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How to Hire a Financial Retirement Planner

Jun 11, 2008
There is nothing permanent in this world. Your age, career, and job will not be there forever. You may be very much comfortable with what you have right now. You have a very successful career that pays you well. But have you thought of your future when you reach the retirement age? Have you give any thought how you will survive after your lucrative career ends? Do you think your pension from the government will be enough to sustain you? Do you think you Social Security card will do 'secure' you? Then you are misguided.

What you need is someone to plan your retirement. Planning a retirement actually means planning your life ahead of the retirement. You need to make provisions for sustaining your life with at least the same kind of financial liberty and dignity that you are doing right now. You have to make your retirement a retirement with financial planning. This is what a financial planning retirement planner can do for you.

There are plenty of aspects to a financial planning retirement planner, which you must be aware of, before hiring the services of such a professional. Or else, you would not find any improvement to your financial situation when the time actually comes. Here is a list of some important criteria for selecting the right financial planning retirement planner:

First, your financial planner's education supersedes your expectation as much as possible. He must hold a bachelor's degree in any finance branch with investment planning in particular. A master's degree is much better. Also, he must have graduated from a very reputable institution.

Checking his credentials is your next assignment, after checking his educational records. Is he affiliated to any recognized financial institution? This is a double-edged sword actually. For instance, if he is affiliated to a particular institution, chances are that he would promote loans which originate from this institution. On the other hand, if they are independent operators, you would doubt his background. However, if you have implicit trust in any financial institution, you could easily trust the planner who they recommend.

Your financial planner must have all the knowledge and expertise of the various retirement benefit plans that are open in the market. You might want to ask him on IRA plans, or better known as pension funds, and the 401(K) plans. Both plans are qualified employer contribution plans that can afford you with good advantages. He should have a large bowl of knowledge when it comes to these plans. Don't be afraid to ask him a lot of questions that you are not very much aware of. Definitely, if you are an employed individual, you will have to use one of these plans.

Your financial planner must be able to guide you through the different other safe investment options that are prevailing in the market. He may advise you to invest on real estate or in mutual funds from a reputable company. His must guide you on how you would be able to invest effectively and profitably.

Referral is not necessary when you want to hire a financial planner. This is because financial planners give different advice to different individuals. He should not be giving you the same advice as your friend if you have the same financial planner. What he should tell you depends on your current financial condition. It is also very important that your financial planner should be fully aware of all tax implications. A great retirement financial planner will provide you with several options that will allow your investments to save on tax as well.
About the Author
Raymond Cheung is a contributing writer for Retirement Planning Software and is an authority on topics involving financial planning retirement planners.
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