Do you have a job that offers a retirement plan as a benefit? If so, you are fortunate but is it enough to live comfortably after you retire? Often, the retirement plans offered by employers fall short of allowing you to live the way you hoped when you retire.
It is best to have your own retirement planned separate from your employer’s retirement benefits, especially if you have changed jobs within 20 years of your planned retirement. Knowing how to set up a good retirement plan can be confusing and that is why having a financial counselor is a good idea.
Choosing a good financial counselor can be tricky though. You need to take your time to be sure the counselor you choose understands your needs, the time you have to build funds for retirement and how to best meet those needs.
The first thing to be sure of is what credentials the counselor has. You want someone who is certified in personal financial planning at the very least. Also look for a solid reputation in retirement planning. Friends and family who have used a financial counselor in setting up their retirement plans may be able to offer a recommendation. If no one you know has used such a counselor, you can turn to the Financial Planning Association to find good ones in your area who specialize in retirement planning.
A good financial counselor should be able to set up a multi-part plan based on when you want to retire to maximize your investments. This plan will likely include various bank instruments, including high interest savings accounts specifically for retirement, bonds, stocks, money market and commodities. A lot depends on how much time you have to build a nice retirement fund. The sooner you need it, the more aggressive the investments will need to be to build a sufficient amount for retirement. You will need to allow more of your income for investments as well.
For your own good, it is best to find a good financial counselor when you still have twenty years or more before you retire. This allows your counselor to find the best solid investments that are safer and less risky. You will also be able to designate a smaller part of your income to this plan.
When you retire, you want to have a comfortable life that allows you to do the things you didn’t have time to do while you were working. To help be sure you can have the kind of retirement you want, take matters into your own hands with the help of a good financial counselor.