What Will a Good Retirement Planner Do for Me?

May 4, 2022


A competent retirement planner must possess skills beyond basic financial planning or provide investment advice. The income planning process requires a deep understanding of taxes, Social Security, and retirement plan regulations. It usually takes years of experience and education.

A retirement planner needs to know the financial objectives you have set for yourself. They must be aware of when you’ll require your savings. What will you be spending it? Your financial planner must clearly see the money you’re building up and other sources that you can be sure of. This could include pensions, Social Security, part-time work, or even home equity.

All of them are pieces of a puzzle that have to be assembled in a manner that can result in reliable monthly income after you retire.

Key Takeaways

  • Planners for retirement are a subset of financial planners who specialize in retirement-related issues such as account withdrawals and Social Security benefits.
  • The planners may differ in terms of fee structure. Some offer an hourly rate, while others will charge flat costs. Others charge commissions or a mixture of commissions and fees.
  • There could be similarities between retirement plans and other financial planning or advice types. However, it is dependent on the planner you are working with.

What advice can A Planner Offer Me?

A retirement planner will be able to provide suggestions on when to decide to take Social Security benefits in the most beneficial way for you. They can advise you on what options for distribution of your pension are best for you. They will advise you on what an annuity might be the right investment. Planners should know what accounts you can withdraw from each year and at what amount. This can lower the tax you pay.


A planner will be able to determine the amount of retirement income you should anticipate to receive. They’ll also know which withdrawal rate is best for you if you withdraw money from a traditional portfolio. What percentage of your funds should you put into guaranteed investments?

What kinds of tax-deductible earnings will your investments earn? A planner can advise you on how you can organize them to reduce taxable income. They will advise you on whether you should put your money in your business plan or transfer it to an IRA.

Other aspects should be factored in: A good financial planner will be able to tell you if you should repay your mortgage before or at retirement. They’ll tell you if they believe you’ll need long-term care insurance and if you should maintain your existing term life insurance coverage. They’ll be able to advise you whether a reverse loan might be the best option for you.


A good retirement planner will not offer recommendations until they understand the expected duration of your time horizon and your knowledge of investing in your goals, your risk tolerance. They’ll require a comprehensive overview of all your current sources, including assets, liabilities, and your future and current ways to earn income. They’ll also need to know if you require assured income.

A good retirement planner will want to know where all of your investments are to ensure that your portfolio makes sense in the overall scheme. This will allow them to adjust to create the most efficient income stream for retirement income.1

What is the cost of retirement Planners Earning?

Retirement planners could charge in one of several ways. They could charge an hourly fee or a fixed fee to administer an income or Cash flow forecast. Some planners charge annual or quarterly retainer fees. They may also be charged a portion of the assets they manage on your behalf. They could request for commissions to be paid out of the insurance or financial products you purchase through them. There could be arrangements that include the payment of fees and commissions.2

Always request an explanation of exactly what the person you’re considering hiring will be paid.

What’s the deal with Traditional Planning or Advice?

Retirement planning falls within the scope of the term financial planning as a subject of expertise. However, it requires more knowledge.


Investment advice is dependent on the way you invest your money. Many retirement planners offer such advice and a wider variety of financial planning services. However, it’s not always in the reverse direction. People who provide this kind of advice may not provide any advice about making plans.

What is the best way to find an Excellent Financial Planner?

Look for someone knowledgeable on tax preparation, Social Security, and retirement withdrawals. They should be able to create an agenda and timeline which outlines how you can draw money out efficiently and tax-efficiently. A good planner ought to be able to provide advice on how to utilize guaranteed income products that provide security.

Another alternative is to look into an organization called the Investments & Wealth Institute. It has a designation known as the RMA, also known as retirement Management Advisor. They’re scattered across the nation. It is possible to search for someone with the RMA designation if you are looking for someone specializing in retirement plans.