need to understand limitations on how much money the law allows you to make when collecting social security. How can you continue to invest and still collect social security benefits? A certified financial planner can relieve these worries with expert knowledge on how to manage these areas.

5. Evaluate Insurance Needs

Maintaining your health during retirement is a realistic goal. Medicare does not fully cover all medical expenses.

In addition to managing your investments, a financial planner can assist you with insurance planning to make sure you have the best coverage during your retirement years.

Find a Certified Financial Planner Near Me in Delaware

Black Diamond Financial Solutions believes getting ready for retirement should be a joyful next chapter in your life. Let us help you take the financial stress out of this exciting transition.

Contact us to speak with a certified financial planner in the southern Delaware area.

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Disclosure: This blog is not investment advice and should not be relied on for such advice or as a substitute for consultation with professional accounting, tax, legal or financial advisors. The observations of industry trends should not be read as recommendations for stocks or sectors.

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