4 questions clients ask a financial planner about retirement fears


  • A financial planner says clients are worried about how the news cycle will affect retirement plans.
  • He is also constantly asked how to ensure that the money will last a lifetime.
  • Questions about estate planning are also common.
  • Read more about Personal Finance Insider Coverage »

Financial planners receive a lot of questions about retirement, both from retirees and those still planning to exit the workforce.

MAI Capital Management financial planner Ryan Ashley says there are four questions he consistently answers about retirement.

1. How will the news affect my retirement and investing plans?

Ashley says many of the discussions about retirement often begin with questions about what’s going on in the news cycle and what impact it might have on retirement planning.

“You will have questions about political elections, higher taxes, investment matters or interest rates. Whatever the topic of financial news, this is usually the starting point for many questions.” , Ashley said.

While this is a common concern, it’s likely the news shouldn’t make a difference. If you have a solid financial plan, sticking to it is usually the best course of action, regardless of the headlines, he said.

“Have a proactive game plan in place so that when the topic of the day changes, when something unexpectedly happens in the world or in the market, you have the comfort of knowing your plan is OK,” he said. -he declares.

Financial plans are generally long term, especially in the event of retirement. This means execution takes decades. If you’ve worked hard to put together a financial plan, it’s usually best to stick with your savings, investment, and retirement plan. The ups and downs of the market level out over time, no matter what is happening in the news.

2. How do I create an income stream that will last my entire life?

Ashley gets a lot of questions from clients about how to live off their money in retirement, how to grow their money, be tax efficient and make their money last. As a financial planner, he says it’s about managing assets properly.

First, he asks them about their current financial plan: their past experience, their current investment strategy, and how much clients have already planned on their own.

“I want to know what their game plan is for turning the assets they’ve worked so hard to save for decades into a stream of income,” Ashley said. “Have they thought about it? Do they know the most tax-efficient ways to collect income in retirement? “

Then it’s about adjusting the financial plan to make sure the money will last. Having your accounts properly invested for your deadline, as well as making sure you’ve saved enough to support the lifestyle you plan to live in retirement, are two important factors in this process.

3. How can I manage my family’s finances if I am unable to make decisions?

No one wants to think about a future in which they are unable to make the financial decisions that affect their family, but that day will come for many of us.

Sadly, Ashley says it’s something he sees people lacking in their financial plan.

Talking about investment strategies can be more fun, but it’s just as important to make sure your money is taken care of if you are incapacitated. Answering this question typically involves creating or updating estate planning documents, such as a living will and power of attorney. A living will describes instructions for medical treatment if you are unable to make decisions for yourself, and a power of attorney may appoint someone else to make financial and medical decisions on your behalf if you are not. not able to do so.

4. How do I transfer wealth to my spouse and children and to organizations close to my heart?

Estate planning is an important conversation to have and a common topic that people have questions about, Ashley said.

And while it’s not the easiest conversation, it’s essential. “Daydream about the kind of financial legacy you would love to leave for your kids, your favorite charities,” Ashley said. “Then make sure that we proactively have these estate planning documents in place so that those wishes are executed efficiently and accurately. “

For starters, you’ll want to make sure you have a will and that the correct beneficiaries are named on all investment and insurance accounts (remember, you can update them if your situation changes).


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