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Why You Should Continue Meeting with Your Financial Planner Well into Retirement

Ask yourself, “When you drive a car off the lot, will you ever need to schedule routine work or check-ups?” You probably instantly answered, “Of course! I need this car to last a while, so I want to take good care of it.” The same mentality applies when thinking about your retirement plan. Just like a car, your financial plan needs routine maintenance and check-ups well into retirement. A CERTIFIED FINANCIAL PLANNER™ professional can assist you in scheduling those financial check-ins and create a plan that is tailored to your specific needs.

Here are three key reasons why your financial plan and advisor become even more important as you enter your golden years.

  1. Distribution Planning
    Retired clients typically ask, “Where is my paycheck going to come from now?” The simple answer is from the investment assets your advisor helped you accumulate over the years. It is important to review your distribution plan each year based on your tax bracket in that given year. This helps identify the specific assets to take distributions from. Finding the right mix of taxable and tax-deferred assets ensures you are being tax-efficient each year with your distribution plan. It also allows for opportunities to explore whether certain tax strategies make sense, such as Roth conversions, capital gain recognition and charitable planning.
  2. Budgeting
    Budgeting is the core of all financial plans. As you enter retirement, knowing and planning for the right budget becomes essential. You are now at a point where you have to live off your assets. So knowing how much you can spend to last throughout your retirement years is the first step in having a successful retirement plan. As you plan out your budget, identify your fixed expenses, plan for your discretionary expenses and factor in medical expenses. Be sure to have an emergency savings plan for unexpected expenses.
  3. Legacy Planning
    Planning for the legacy you will leave is another reason to check-in with your advisor throughout retirement. Whether it’s the next generation, charity, or other friends and family, it is important to talk about the legacy you want to leave. A few topics to discuss with your advisor include how much you want to leave, whether you want to provide a legacy during your retirement years, and how you want to satisfy philanthropic goals.
  4. Not having the security of a set paycheck can be a scary feeling. Your financial advisor becomes critically important to ensure that the assets you worked so hard to accumulate and provide for the retirement life you’ve always wanted. Think of your financial plan as a car, and make sure it is monitored and tuned-up when needed. Check out for more financial planning tips as you begin the next chapter of your life.

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