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5 Reasons You Should Hire a Financial Planner Before You Retire

5 Reasons You Should Hire a Financial Planner Before You Retire

Retirement is an important and often expensive period in one's life. It can be tempting to try and save as much money as possible in the lead-up to retirement by DIY'ing your retirement plan, but this can often lead to missing out on key financial planning and investment management strategies. A financial planner will help you make the most of your retirement funds to achieve a more comfortable and secure retirement. Here are 5 reasons you should hire a financial planner before you retire:

1. A financial planner can create a long-term investment strategy 

This long-term investment strategy should take into account inflation, economic trends, and other factors that could impact your portfolio, while also helping you to manage tax liabilities effectively. 

2. A financial planner can identify any gaps in your savings and/or investments

It's important to identify any gaps in your savings and/or investments to determine if you should increase contributions or adjust portfolio allocations to help ensure you will be able to maintain your current or desired lifestyle throughout retirement. 

3. A financial planner can help with Social Security maximization

Maximizing Social Security benefits and pension assets (if applicable) are integral parts of many people’s retirement plan. Social Security maximization is a strategy used to take full advantage of the benefits available to you through Social Security. This involves understanding the best claiming strategies, making the most of spousal benefits and evaluating various filing scenarios to maximize your Social Security income.

4. A financial planner can help with estate planning

Financial planners are adept at estate planning strategies designed to protect your wealth for future generations. This involves things like setting up trusts or setting aside specific funds for family members or charities. Estate planning strategies will help ensure that your assets are distributed according to your wishes upon your passing. This need is especially vital in the event of an untimely death or incapacity to alleviate any wealth transfer complications.

5. A financial planner can give you personalized advice based on your individual circumstances & goals

Hiring a financial planner gives you access to personalized advice based on your individual financial circumstances and investment goals – whether those be geared towards aggressive growth or conservative income-focused strategies. Financial planners provide regular check-ins so that any adjustments can be made in response to fluctuations in market conditions or unforeseen financial needs like caring for a sick loved one or a new desire to cover education costs for grandchildren. Working with professionals who understand both finances and taxes will help eliminate the risks of mismanaging tax-efficient and income-maximizing strategies and the worries associated with making monumental financial decisions throughout retirement, allowing you more time and energy to enjoy your golden years!

Questions and/or interested in how this applies to your financial life?

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