The heightened uncertainty in the current times continues to hammer in on the need for proper financial planning and retirement savings. The 2020 report from the Federal Reserve Board on the Economic Wellbeing of US households indicates that one in four Americans do not have a single cent in retirement savings. Additionally, 70% of US workers feel that they have less than enough money to retire.

Why Should You Hire a Retirement Income Planner?

Financial security is the backbone of a happily retired life. Managing to live comfortably without the regular paychecks streaming in can be daunting. A retirement income planner can help you design your financial goals for a stress-free retired life. Hiring financial advisors can help you minimize tax liabilities, diversify portfolios, hedge against market risks, and increase accountability to your retirement plan. Here are four tips to help you pick out the right financial planners for your retirement.

1. Determine Your Retirement Financial Goals

The first step would be to have a clear idea of your requirements after you retire. Life expectancy is a critical part of the retirement planning process. Americans live on average an extra 20 years after retirement. You may need to figure out the lifestyle standards that you wish to maintain in your twilight years.

Your financial goals and responsibilities may need to be documented. It’s quite easy to find yourself with an active mortgage loan or children joining tertiary institutions. You may consult your retirement income planner to help you take into account all these and draw a time-bound plan.

2. Check the Fiduciary Standard

When you work with a retirement income planner, you want a professional that will place your best interest first. Fiduciaries serve their clients’ best interests, acting in good faith and prudently avoiding conflict of interests. The retirement financial planners that you engage should go beyond suitability and provide investment recommendations that are in your best interests.

An easier way to analyze it is by inquiring about the investment strategy that they propose to apply. You may learn about the exact path that the planner will use to help you attain financial independence in old age while figuring out their compensation. A thorough background check on the potential retirement income planner is also advisable. Check what other existing and past clients say about their services. Check if they are blacklisted by an agency, government, or review site for any reason whatsoever.

3. Find Out the Type of Clients They Service

You may need to find financial planners that specialize in retirement planning. Going through their current portfolio and client demographic may help indicate if they are an ideal candidate to handle your retirement finances. Inquire about the average amount of investments handled. The spread of investment may provide you with an idea of the exposure of your account if the retirement income planner takes over.

4. Look at the Tools They Use for Portfolio Monitoring

The digital age has seen substantial growth in the type of tools available to help track finances and investments. You should lookout for a retirement income planner that uses top-of-the-line technology to monitor investment portfolios. While most planners will have access to all the major financial marketplaces, you want someone who uses powerful analytic software to give you an unbiased review of your portfolio performance.

A good planner will use these tools as part of their services to provide a clear picture of how your current holdings are faring against benchmarks and similar accounts within your risk profile. When evaluating these tools, be aware of how much data the planner can add to help them provide you with a comprehensive picture.

Retirement income planning allows you to create a robust investment portfolio for you to enjoy in your old age. It’s never too early or too late to start saving for your future. If you are searching for a retirement income planner in Pittsburg, reach out to Hampton Wealth Management.