Tranel Talks Column

4 Ways a Financial Consultant Can Help You Prepare for Retirement

Retirement is meant to be a stretch of time where you’re able to relax and spend time with family and friends while reaping the benefits of a hard-working life. Unfortunately, many people aren’t able to retire when they want or how they want because of their financial obligations. Considering that one-third of Americans have no savings for retirement, it’s not surprising to see this predicament. For people who are wondering how they will afford their retirement, it’s best to think and plan ahead. A financial consultant or retirement planner could assist you in managing your assets and preparing for the future.

Here are four ways that a financial consultant can help you prepare for retirement.

They Can Help You Invest for Retirement

Many people have worked at a company that offers them a 401k and have been paying into social security since they joined the workforce. However, only relying on these means, particularly if social security would be your only source of income, can be challenging. A financial consultant can help you make other investments, such as an IRA or a CD, which can help expand upon your net worth. These investments will give you a safety net, which will protect you from the unknown to come.

They Can Help Set Up a Savings Plan

It’s important to have accumulated savings for retirement because, in a traditional retirement, your income becomes very limited. If there is an emergency or someone makes an unexpected purchase, they may need to dip into their savings to get through that time. However, if there are limited or no savings available, then there can be issues for people. Either they physically won’t be able to pay for it at the time and need to use credit, which will accumulate interest and make the unexpected purchase even more expensive, or they won’t have a fallback for the next time there’s an issue. Financial planners can work with people approaching retirement age and help them make sure they have enough savings. Working on a retirement plan to accumulate enough savings allows for financial stability through any hardship that may arise.

They Can Help You Plan Your Purchases

Many people have difficulties with overspending. They may want the newest version of everything, the biggest name brands, or just want to make sure that they have something for every last occasion. This habit bites into people’s budgets in the best of times, and once they hit retirement age and have a limited income, it can be challenging to manage. Of course, there are things that you need to buy in retirement, as well as things that you just want. People can still make these purchases in retirement, they just have to be smart about them. Financial consultants can help people plan out their purchases in retirement and make sure that they get everything they want and need while staying within their means. This type of retirement planning helps people get the most out of their retirement possible without financial stress.

They Can Help Plan Your Will and Estate

One of the realities of retirement is that it is the proverbial Autumn of your life. The reality is that it is important to have a plan for your estate and the future beyond your life. A financial consultant can help you be prepared, both financially and in terms of what you want to be done. Planning and saving money for one’s own funeral is growing in popularity, as it is a financial burden that many folks don’t want to put on their families. For others, they just want a plan in place for their assets to go to their families, a charity, a school, or another place that matters to them.

Retirement planners and financial consultants want what’s best for you as you head into what should be one of the most enjoyable parts of your life. They’ll help keep financial stress away while making sure you have everything you need to enjoy life to the fullest.