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  • Mark Fonville, CFP®

Best Questions To Ask A Financial Advisor About Retirement

Best Questions to Ask a Financial Advisor Before Retirement

Are you ready to retire?

Of course you are! The only problem is that you have one chance to make your money last nearly twenty five years or more.

That‘s no easy task which is why you've decided to work with a financial advisor to help you retire.

But the work doesn't stop there.

Download our comprehensive list of key considerations before you retire for more helpful tips.

You want to make sure the relationship continues to serve you and your finances for the long haul—up to and through retirement. To help accomplish that goal, you’ll need to ask the right questions.

You may be wondering, “What are the best questions to ask a financial advisor about retirement?”

Here's a quick video on the topic.

While there is no definitive list of the perfect questions to ask, we've compiled a list of some of the most powerful questions based upon our experience in helping hundreds of clients retire.

Here are some important questions to consider in your financial planning journey.

1. “Am I On Track To Reach My Goals?”

Regardless of your stage in life, you need to know if you are on track to reach your goals. If your advisor can’t answer this question, then you can’t expect that they will actually help you reach your destination.

This question is crucial because it prompts your advisor to ask you clarifying questions so that they can assess your likelihood of achieving your goals.

For starters, your advisor should be well versed in your top financial goals. You should feel confident and comfortable expressing your goals to your advisor, even if they change.

What goals should you consider in retirement?

financial goals in retirement

Goals can be challenging to define, so it can help to have a checklist. If you don't have a checklist of goals to consider for planning purposes, you can download a master list of goals for retirement and other financial goals here.

Whatever your goals are, ensure you put them in writing and prioritize them. Again, your advisor should be able to help with this task.

Some goals may be easier to define than others. When you can, it’s best to keep the following acronym in mind while listing your goals: SMART. Specific, measurable, achievable, relevant, and time-bound goals bring more intention and purpose to the process.

For retirement planning, here several questions to ask a financial advisor as it relates to your goals :

  • When can I retire?

  • How much will my monthly fixed expenses be in retirement?

  • How much do I need to plan on spending on healthcare before turning 65?

  • How much should I plan on spending on healthcare upon turning age 65 (Medicare)?

  • How much can I spend on travel each year? How many years of travel should I plan on?

  • Can I afford the new home improvement plan?

  • What’s the best way to continue giving to charity or church?

  • What's the best way to give to my kids/grandkids?