Regardless of how old you are — 20, 30, or 80 — retirement planning can determine your lifestyle when you finally reach your non-working years. Broaching this never-ending planning process, however, can understandably be overwhelming. Where do you start? How much do you need to save? Which retirement savings strategy is the best? Unfortunately, there isn’t a straightforward answer to these questions because it depends entirely on your financial situation. The good news is that Resolved Financial Solutions in Fairfax is here to help. And if you’re not sure whether or not retirement planning will be beneficial for you, here’s what you can expect to get out of working with a professional financial advisor.
Not many people have the same financial story. Even if two people work the same job and have the same salary, there’s a lot that goes into retirement planning and ensuring that every detail is covered when money isn’t coming in through the traditional monthly paycheck. Working with a financial advisor will ensure that a single person has all of the necessary information to create a complete strategy for you.
Rarely do people approach financial planning with the same questions or concerns, either. Doing your own research is never a bad idea, but it could be misleading or you could spend hours or even days researching and still not find an answer that directly relates to your question. This leads us to our next benefit.
Experience and Knowledge
Becoming a financial planner takes seven-plus years of schooling and achieving certain certifications, as well as working with clients. Through all of this comes a thorough knowledge of the industry, knowing how savings strategies and techniques work, understanding the taxation aspects, and much more. If you want your retirement to be peaceful and worry-free, putting your trust in an expert is a big part of making that happen. When you could be retired for 30 years or more, it takes more than just some online research and hoping you have enough to comfortably live on in order to live a happy retirement.
Along the same lines, even with all of the necessary information, it takes experience and knowledge to use that information and appropriately develop a retirement planning strategy that is effective. You probably have a 401(k), you will get some Social Security benefits, and you may have even delved into how retirement annuities work, but do you know what to do with those savings? Have you considered how your health care and insurance will play into it? With a financial advisor guiding you through your retirement planning, you will have the expert guidance and access to strategies that work.
Years of Guidance
Many people still don’t fully understand that retirement planning starts well before they retire. Even if you aren’t in a position to put away 10 to 15 percent of your income towards retirement savings, a financial advisor will help you understand what to do with the money that you do have. And if you’re around five years before retirement, this is the crucial time when every decision will make a difference.
We understand that retirement planning isn’t fun (well, for us it is), but it is a necessary part of getting older. If you have questions about the process, what is involved, or what you will get out of working with a financial advisor, get in touch with the team at Resolved Financial Solutions in Fairfax. We’re here to provide real solutions for your financial story.