Key Benefits of Working with Retirement Plan Advisors
May 20, 2022 at 5:00 AM
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Planning for retirement requires a lot of thoughtful, detailed coordination. With so many things to consider, doing it all yourself is never wise. That’s why Help You Retire is highlighting all the benefits you can expect from working with retirement plan advisors.

Create a Retirement Plan that Meets Your Needs and Goals

Retirement planning, no matter your situation, can be a complex process to navigate successfully. And with something so important as your retirement, you’ll want to ensure you have an expert in your corner helping you make the right decisions at the right times. One mistake can be costly, and the later you put off retirement planning, the more challenging it can be to reach your goals. Therefore, meeting with retirement plan advisors early, and often can help ensure your retirement is planned accordingly.

Additionally, retirement advisors can help you strategically save and invest your funds for the best compounding results that are appropriate for your desired timeline. Retirement advisors can also provide invaluable knowledge and guidance to answer questions you likely have such as:

  • At what point should you make withdrawals from Social Security?
  • How much income can you expect your investment portfolio to generate once you retire?
  • Should you draw from certain accounts first before withdrawing from others?

Can Help You Create a Nest Egg

There’s perhaps no worry more common than the one that you might not have enough to retire comfortably. Today, thanks to access to healthcare, we live longer lives, which means you may need more assets for retirement than you would have in the past.

Not to mention that the world will continue to change during your retirement and it’s best to always be more prepared than simply adequately prepared. So, once you have determined your retirement needs with a retirement calculator, (Help You Retire has several useful calculators you can find on our home page), an advisor can help you fine-tune your calculations, and make investment and savings suggestions that are meant to provide long-term value.

IRAs, a 401(k), a Roth IRA, and more, are all potential solutions that a retirement advisor has extensive knowledge of and can guide you through the pros versus the cons of each one. Additionally, they can help you create an investment portfolio that is aligned with your risk tolerance and financial goals, while also considering volatile markets.

An advisor also understands the tax advantages of each option, potential obstacles to consider, as well as their withdrawal limits.

Minimize Your Taxes Before and During Retirement

During retirement, you will still need to pay taxes on your investment portfolios, your income, and any contributions you make towards a retirement savings account. Taxes can therefore impact your available funds for retirement and need to be accounted for. Of course, depending on different factors such as state laws, your account withdrawals, and your assets, the amount of taxes you're responsible for can vary.

A retirement planner can help you create a structured retirement plan that aims to minimize your tax costs now and during your actual retirement.

Help Plan for Healthcare Expenses

Health complications can rarely be predicted. And, since you will likely be retiring around your 60s to 70s, factoring in healthcare needs is a crucial step in retirement planning. Retirement advisors will help you consider health insurance options or tools like a Health Savings Account to ensure that healthcare costs are covered.

Continue Your Retirement Planning Journey with Resources from OWLFI

OWLFI offers a wide variety of resources on retirement planning to help you make the best decisions. From choosing the right retirement plan advisors to everything needed for retirement preparation, you can find helpful articles on OWLFI’s website.

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