3 Topics to Cover With Your Financial Advisor as You Near Retirement

3 Topics to Cover With Your Financial Advisor as You Near Retirement

August 03, 2022

Are YOU ready to retire? As you get closer to retirement, it becomes increasingly important to have in-depth conversations with your financial advisor about the years ahead. Here are some important questions to consider in your financial planning journey.

As soon as you transition from your working years to life as a retiree, you’ll need a plan for how to turn the money you’ve saved (along with other sources of income like Social Security or an annuity) into a steady paycheck that will allow you to live the retirement you want.

When you meet with your chosen financial advisor, it’s natural to want to discuss the rate of return on your investments and the progress you’re making on your financial goals. But don’t let the conversation end there — especially if you’re nearing retirement. At Agemy Financial Strategies, our financial advisors are equipped to help you design a strategy for creating income in retirement based on your unique needs and goals. 

Here’s three topics you should cover with your financial advisor as you countdown to a work-free future.

What Does My Ideal Retirement Look Like?

As you get closer to retirement, you’ve likely started to think more specifically about what you want this new time of your life to look like. Where will you live? How will you spend your time? What hobbies or activities do you plan to pursue? And if you’re part of a couple, hopefully you and your partner have started having these conversations to make sure you’re both on the same page.

The first step in making sure your retirement dreams come true is very simple: talk about them! Discussing your goals for retirement early on can help ensure that both of your visions are aligned and that there aren’t any potential obstacles down the road. But if you wait too long or don’t discuss it at all, things can get complicated quickly. 

In order to avoid disagreements and hurt feelings, it’s important for couples to talk about their expectations for how much time they want to spend together once they stop working full-time. 

Once you have established your roadmap to retirement, it's a good idea to share your vision with your financial advisor. They can help you translate that vision into dollars and cents by helping you determine the following:

Your cost of living (including property, income and estate tax implications) and any of the following:

  • Potential relocation costs 
  • Health care costs  
  • Potential long-term care costs 
  • Discretionary expenses, such as travel, new hobbies, etc.

How Can I Maximize Income From My Savings?

Once you know how much you’ll need to achieve your retirement goals, crunch some numbers to see if you’re on track financially. If you need to course correct, your financial advisor can walk you through a range of options to help you get closer to your goal. 

This might include things like:

  • Looking at all of your options for generating income
  • Debt Management and see how you can eliminate any outstanding debt
  • Taking advantage of Social Security and maximizing your benefits
  • Taking advantage of tax-advantaged accounts like IRAs or 401(k)s

What Kind of Legacy Do You Want To Leave Behind?

As you approach retirement age, you may feel a greater urgency to make sure your estate planning documents are in place and that your legacy goals are covered. While an estate planning attorney can draft or update your will or trust and powers of attorney for health care and finances, your financial professional also plays a role. They can help to ensure that your financial assets are aligned with your desire to leave your wealth behind as part of your comprehensive financial plan.

For example, if you want to leave money to a charity but also want to provide for your children’s education, the financial professional can help you consider the best way to accomplish both goals through careful asset allocation and investment management strategies. They can also discuss the best practices to save on taxes.

Your financial professional should be able to provide assistance with developing an estate plan that includes a will, revocable living trust, powers of attorney for health care and finances, beneficiary designations for retirement accounts, life insurance policies, trusts, annuities and other investments. They should also assist you in determining what assets need to be transferred out of your name following death.

Why Agemy Financial Strategies

If you are like most Americans, your retirement plan is likely to be a combination of personal savings, 401(k) plans and Social Security. Once you have estimated the amount of money that you may need for retirement, a sensible approach involves taking a close look at your potential retirement income sources and making amendments where needed.

For over 30 years, we've helped our clients plan and prepare. This way, when the unforeseen occurs, their clients are uniquely positioned for success. We work hard to deliver a dependable retirement income strategy, in any market, so that clients can enjoy the “best” of their lives during retirement. We are ready and waiting for all your retirement questions! Tune into the Financial Strategies podcast each week or drop us your question online here.

At Agemy Financial Strategies, we want you to know that we are committed to helping you achieve your retirement goals. As Fiduciary advisors, it is our duty to act on your behalf by finding the right solutions for your individual wants and needs.

For more information on our retirement and financial planning services, contact us here today.