Five Questions to Ask Your Financial Advisor When Planning Your Retirement

Are you getting ready to talk to your financial advisor about retirement? If so, there are probably loads of questions running around in your head. Retirement planning is complicated. That’s why financial advisors are needed. Their important job is educating you and creating a retirement plan you can count on. Your important job is to to know and understand everything that plays into your retirement. You can do that by asking your financial advisor the following five questions:

Am I on the Right Track with My Retirement Savings?

Keeping track of your retirement savings is the most important part of retirement planning. If you don’t have enough money, you can’t retire. You should always ask your financial advisor if your retirement savings are on the right track. You should also ask where your savings are going and how much money you’re making off compound interests, stocks, and other investments they might be making for you.

Will Debt Get in the Way of my Retirement?

Debt can certainly get in the way of your retirement and it’s something you want to ask your financial advisor about. If you do have too much debt, you can search for ways to reduce it. The best thing to do is ask now rather than later, as later might be too late and you’ll have to push back retirement.

When Should I Take Social Security?

Knowing when to begin taking Social Security is a big part of a sound retirement plan. Ask your financial advisor when is the best time to take Social Security. Know that you can receive substantial financial benefits if you delay Social Security. In contrast, you’ll have to pay a penalty if you take Social Security too early.

How Much of my Current Income Can I Replace in Retirement?

You’ve probably spent years or even decades with a fixed income. Ask your financial advisor if this will change during retirement. A change in income is a big deal and you should be prepared for it. Your financial advisor should be able to give you an idea of how much will be coming in when you retire.

When Will I be Eligible for Medicare?

Health costs are a huge part of all financial plans. Unfortunately, they’re substantial in our country. Medicare was created to help you pay for health costs during your retirement. You should ask your financial advisor when you’re eligible for it. When you are, you should make arrangements to begin receiving it in place of your private insurance plan.
The above mentioned questions were created to help you get the most out of your appointment with your trusted financial advisor. They cover all aspects of your retirement: savings, debt, social security, income, and health. It’s important that you understand where your money is and what it’s doing. It’s also important to understand the timeline associated with your retirement plan. Ask these questions to your financial advisor and go into as much or as little depth as you want to ensure you’re properly prepared for retirement.