How a Financial Advisor Can Help You Transition to Retirement

Senior couple on beach enjoying retirement

Retirement is a big deal. It’s what you work toward your entire life. So when you reach retirement age, you don’t want to worry about having enough money to leave your career behind. At Metanoia Financial, we help so many clients with planning and transitioning to retirement, that we decided to write this blog about this important life step.

The key thing to remember is that you don’t have to do it alone. A financial advisor can offer a variety of services to help you prepare for retirement and start living off of your assets when the time is right. Let’s look at the steps a financial advisor will take to help you create a successful retirement strategy.

Evaluate Your Situation

Financial advisor explaining an evaluation chart to his client

The first step to working with a financial advisor is getting to know each other. You have to get a feeling of who they are, what their values are, and how they can help you succeed. For example, Bobby talks about how he runs a faith-based wealth management firm and what Christian financial services he offers his clients.

Once you’re confident in the relationship, your new advisor will assess your financial situation. He’ll need access to all of your retirement information, such as existing accounts, their balances, and your retirement goals. They can use this information to see where you are in relation to your goal and get an idea of how much you can contribute to your retirement each year.

As your financial advisor familiarizes himself with your situation, they’ll start to form a plan of action.

Propose a Strategy

A happy middle aged couple talking with a financial advisor about their retirement plan strategy

The next step after reviewing your retirement savings and goals is to create a strategy. This is an important step in retirement planning because it gives you a heading on the horizon to keep your focus on. Your financial advisor will handle all of the details to get you there.

A strategy could include a number of different techniques, such as re-allocating your portfolio, Roth conversions to minimize your taxes, or simply consolidating your retirement accounts. The goal is to align your savings strategy with your retirement income needs based on the retirement lifestyle you hope to maintain after you stop working.

The second part of your retirement strategy addresses the different income streams you’ll have access to when it’s time to transition to retirement. You’ll want to be intentional about which streams you’re accessing — social security income, tax-free withdrawal accounts such as a Roth IRA, pre-taxed 401(k)s or 403(b)s, and passive income streams — because many are taxed differently. 

All of these accounts will eventually contribute to your peace of mind in retirement, and keeping a mix will prevent an undue tax burden when it comes time to draw from them.

Your retirement strategy will be like your roadmap. Be sure you ask your financial advisor to explain any aspects you don’t quite understand and ask questions about techniques you’re interested in. They’ll be able to steer you in the right direction to meet your goals on time.

Create a Plan

Older woman reading over retirement plan

If your strategy is a roadmap, then your retirement plan is the list of directions. Seeing the path from point A to point B is helpful, but having a list of each turn you need to take means you can reach the destination without delay.

A financial advisor will help you create a retirement plan that aligns with your overall strategy. One option for aspiring retirees who might not have enough saved to reach full retirement yet or are hoping for early retirement, is to take a part-time approach. Your financial advisor might suggest reducing your work hours and easing into retirement over a few years to help you make a smooth transition.

If you’d rather enjoy the full benefits of retirement from the get-go, your advisor might help you create a plan to reach that goal within your desired timeframe. This could mean saving extra each month or creating passive income.  

As you move through each step of your plan, your financial advisor will be by your side to help you navigate the way and ensure you reach your goal with peace of mind. 

Be Your Guide

The main job of a financial advisor is to “help people stay calm and stay the course.” Perhaps the best part of having a financial advisor to manage your retirement transition is that they can guide you through the entire process. No more wondering if you’re doing the right thing or what the next step is. Your advisor is on it!

With smart financial planning, a comfortable retirement is well within your reach. To learn more about our financial advisor, Bobby Cremins, and how he can help you plan for your retirement, visit