What Is The ‘One’ Piece Of Advice Professionals Give People About To Retire?

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Ask any four financial professionals this question and you’ll probably get five answers. Here they are.

“Be ready,” says Viktoria Wilson, a financial advisor in Ann Arbor, Michigan. “Preparation, preparation and preparation is the key. A lot of people reach a certain age and decide to retire. They have accumulated some assets, so they feel they are ready. There are a lot of decisions to be made in retirement and a lot of them are one time chances, , so people need to be aware of how each choice may affect them and then choose.

“If you are thinking about retiring you should start the process 3-5 years before the date you want to retire,” says Mark Minder, Vice President of Retirement Plans & Benefits at Darden Wealth Group in Ann Arbor, Michigan. “You should create a plan with a fee-based advisor that shows you what is possible. This plan should not only include your basic income needs but your wants and dreams for the future.

“Many participants feel a need to move ‘their’ assets out of their former employer’s plan,” says Rich Rausser, Senior Vice President, Thought Leadership and Practice Management at Pentegra in White Plains, New York. “Participants should consider keeping their assets in the plan after retirement in order to leverage the purchasing power and scale of their employer’s plan in an effort to keep their investment costs low. Seeking the help of a financial advisor can help them meet this challenge.

“Build an income plan with a professional who understands the myriad issues that a retiree faces when attempting to live off their savings,” says Brian G. Blackwell, Director of Financial Planning at Spotlight Asset Group in Atlanta. “There is no other educational program available which equally equips advisors with the knowledge around all the strategies for taking income in retirement. They will be able to help you build an income plan that fits with your situational needs.

 

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