Planning for Retirement—Key Considerations and Retirement Advisors

Planning for Retirement—Key Considerations and Retirement Advisors

When it comes to personal financial planning, far too many people underestimate the vital role that retirement planning services play. The reality of the situation is that having your finances in order is critical to having a hassle-free retirement period. However, most Americans don’t seem to get there.

According to a 2019 survey conducted by GoBankingRanks that asked more than 2,000 respondents, 64 percent of people in the US are expected to retire with less than $10,000 in their retirement savings accounts. Nearly half of all the respondents weren’t concerned about how much they will be able to save for retirement.

This is a concerning prospect because you may not have a regular source of income when retired, but you will definitely need money for eventualities and upkeep.

Retirement Planning: Important Considerations

Retirement plans provide important insights into how quickly you’re likely to attain your financial and life goals. It provides a greater degree of transparency to your incomes, cash flows, expenses, and what path you will need to take to achieve the goals you’ve set out for yourself.

Here’s a list of some of the most important factors you need to consider when developing a retirement plan:

  • Retirement goals
  • Living expenses
  • Unforeseen events
  • Price inflation

Important Questions to Answer When Retirement Planning

A sign that says retirement planning along with an arrow pointing to a particular direction

Once you’ve accurately determined and defined the factors impacting your financial security in the future, you will need to accurately assess your personal finances and compare them side-to-side with your objectives.

You should be able to answer the following questions so that you understand where you stand financially:

  • Are you on track financially?
  • How much will you spend annually?
  • What is your projected spending power?
  • Can you afford medical care?

Understanding the Importance of a Retirement Advisor

Proper retirement planning is an intricate process that involves an in-depth assessment and analysis of your finances and how they project into your future. Of course, there’s a lot that can change from now till you reach retirement, which is why it’s recommended to hire a professional retirement advisor. They have extensive experience in identifying what your retirement savings targets should be and determining the best possible ways on how to achieve them.

What a Professional Retirement Advisor Does

Retirement advisors comprehensively examine their clientele’s financial position by analyzing their assets, real estate, investments, expected inheritances, and other valuable resources. They will also consider your liabilities, such as credit cards, mortgages, car payments, student loans, and other debts.

Then they will ask you when you plan to retire and what your financial goals are once you reach your retirement period. They will also take the type of life insurance policy you have in place, among several other considerations, such as your pension.

Steven J Gillespie (QCVS) is an international independent personal financial advisor who has gained a wealth of experience working with numerous foreign nationals living and working in South America. If you require retirement planning services, investment planning & advisory services, income tax planning services, and more in Santiago, book a free consultation with SJG Financial Services today.

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