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Do you dream of spending the later years of your life in a comfortable retirement? Such dreams can be turned into reality with the help of a retirement planning financial advisor. If you are a wealthy investor with $5 million to $500 million in liquid investment assets, you may benefit from a retirement plan created by Pillar Wealth Management. Our guide for investors with $10 million or more describes wealth protection strategies to achieve a secure retirement.
What Happens During Retirement?
Many people look forward to the free time they will get to enjoy following their retirement. You can spend this time pursuing your hobbies or travelling around the world.
It’s not uncommon for high net worth as well as ultra-high net worth individuals to work for many decades. During this period, they put immense effort into building up their wealth for a comfortable retirement. This is primarily done because they will no longer be earning an active income once they cross retirement.
The thought of living off your savings and watching them shrink over time can be unpleasant for many individuals. You may be able to avoid ending up in this situation by planning for your retirement in advance. Get in touch with our wealth managers to learn about the ideal retirement plan for you.
Why Retirement Plans Are Important
If you are on the fence about creating your retirement plan in the present, you should familiarize yourself with their importance. A retirement plan keeps you covered in many different ways. These include:
Maintaining Your Wealth
Managing your wealth is essential at all ages. However, this process may become more challenging during retirement.
When you are actively earning income during your career, you seldom have to worry about your wealth decreasing. After all, each paycheck you earn adds more to your wealth. You can then freely invest this wealth wherever you please.
However, your wealth-building activities may come to a close following your retirement. Without an active income, you may need to rely on your savings to finance your lifestyle. This typically results in your savings shrinking over time. The mountain of wealth you previously built up may be down to a small pile after only a decade of retirement.
As a wealthy individual, you can prevent this scenario from occurring. A retirement plan will include many strategies for creating passive income sources to keep you sustained during retirement. We discuss numerous wealth protection strategies in our book The Art of Protecting Ultra-High Net Worth Portfolios and Estates – Strategies For Families Worth $25 Million To $500 Million.
Giving You More Options
Having extra wealth during retirement gives you more freedom to invest. You can continue your wealth-building activities by investing in assets that generate good returns. This can help ensure you have more wealth to leave your children and beneficiaries in the future.
As a wealthy investor, you may already be familiar with the right assets to invest in. However, receiving a second opinion from our wealth managers may be beneficial. They possess an in-depth understanding of different markets and can help you make choices that boost your wealth in retirement. Contact us today for a free consultation on investing during retirement.
Staying Protected During Medical Emergencies
You can be susceptible to medical problems at any age. However, your ability to recover from health problems wanes as you get older. This means each medical condition you develop should be addressed immediately. However, it is difficult to predict when such a problem may occur.
Individuals with a high net worth or an ultra-high net rarely have to worry about going bankrupt from high medical expenses. However, expensive emergency surgeries could leave a significant dent in your savings. To avoid paying for medical emergencies out-of-pocket, you will need the right type of medical insurance.
A comprehensive retirement plan should include insurance policies that keep you covered during such emergencies.
What Is a Retirement Planner
What are retirement planning financial advisors? This is a special type of financial advisor that specializes in creating retirement plans.
Such professionals typically study your finances, such as your income sources, expenses, and assets, before creating a plan to help you achieve a comfortable retirement or any other goals related to your retirement.
People often go to retirement planners for assistance with their retirement plans. However, a wealth manager can also create comprehensive retirement plans for you. Sign up for an exclusive free consultation with our wealth managers to learn more.
How to Find a Retirement Planning Financial Advisor?
If you were wondering “how do I find a retirement planning financial advisor?”, you’ll be glad to know that there are numerous advisors available across the country. You are likely to find at least a handful of advisors in your own city. Some ways to find retirement planners include:
Looking Up Advisors Online
An online search is the fastest way to look up financial advisors near you. You can find plenty of financial advisors by simply looking up “financial advisors in [your city’s name]” on Google. However, it may be a better idea to look up financial advisors who offer retirement planning services, or have used the title “retirement planner”. These search criteria can help you find the right person for the job.
