Questions to Ask Financial Planners on Retirement


When you retire, you may need the help of a financial planner. Financial planners can provide you with their specialized knowledge of how to effectively save and invest money for your future. Being able to ask a planner questions helps the planner determine what is most important to you after you are no longer working.

How Much Do I Save For Retirement?

  • A financial adviser can give you a basic idea of how much money you'll need to have saved before you can retire. Financial advisers provide this information in addition to calculating how much you must save every month, and what interest rate you must earn, in order to meet your chosen retirement goal.

How Do I Create a Practical Budget?

  • Part of any comprehensive financial plan is a practical budget. A budget that you can stick to will help you keep your savings commitments. It also will help you prioritize your values and give you a clear vision of what you consider most important in your life. By knowing what you spend your money on, you can focus your attention on whether your spending habits and behavior are moving you toward, or away from, your long-term retirement goal.

What Types of Investments Are Appropriate for Me?

  • There is no one-size-fits-all investment product. The investments that are best for you are those you understand the best. Your financial planner can help you understand investment strategies that are confusing to you so you can determine if they are worth investing in according to your retirement goal. Your planner also may strengthen your existing knowledge about any given investment.

Will I Run Out of Money in Retirement?

  • When you talk to a financial planner, it's helpful to know whether you will have enough money to last you throughout your retirement. While projecting the initial savings amount you need provides you with a guideline for retirement, you also must determine how best to take distributions from your retirement accounts. Your adviser may recommend using annuities or fixed interest accounts. You'll also need to know how taxes and inflation can affect retirement payments. If your retirement income runs out prior to your death, your plan has failed.

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  • "Practicing Financial Planning for Professionals (Practitioners' Edition), 10th Edition"; Sid Mittra, Anandi P. Sahu, Robert A Crane; 2007
  • "Ernst & Young's Personal Financial Planning Guide, 5th Edition"; Martin Nissenbaum, Barbara J. Raasch, Charles L. Ratner; 2004
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