Why you need a financial advisor for retirement planning
April 28, 2021 at 7:00 AM
A financial advisor for retirement is your express route to your wildest dreams.

The end of work should be the end of stress. However, without a financial advisor for retirement planning, this is often not the case. The average person is unequipped to adequately navigate the quagmire of retirement finances to optimize life after retirement. However, at Help You Retire, we strive to preserve your future happiness. We proudly endorse the premier advisors at OWLFI. They consolidate all your needs for cohesive, fully integrated financial planning.

Here’s why you need a retirement planner:

Financial context

The first thing you’ll do with a financial advisor for retirement is examine every aspect of your financial situation. You’ll assess your future:

  • Assets
  • Mortgage or car payments
  • Inheritances
  • Investments
  • Real estate
  • Credit card debt
  • Loan debt
  • And more

Most importantly, however, you’ll devise a strategy to repay debts and make payments after retirement. Good retirement planners reframe your situation into a comprehensible context. For most, thinking this far ahead is difficult, especially with other obligations to fulfill for retirement.

With this context, you’ll understand precisely what to anticipate and what you can do to optimize your financial circumstances. The average retiree will have $20,000 of non-mortgage debt. More alarmingly, in 2020, the average retiree incurred $10,000 of additional debt.

This can be avoided if you start planning now with expert counsel. These things are easily overlooked and start adding up. Retirement planning requires meticulous examination and meaningful action.

Luckily, the advisors at OWLFI are your premier retirement solution. They take every aspect of your financial situation and goals into careful consideration.

Social security benefits

Planning for retirement requires more than working until you can’t anymore. It requires considering when you want to retire, what you want to do in retirement, and what you can do now to make it all feasible.

Understanding social security benefits is crucial. Consider the following:

  • How much social security will you collect?
  • When should you start collecting?
  • Will you have sufficient insurance?

However, this is contingent on your situation and living conditions. Only 21% of retired married couples and 45% of retired unmarried people can rely on social security for 90% of their income.

This means that, for many, social security payments are simply a foundation for basic subsistence. To ensure you live the life you deserve in retirement, hiring a financial advisor for retirement now is critical.

Tax strategies

It’s impossible to fully anticipate every aspect of your tax situation throughout retirement. However, while these things are dynamic and inevitably change, planning is still important.

A financial advisor for retirement will implement key tax strategies to reduce the taxes you owe while retired. However, understanding the nuances of taxation requires extensive experience and training.

For example, up to 85% of your social security benefits may be taxable depending on how much income you have from other sources. However, if your total income is below a certain limit, your social security benefits are not taxable.

There are multitudes of factors to consider, and being able to understand what will and won’t be taxed will help you optimize your tax situation in retirement. This requires extensive planning only a financial advisor for retirement can assist you with.

Ultimately, top-tier advisors like we’ve found at OWLFI help strike a balance between personal priorities and tax implications. Solutions should be tailored to you and your situation.

Contact OWLFI now for a consultation!

If you need a financial advisor for retirement, OWLFI is your best bet. There are no advisors we trust more, and their track record speaks for itself. Failing to adequately prepare now will undermine your future happiness. Contact OWLFI now for a consultation! When it comes to retirement, there’s no such thing as preparing too early or too much.

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