In Retirement, a Do-It-All Adviser Can Offer Comprehensive Options
To make sure all your bases are covered — from investments to taxes and a long-term income plan — you may want to work with a dually licensed financial professional.


What are two things retirees are fairly certain to be worried about these days?
Death and taxes.
Or maybe that should be three things: life, death and taxes. Because retirees and pre-retirees usually say what they’re most concerned about is outliving their money. But they also tell us they’re mighty anxious about what will happen to their loved ones when they die, and what taxes could do now and in the future to damage their nest egg.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free 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.
Baby Boomers have had to become savvier about preparing for retirement than past generations, as the onus of providing future income has shifted from employer-sponsored pensions to employee 401(k)s. They know there are issues they should be addressing — sometimes they just aren’t sure how.
Unfortunately, after decades in savings mode, many still haven’t made the leap from their accumulation and growth mindset to preservation and distribution planning. Often, they may continue working with a broker instead of a financial adviser, which means they may not be getting truly comprehensive advice on issues such as how to optimize Social Security, how to plan for required minimum distributions, how to time distributions and how to help protect a surviving spouse so she can continue living a comfortable lifestyle. It’s no wonder they’re feeling nervous.
Did I mention that all these concerns tend to overlap?
A Widow’s Dilemma
Take, for example, a woman who loses her husband. Right away, she’ll lose the lower of the two Social Security checks that were coming in. No way around it. And possibly her husband’s pension — if he had one. And because she and her husband were doing fine until he died and didn’t take any money from her 401(k), when she turns 70½ and has to start taking required minimum distributions, she’ll have to do it as a single taxpayer instead of married filing jointly.
These common concerns, and others like it, could be defused with solid retirement planning. And one of the best ways to do that may be to hire a dually licensed financial professional who can provide both investment advice (diversifying your portfolio, making sure you’re not in over your head with risk) and insurance advice (transferring some of that risk to life insurance or maybe an annuity that would provide consistent income for life).
Insurance Options
Investment accounts aren’t the only things that have changed for the Baby Boom generation. Life insurance carriers have created products that can help address this generation’s fears about longevity, long-term care and taxation. They’ve made life insurance an asset class for retirees, instead of simply offering traditional death benefits. A dually licensed adviser can help bring it all together in one plan.
When you’re building a house, you don’t go to the plumber to talk about the electrical work, and you don’t go to the electrician to talk about the pipes. You talk to the licensed contractor, who can get you answers to all your questions. Same thing here.
What too many people are trying to do is leave it all up to the securities guy, or leave it all with the insurance guy. And then they wonder why they have a fear of running out of money or why they’re not getting any growth. While having someone who is dually licensed isn’t going to eliminate all your fears or concerns, it can help to have someone who can evaluate these components together.
The right adviser can go right down the middle and work to create a strategy that can help address all your concerns holistically.
Kim Franke-Folstad contributed to this article.
Investment advisory services offered through AE Wealth Management, LCC (AEWM). AEWM and Retirement Solutions Group are not affiliated entities.
Investing involves risk including the potential loss of principal. Insurance and annuity product guarantees are backed the strength and claims-paying ability of the issuing insurance company.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Alan E. Becker is the President and CEO of RSG Investments, LLC and Retirement Solutions Group, Inc., with multiple locations in the Kansas City, Missouri, metro area. After his service in the Navy, Alan entered the financial industry in 1998. He began as an insurance agent holding licenses in Kansas, Texas and Missouri before passing his Series 65 securities exam to become an Investment Adviser Representative. He has since built RSG Investments and Retirement Solutions Group from the ground up to serve as an independent source of comprehensive financial advice capable of helping individuals "to and through" their unique retirement journey.
-
S&P 500 Hits New Highs as Rally Resumes: Stock Market Today
Tech stocks were the biggest gainers on Wall Street today, with Nvidia and Dell making notable moves.
-
The Shutdown Standoff Is Heading for Its Next Big Test
A key mid-October deadline could intensify the shutdown fight in Washington, and the fallout could soon hit workers and your wallet.
-
Preferred Bank Stocks: The Investment Retirees (and Others) May Be Missing Out On
Most large banks issue preferred stocks that pay out fixed dividends, often with higher yields than bonds. Should you make room for them in your portfolio?
-
Don't Let Your Equity Compensation Trip You Up: A Financial Expert's Guide
Stock options, RSUs and other executive perks can come with some serious strings attached. To avoid a nasty tax surprise, you need a plan.
-
The Spendthrift Trap: Here's One Way to Protect Your Legacy From an Irresponsible Heir
A spendthrift clause in an estate plan can protect an inheritance from a financially irresponsible child's debts and poor decisions.
-
Adapting to AI's Evolving Landscape: A Survival Guide for Businesses
Like it or not, AI is here to stay, and opting out could be disastrous for your organization. Instead, focus on what you can control and be flexible, as AI is still evolving.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy Investing
Investing in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Escaping the New Golden Handcuffs: A Financial Expert Has a Plan for Today's Executives
Feeling stuck in your job? It could be your complicated compensation package, but it also could be where you live, your family or even how you view yourself.
-
I'm a Financial Planner: Here's How to Invest Like the Wealthy, Even if You Don't Have Millions
Private market investments, once exclusive to the ultra-wealthy and institutions, have become more accessible to individual investors, thanks to regulatory changes and new investment structures.
-
Four Ways a Massive Emergency Fund Can Hurt You More Than It Helps
Saving too much could mean you're missing opportunities to put your money to work. Redirect some of that money toward paying off debt, building retirement funds, fulfilling a dream or investing in higher-growth options.