Planning for retirement isn’t easy. The numbers can get tricky with interest rates, terms, and contingencies. It’s vital to get the retirement help that you need when planning your golden years to ensure that you have the money you need in your account. At Help You Retire, we know what it takes to work with a solid retirement advisor, so we’ve put together a few things that you should look for when trying to hire retirement help.
Decide whether or not you need help
Not everybody needs retirement help. Some individuals have it all figured out with their 401(k), IRA, and general savings and aren’t worried about whether or not they’ll have enough money to last them until they die. Don’t feel bad if this isn’t you. Planning your finances for 15, 20, or 30 years down the road can be a complicated process. There are many things to consider, so it’s a good idea to work with a professional who can guide you through the process.
Consider an advisor’s background
Not everyone who provides retirement help has the same background. You’ll find that there are advisors who have worked with people considered “ultra-wealthy,” which means that what’s done with their money isn’t of any consequence to them. Financial advisors who work with ultra-wealthy people have much more freedom to make high-risk investments that you likely can’t afford to lose. That being said, consider your retirement advisor’s background so you work with someone who understands your financial situation and can provide you with appropriate advice.
Interview multiple people
There are many advisors out there who can provide you with excellent advice regarding saving for retirement properly. However, not all of them will be a good fit for you. Meet with multiple people and their teams to learn their approach to retirement planning and how they can directly help you with your plan. Consider how they address you, your money, and your goals for retirement when you meet with them to decide if they’re going to be a good fit for you.
Look at fees
Not all financial advisors will charge you a flat fee based on the services they’re providing for you or an hourly rate. Some will charge a commission based on the assets they’ve managed for you. Commissions based on low percentages might seem appealing, but you should remember that something as low as 1% commission can add up to as much as $5,000 yearly on $500,000 worth of assets. An advisor who charges $250 an hour would have to work 20 hours during the year for you to meet that amount. Weigh your options before making a final decision.
Read online reviews
Get an idea of what it’s like to work with a specific advisor and their firm before you ever walk through the door by reading online reviews. Current and previous clients will leave reviews to let you know about their experiences. Consider your personal preferences as you read reviews to weigh them against your previous experiences. For example, you might have worked with an advisor who was difficult to get ahold of and never gave you updates regarding your finances. A client who left a one-star review because the advisor was calling too often might not seem so bad.
Ask your friends
You can talk with your friends about where they’re getting retirement help without speaking directly about finances. Ask those you trust about who they see for financial advice. You’ll find that more of the people you trust work with an advisor than you initially thought, and you’ll likely gather quite a list to choose from.
Talk with OWLFI
Finding retirement help isn’t something to take lightly, so we recommend getting in touch with OWLFI. Their financial experts can provide you with long-term insight into your money, so you’re prepared when the time to retire comes.