If you’re approaching retirement or are already retired and looking to best plan for the next stage of your life, it’s crucial to hire a financial advisor knowledgeable about pensions in Needham, MA. Pension and wealth management experts should be able to ensure that your funds are managed wisely whilst taking into account your financial situation, risk appetite, and future plans. You also want to ensure you work with someone who understands retirement planning implications on your overall wealth and income.
Here are six areas that your pension advisors should advise youÂ
1. Estate planning
Estate planning is an essential part of your retirement planning and is advised by a financial advisor who will review your personal and often complex estate planning documents with you. Discussing the contents of these documents (previously set up by your former lawyer) with a professional can help ease fears about potential problems that arise at this stage of life.
2. Retirement planning
Your financial advisor will be able to help you understand the key aspects of retirement planning and pensions, especially if it’s been a while since you’ve worked. You’ll also want to discuss your risk appetite, plans and existing commitments. Your financial pension advisors should also know the ins and outs of the pension system to advise you on any relevant changes taking place.
3. Wealth Forecasting
Your advisor needs to predict your financial situation in a few years accurately. That includes how your investments and property are likely to perform. Also, wealth forecasting will let you know how much you can afford for certain luxuries.
4. Investment management
The investment management of your assets and money is a vital aspect of your wealth management. That includes investment strategies, portfolio design, and asset allocation. Your financial advisor should understand the pension implications and be able to advise you on how to manage best any retirement benefits you may have coming your way.
5. Risk management
Your financial advisor must have a good understanding of the risks involved with investing. They should be able to advise you on how to manage your risk and the financial implications of any future events or decisions. Carrying out a risk assessment, knowing insurable risks and how to mitigate these, and your financial protection needs are all important aspects that your advisor should be able to advise you on.
6. Special situations
While some risk factors can be relatively easy to mitigate, there are also many other unique situations and scenarios that your advisor will be able to help you through. These may include the impact of changing life expectancy, succession planning (especially if you own a business), inheritance tax planning, and dealing with a significant ongoing medical condition.
Final verdict
Your pension and wealth advisors should help you understand all the aspects of retirement planning. They will be able to consult with you, see your current financial situation, and advise you on managing your wealth. Your advisor should also be able to provide you with long-term care and should understand all of the risks associated with retirement planning.
