The Top 3 Questions For Seniors To Ask Their Financial Planner Before Retirement

Retiring is one of the most exciting, stressful, and even scary things that a person has to prepare for in life. Retirement is a happy time in a senior’s life, however, there is a lot of planning that must be done in order to make sure that senior lives comfortably for the remainder of his or her non-working life. 

With that being said, seniors should hire a financial planner to help them best prepare for retiring. There are a lot of things that seniors may not think about on their own, so a financial planner will be able to give them the best information possible when it comes to planning to retire. If you are a senior that is planning to retire soon, this post will detail the top 3 questions that you should ask your financial planner to make sure that your retirement planning will be successful.

What Should Seniors Ask Their Financial Advisors to Prepare for Retirement?

It’s important to shop around for a financial planner that will have your best interest in mind and who is knowledgeable in retirement planning. In order to find the financial planner that is right for you and to ensure your retirement will be comfortable, be sure to ask these three questions. 

1. What Do I Do About Health Insurance?

It’s imperative that you know what kind of health insurance you will be receiving after retirement. As seniors typically need more doctors, procedures, and medications than younger people, it’s crucial that you have your health insurance all planned out in case something were to happen; this way you won’t be stuck paying out of pocket. 

Talk to your financial planner about Medicare, long term care, in-home senior care, and other options such as COBRA. Depending on your wants and needs, your financial advisor will be able to tell you which health insurance option makes sense and will be able to help you plan your finances accordingly. 

2. Where Should I Invest My Money?

This is one of the first questions you should ask your financial planner. Not many people have enough money saved to rely solely on after retirement; likewise, social security should not be your only means of income. Most financial planners will tell you to invest your money, but it’s important that they specify where. Talk you your financial advisors about investing in the following places:

  • High yield savings accounts
  • Rental housing
  •  Money market accounts
  •  Government bond funds

A quality financial planner will give you good advice on what will be most beneficial to your financial situation. 

3. How Much Money Should I Save?

The answer to this question is different for everyone, and that’s why you need to talk to a financial advisor about it rather than trying to find the answer on your own. If you want to maintain the same standard of life, let your advisor know. Similarly, talk to your financial advisor about the following so that he or she can help you decided how much money to save:

  • Your hobbies
  • Travel habits
  • Living expenses
  • Whether or not you plan to relocate to a retirement home/community
  • Healthcare 

Prepare Now So You Can Enjoy Later

Try to do all that you can now to best prepare for your retirement. It will be worth your while to talk to multiple financial advisors before choosing one. Finally, make sure to choose an advisor that is talented, experienced, and willing to answer the questions above.

About the Author

Kelsey Simpson enjoys writing about things that can help others. She lives in South Jersey and is the proud companion to two German Shepherds and spends her free time volunteering in dog shelters.