Using a financial adviser for your investment needs is 100% on brand, but what about the other parts of your retirement life? For example, a third of people ages 64 and up have a financial adviser, but only 2% of them asked their adviser to help with their Medicare choices, according to a July 2022 report f rom health care consulting firm Sage Growth Partners.
But Medicare and other non-portfolio topics — like travel and long-term care — can affect your finances. “We are actively bringing these ideas to our clients, but there are still plenty of advisers out there that are not,” says Crystal Cox , a certified financial planner in Madison, Wisconsin. “They’re still focused just on the investments and the portfolio.”1. What retirement decisions do I need to think about?
Your life in retirement may not continue as it has in the past. Do you plan to travel? Do you intend to move to a different state or downsize? How often will you want to buy a new vehicle? “Most people just think, ‘I need a certain amount of money to live on,’” says Daniel Lash , a CFP in Vienna, Virginia. “What about all the ancillary things that come along with living? All the things you want to do?”“Do you have an idea of where you’re going to move, and what does real estate look like in that general area?” Lash says.
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