3 Reasons To Hire A Retirement Specialist
Many people dream about their retirement and look forward to taking advantage of the extra time available by enjoying hobbies, traveling, or spending time with family. But retirement can begin to look bleak if you have not properly planned for it and have never consulted a professional to create a comprehensive retirement plan.
While financial planners can provide advice on many topics, when it comes to retirement it is in your best interest to work with a retirement specialist who can guide you into making the best decisions now so you have the means to thoroughly enjoy your retirement. Some of the biggest reasons to hire a retirement specialist include:
A Realistic View of your Retirement Goals
Many people have 401(k) accounts and other forms of retirement savings and investments, but few people completely understand how to ensure that they are saving enough. A retirement specialist can examine your current accounts and investments and help you realize where you are lacking and what you should do if you want to reach certain monetary goals before retirement.
Understanding of Insurance Options
As people grow older it is not uncommon for insurance needs to change. A retirement specialist will be able to provide you with information about insurance options that you may want to budget for as you near retirement. For example, you may qualify for Medicare health insurance, but depending on the state of your health you may want to plan on having the money to purchase a supplemental insurance plan to reduce out of pocket expenses. Long term care insurance is another policy that should be looked at, as it can cover the costs associated with in-home health care, skilled nursing care, or living in an assisted living facility or nursing home.
Budgeting for inflation
You may look at your retirement accounts and feel like you have a good nest egg, but many people forget to account for inflation. If you want to maintain your current lifestyle on the income you make now, you will most likely need to have a lot more money on hand in the future to pay for annual expenses. A retirement specialist has the skills to give you an idea of how much more expensive things are expected to be in the future. Your retirement specialist can work with you to create a comprehensive financial plan that includes a forecast of future expenses so you know what to expect.
Share