You may also be able to locate online directories that list all the retirement planners who work for a particular firm. This approach can help you discover a large number of financial advisors who offer retirement planning services in your area.
Alternatively, you can look for wealth management firms that offer retirement planning services. Regardless of the search term you use, you are likely to find numerous choices online.
Looking for financial advisors online can be tricky, as you may not know anything about the advisors you are looking up. If you are seeking a trustworthy retirement planner that you can rely on, you should ask people you know.
This approach is ideal if you have a large network consisting of different professionals. If you know someone who has a financial background similar to yours and has already set up their retirement plan, you should ask them which retirement planner they used.
Such individuals may also be able to provide the contact details for retirement planners who do not maintain an online presence. These planners are also more likely to be trustworthy, as they have set up retirement plans for someone you know.
How to Pick a Retirement Planning Financial Advisor?
Assuming you have created a list of potential advisors in your area, you may be wondering “how do I pick a retirement planning financial advisor?”. Retirement planning is a task that needs to be carried out only once in your life, so you may not be familiar with how to choose a planner. Luckily, we can guide you through this process. Some factors to consider are:
Every financial advisor should be knowledgeable about the services they offer. However, it can be difficult to distinguish between a financial advisor who is truly well-versed with retirement plans and someone who is simply portraying themselves as knowledgeable.
To get a better understanding of their knowledge, you should speak with the advisor directly. Explain your current financial situation and what your retirement goals are. Most advisors will assure you that they can create a plan that helps keep your wealth intact. However, you should ask them to expand on the different things they can offer you.
An advisor with limited-knowledge will be poorly equipped to go into specifics about a particular plan. If you suspect they are making claims they can’t back up, you should be wary about using their services. You can learn about the right questions to ask a financial advisor in our special guide.
Experience is important in any profession, but it is especially important for advisors who are helping you manage a sizable quantity of wealth. A retirement planner who has been in the industry for a long time is more likely to be familiar with the challenges of retirement planning.
Experienced planners will have witnessed numerous clients follow through on their retirement plans. They can then use what they have learnt towards creating even better plans for their new clients. These planners may also incorporate many of the portfolio growth strategies discussed in our guide.
Frequency of Contact
During your search, you may find numerous advisors who are both knowledgeable and experienced. Such individuals are highly sought after by different clients. As a result, they may not be able to devote much time to their new clients.
You should always strive to use an advisor who makes themselves available, and also maintains frequent contact with you. This is essential, as you may need to consult with them on short notice. Any financial decision you make may impact your retirement plan, so you should pick an advisor you can freely consult for each decision.
Are Retirement Planners Worth It?
During the search process, you may ask yourself “is a retirement planning financial advisor worth it?”. We have mentioned many reasons why a retirement plan can be beneficial for individuals with a high net worth or an ultra-high worth. However, the retirement planner can help you in numerous ways. This includes:
Whether you intend to retire next year, or in the next decade, your retirement could be susceptible to certain risks. If a particular market crashes during your retirement, you may lose a significant quantity of your wealth. Similarly, an unexpected event could place an immense financial strain on you and your family.
A retirement planner will identify these risks beforehand and create strategies to help you get around them. For example, a planner may advise you to spread your assets around different markets before retirement. They may also suggest ways to improve your portfolio performance, as mentioned in our special guide.
Peace of Mind
Perhaps the best reason to use a retirement planner is the peace of mind they provide. A qualified professional can take care of all planning activities for you, and help you achieve the comfortable retirement you have always desired.
You won’t need to concern yourself with minor problems or hurdles in the years leading up to your retirement plan, as long as you have a trustworthy professional at the helm. Investors with $10 million or more can safeguard their wealth in retirement using our special guide.
Why Choose Pillar Wealth Management
If you have between $5 million and $500 million in liquid investment assets, you should ask our wealth managers to create your retirement plan. At Pillar Wealth Management, we have over 60 years of experience dealing with wealthy investors.
We have assisted numerous clients during the retirement planning process and have helped them keep their wealth secure in many difficult situations. Get in touch with our wealth managers for a free consultation today.