When you are planning for your retirement, you will have a lot of doubts and questions. Many people cringe the moment they think about retirement. They believe it to be a scary affair and often avoid the issue before it is too late. When it comes to retirement planning, the earlier you start the better. For this you should always take the help and the guidance of an experienced financial advisor who will help you in the matter.
Helping people with their retirement
Heather Weber is a financial advisor in the USA and she helps people with retirement planning. She says that clients are not aware on what to do when they retire. They face old age and the reduction of income. They are not sure about social security benefits and when is the right time for them to take them. These are the series of questions she generally faces and has the endeavor to help her clients.
Awareness and planning for a stable and secure future
She says that first thing that she does with her clients is make them aware of the retirement options they have for a secure financial future. They do not have to be worried at all. She says that it is important for the person to first understand what his or her retirement goals are. These goals can differ from person to person. This means they are not the same for everyone. Retirement goals can range from travel to building a second home. They can also involve starting a part-time business or pursuing a hobby that has some element of investments. Whatever may be the need, it is very important for the person to understand what his or her retirement goals are. This will determine the amount of money that will be needed.
Investments post retirement –Yes they are possible!
With the aid of social security benefits an individual can invest that money and live comfortably. She says that the person should know when to draw these benefits. The person’s health and mental frame of mind will help him or her understand what it is the right time for these benefits. An individual who is prone to anxiety and worry all the time should take these benefits earlier. She also says that when a person retires, there is also a change in the tax benefits. This is the reason why it is prudent and crucial for every individual to visit a credible and skilled financial advisor for understanding the nuances of retirement planning.
Heather Weber says that when it comes to financial planning and retirement, you should never follow a friend, family or neighbor with investment plans. Speak to a good professional who will understand your individual profile and help you get the ideal schemes and plans you need. It is prudent for you to understand the terms and the conditions of the plan or scheme so that you face no hassles in the future. Planning with the right professional will always help, she concludes!