Before your first visit, most financial professionals will ask you to pull together a lot of paperwork.
They’ll want to see tax returns, retirement account statements, Social Security benefit statements and so on.
But it’s just as important — maybe more important when meeting with a retirement specialist — that you gather your thoughts before you go.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
A good adviser will want to learn all about you: what you want to accomplish in retirement, what kind of lifestyle you hope to have and what you worry about most. You might think the answers are top of mind — after all, you’ve probably been thinking about this for a decade or more. But you’d be surprised at how many people go blank when their adviser stops talking about his experience and abilities and says, “Now, let’s chat about you.”
When we put together a comprehensive retirement plan for our clients, the starting place is always with your retirement wish list.
So get out a notepad or laptop, and start now!
Ask yourself:
- In a perfect world, when will I retire? Do you like your job? Do you have health issues? Do you need more time to save money? Make sure you and your spouse are on the same page, so you’re working toward the goal together.
- What are my short-, mid- and long-term financial goals? Surveys tell us the No. 1 worry of today’s retirees is that they’ll run out of money, so we know they’re preparing for a long haul. But what about the first years of retirement? Think about how much income you’ll need at each stage of your life.
- What are my needs, wants and wishes? Be clear on the differences between what you need to have and what you’d like to have so you know from the start what is most important to you.
- Where will I retire? Do you want to stay in the same town you’re in now, or are you ready for a change – a move to a mountain cabin or someplace warm? Will you want to downsize, or will you try to age in place?
- If I had all the money I would ever need, how would I spend my time? Having a clear plan for how you’ll fill your days is crucial to your mental and physical health. All those hours you used to spend working will now be free for other activities. Do you have hobbies? Will you volunteer? Some of our clients can’t believe how busy they are in retirement. Others have nothing but idle time on their hands; they’re bored and miserable.
- How much money does it cost to live today? Some people have never made a budget, but in retirement planning, it’s a must. If you plan to maintain a lifestyle similar to the one you have while working, you have to consider inflation, taxes and health care costs.
- What about health care? What would happen to your financial picture if you got sick for an extended period? What would happen to your spouse’s financial well-being? Do you have a plan for how you’ll pay for long-term care?
- Will my wishes be carried out in the event of disability or death? Do you and your spouse have a will, durable powers of attorney and a living trust, and are all those documents current?
These answers are crucial to understanding your desired lifestyle, and whether you’ll be financially, physically and emotionally ready for retirement — so take the time to consider each one.
Make that first meeting with your adviser as meaningful as possible, and be sure you come prepared.
-
Donating Complex Assets Doesn't Have to Be ComplicatedIf you're looking to donate less-conventional assets but don't know where to start, this charity executive has answers, such as considering a donor-advised fund (DAF) for its tax benefits and ease of use.
-
Travel trends you can expect this summerThe Kiplinger Letter Domestic trips will trump foreign travel amid economic uncertainties, though some costs are down.
-
Donating Complex Assets Doesn't Have to Be Complicated
If you're looking to donate less-conventional assets but don't know where to start, this charity executive has answers, such as considering a donor-advised fund (DAF) for its tax benefits and ease of use.
-
Think a Repeal of the Estate Tax Wouldn't Affect You? WrongThe wording of any law that repeals or otherwise changes the federal estate tax could have an impact on all of us. Here's what you need to know, courtesy of an estate planning and tax attorney.
-
In Your 50s? We Need to Talk About Long-Term CareMany people don't like thinking about long-term care, but most people will need it. This financial professional recommends planning for these costs as early as possible to avoid stress later.
-
Social Security Pop Quiz: Are You Among the 89% of Americans Who'd Fail?Shockingly few people have any clue what their Social Security benefits could be. This financial adviser notes it's essential to understand that info and when it might be best to access your benefits.
-
Such Attractive Yields in High-Grade Munis Are Rare and May Not Last LongAccording to this munis expert, the last time munis were this cheap was a brief period in 2023. If you kicked yourself for missing out then, you have a second chance now.
-
Financial Analyst Sees a Bright Present for Municipal Bond InvestorsHigh-tax-bracket investors have an excellent opportunity to secure low-volatility, high-quality returns at yield levels rarely seen in over a decade.
-
I'm an Insurance Pro: How Not to Get Dumped by Your Insurance AgentYour insurance agent or broker might show you the door if you do any of these five things. Being a good customer is about more than paying your bill on time.
-
Two Estate Planning Issues You Should Never OverlookThis estate planning attorney explains why proper asset titling and beneficiary designations make a big difference when it's time to transfer your wealth.
