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Your Retirement Planning Strategy: The Key Players

Posted by Seton McAndrews | CFP®, Vice President Investments
September 29, 2015

When it comes to a retirement planning strategy, no person is an island. The decisions you make regarding your retirement will affect other people, and their plans will affect your strategy. Therefore, it’s critical to consult with members of your family, your spouse, professionals you work closely with, and your financial advisor as you develop your retirement planning strategy. Let’s take a closer look at the reasons behind this collaborative approach to your retirement plan.

Work with Your Spouse

If you're married, the most important person you should consult with on your retirement plan is your spouse. Together, you have tackled financial issues for years, and together you’ll plan for the future. Whether or not your spouse has worked in the past will greatly impact your retirement planning strategy. How much will your spouse collect in Social Security payments? Does your spouse have a pension, 401(k), or IRA that you’ll need to factor into your strategy? How is your spouse’s health? Will your spouse’s health care impact your future financial needs?

 Consider Consulting with Your Children

Many people find that consulting with their children can be very beneficial as they’re developing a retirement planning strategy. Are you helping to pay for your children’s or grandchildren’s educations? Do you have a special needs child who will continue to rely on your support? Are your children involved in your family business? These and many other scenarios may require input from your children.

Speak with Other Professionals

There may be other people in your life whose input could be critical to your retirement planning strategy. For instance, if you run your own business, your accountant may have information that is very important regarding your financial future. If you have a business partner, you may need to discuss issues about whether or not you will both retire at the same time or if one of you will buy out the other.1 If your owner agreement is unclear on these matters, you may need to sort things out before you can begin implementing your plan.

Find a Financial Advisor You Trust

As you can see, there may be many people involved in your retirement planning strategy, and when you have many people involved, it’s imperative that you have a team leader. When it comes to retirement planning, that team leader should be someone with the expertise to assess your unique situation and place it in the larger context of the investment options that can help you to reach your goals.

A financial advisor can take all of the details gathered from those around you and create a plan that will maximize your retirement income. A good financial advisor doesn’t just put you in a category and churn out a plan that “suits” all the people in that category. Each person is unique. Your retirement goals are probably different than even your closest friend’s goals, and your current assets and past retirement plans play a huge factor in where to go from here.

Clearly, finding a good financial advisor to steer your retirement planning strategy in the right direction is extremely helpful in getting where you want to go. With the input of your spouse, your children, and important professionals in your life, your financial advisor can help you create a strategy for your retirement that gives you peace of mind for the future.

To learn more about creating a personalized retirement planning strategy, or to speak with one of our Wealth managers, call us at 1-800-541-7774 or contact us here. We look forward to speaking with you.


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