• Fri. Nov 8th, 2024

Who is a Retirement Planner, and What Do They Do?

Louise Villalobos

ByLouise Villalobos

Jul 26, 2024
Who is a Retirement Planner, and What Do They Do?

No matter how far away your retirement may seem, it is important to think ahead and start planning your life after many years of work. Planning for retirement is overwhelming. For this reason, you may need a professional to guide you through.

This article explains all you need to know about retirement planners and what they do. Stick around to learn more.

Who Are Retirement Planners?


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Simply put, a retirement planner is an individual who specializes in guiding clients on how to prepare an effective retirement plan that ensures they are financially secure after retiring.

A proper retirement planner must have extensive experience in various areas. Other than advising on what investments clients should inject funds into, they should also offer advice on matters like when to claim Social Security benefits, the right insurance coverage to take, how to reduce taxes, and the appropriate ways to distribute your wealth to dependents.

Furthermore, retirement planners may advise on nonfinancial aspects, such as where to live after retiring, when to quit working, and how to spend time during retirement, among others.

Before retirement planners give advice, they require clients to provide certain information, including their financial goals and status. These details enable the planners to determine the fees to charge for their services.

If a client is satisfied with the charges, a retirement planner organizes an in-person meeting to discuss further details to help shape their recommendations to the client.

Fees Charged by Retirement Planners

Retirement planners charge varying fees, depending on the service they offer and their level of experience. Some planners may charge flat fees or hourly rates to prepare their clients’ retirement plans. Alternatively, you can pay your retirement planner an annual fee if you want their services on a regular basis.

When picking a retirement planner, it is critical to ask each of them to provide their fee structures. Only settle for one that matches your budget. It is worth mentioning that some retirement planners do not charge direct fees. Instead, they deduct an agreed percentage of the client’s assets under management.

Financial Planner vs. Retirement Planner

Although financial and retirement planners help clients realize their short- and long-term financial goals, their target audiences differ in some way. Financial planners usually target clients of all ages, while retirement planners deal with people near or in retirement.

How to Select a Retirement Planner

While thousands of people call themselves retirement planners, not all are qualified. So, to avoid dealing with an unqualified planner, we recommend doing your due diligence. Ensure that the retirement planner you want to work with meets the requirements established by the Certified Financial Planner Board of Standards or any other professional body for retirement planners.

When picking a qualified planner, you will want to identify one with relevant experience in your area of need. For example, if you are seeking advice on how to manage your retirement benefits like pension, you may want to find a retirement planner who has experience in insurance and estate planning.

We recommend meeting with a couple of retirement planners to get a clear picture of their personality and expertise before settling for one. Ensure that the planner you opt for speaks in simple English for easy communication.

What Monthly Retirement Income is Considered Good?

While older people do not have many expenses compared to younger individuals, they still need a decent income that enables them to maintain the lifestyle they had while working.

In the United States, most retired people earning $53,000 annually after taxes are reported to be living comfortably.

Final Thoughts

As you can see, retirement planning requires some expertise. You need a professional with relevant experience to help you manage your estate, suggest insurance products, reduce tax liabilities, review investments, and provide budgets.

Therefore, finding a qualified retirement planner who will help you earn a monthly salary in your retirement days is crucial.

Louise Villalobos

Louise Villalobos

Louise Villalobos is an adept writer, renowned for her compelling articles that illuminate and engage. Her prowess in breaking down intricate subjects provides readers with clarity and nuance. With a vast and varied portfolio, Louise has solidified her standing as a distinguished voice in contemporary journalism.