5 Overlooked Questions for Your Financial Advisor
Retirement is much more than just the end of a career. Hopefully, it’s also a substantial portion of your adult life. Working with a trusted financial advisor can be a smart way to prepare and can give you the confidence to make the most of your Golden Years.
Whether you’re looking for a retirement advisor, or already have one, make sure they have an answer for these five questions that many retirees never ask?
- Are they a fiduciary?
Surprisingly, not all financial advisors are obligated to put their client’s best interest above all else. Instead, regulations only require they offer advice that is suitable for the situation. To ensure that your advisor is making recommendations designed exclusively to reach your goals, confirm that they are a true financial fiduciary, and discuss whether the investment options they suggest impact their compensation.
- What is your retirement income strategy?
It seems obvious, which may be why it can be overlooked. While you probably know what your primary revenue stream will be in retirement, it’s important to have a strategy to maximize your funds and react to the unexpected. Be sure your advisor has a plan to get the most of your assets. They should be comfortable explaining precisely how investments, taxes, or even a home equity conversion mortgage could all play a role in securing your financial future.
- Will you have the healthcare you need?
Clearly, aging is a significant part of the retirement experience. Speak with your advisor about the unpredictable and often-underestimated expense of covering healthcare costs in retirement. The conversation should include options for temporary medical emergencies, long-term care and aging in place.
- What if something happens to them?
If you plan to entrust someone else with the responsibility of helping you prepare for the future, they need to have a plan for their future as well. Working with a financial advisor before and throughout retirement is a long-term commitment. Don’t be caught off guard. Find out now what your next steps will be if they suddenly become unavailable to continue in the role.
- What’s missing from my financial plan?
There’s always room for improvement. An experienced advisor should be able to point out the weaknesses in your financial planning and suggest efforts that can solidify them over time. Whether it’s small lifestyle changes, or reliable alternatives to supplement your income, it’s better to discuss those possibilities before they materialize.
If your retirement plans could benefit from more mortgage flexibility, let Open Mortgage explain the options available to you. Call today or visit OpenMortgage.com.
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