If you’re planning on retiring in California, you’ll want to find a retirement planner who can help navigate the process. This guide provides tips for finding the right retirement plan for your needs, as well as advice on how to plan for the future.
1: Select a Planner That Is Right for Your Specific Needs.
Finding the right retirement planner begins by understanding your needs. Your retirement plan should be tailored towards you and your unique financial goals, so it’s important to find a planner that is a good fit. It’s also important to make sure they are familiar with California regulations about investing and taxation so they can ensure you get the best advice for your retirement plan.
2: Ask for References and Check Qualifications.
When seeking the services of a retirement planner, it is important to conduct some due diligence and make sure that you are hiring the right person for the job. Ask for references from previous clients and check their qualifications to ensure they have the expertise needed to provide quality advice. It’s also important to review any fees associated with their services and decide if they are reasonable for your circumstances.
3: Make Sure Your Planner Understands Social Security Strategies.
Social Security is an important piece of retirement planning. Make sure your California retirement planner is knowledgeable about different Social Security strategies that you can use to maximize your benefits. Ask them questions about their ability to take your current and future income into account, recognize when claiming at certain ages makes the most sense for you and your family, and how they can assist with asset protection and estate planning options.
4: Ask About Professional Fees and Financial Planning Services Offered.
Professional fees for retirement advisors vary and can range from hourly rates to annual fees based on your overall portfolio. When selecting a retirement advisor, ask about the different types of financial planning services they offer. This could include estate planning, tax advice, insurance assistance, portfolio allocation, and review and debt management. A financial planner should be able to provide a list of services offered along with any fee structure.
5: Evaluate the Planner's Communication Style and Lasting Priorities.
Having open and frequent communication with your retirement planner can help you develop and understand a goal-oriented plan tailored to you. Set up meeting schedules ahead of time so that you can discuss important changes that come with life’s ebb and flow, including any major expense shifts or career alterations. Be sure to discuss priorities and values that shape how the money should be managed over the long term. You will want to get advice from someone who understands what matters most to you and isn’t solely focused on short-term gains.