Financial Advisors for Retirees
Looking for a financial advisor in retirement? A retirement-focused financial planner can help you create a sustainable income plan, manage RMDs, reduce taxes, and avoid costly mistakes. Find a fiduciary advisor who specializes in working with retirees and understands how to protect and stretch your savings.
Need to outsource something else? Search for proactivefractional CFOandaccountantson Sam’s List too. Make sure to check the reviews, it’s one of the most important parts of your vetting process!
Need to outsource something else? Search for proactivefractional CFOandaccountantson Sam’s List too. Make sure to check the reviews, it’s one of the most important parts of your vetting process!
Financial Advisors
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Should You Hire a Financial Advisor After You Retire?
Yes — hiring a financial advisor after retirement can help you preserve wealth, minimize taxes, and avoid running out of money too soon.
Here’s how the right advisor helps:
- Retirement income planning: Create a strategy to safely draw from your 401(k), IRA, and brokerage accounts without overspending
- Tax-efficient withdrawals: Avoid penalties and lower your tax bill with smart sequencing and Roth conversions
- Required Minimum Distributions (RMDs): Make sure you're following the rules and minimizing unnecessary taxes
- Social Security optimization: Pick the right age to start based on your needs and benefits
- Medicare and healthcare planning: Budget for premiums, out-of-pocket costs, and potential long-term care
- Estate and legacy planning: Structure your accounts to pass wealth efficiently to family or charity
Choose a fee-only fiduciary with experience in retirement income. Look for credentials like CFP® or RICP®, and make sure they regularly work with retirees just like you.
Here’s how the right advisor helps:
- Retirement income planning: Create a strategy to safely draw from your 401(k), IRA, and brokerage accounts without overspending
- Tax-efficient withdrawals: Avoid penalties and lower your tax bill with smart sequencing and Roth conversions
- Required Minimum Distributions (RMDs): Make sure you're following the rules and minimizing unnecessary taxes
- Social Security optimization: Pick the right age to start based on your needs and benefits
- Medicare and healthcare planning: Budget for premiums, out-of-pocket costs, and potential long-term care
- Estate and legacy planning: Structure your accounts to pass wealth efficiently to family or charity
Choose a fee-only fiduciary with experience in retirement income. Look for credentials like CFP® or RICP®, and make sure they regularly work with retirees just like you.
FrequentlyAsked Questions
Q: Is it worth hiring a financial advisor if I’m already retired?
A: Yes. Retirement comes with new financial decisions, and an advisor can help you manage income, taxes, investments, and healthcare while making sure your money lasts.
Q: What should a financial advisor do for someone who is retired?
A: They create a withdrawal strategy, monitor investment risk, plan for RMDs, advise on Social Security timing, handle tax strategy, and help with Medicare or long-term care planning.
Q: How much does a retirement advisor typically cost?
A: Most charge 0.25%–1% of assets under management. Flat fees ($2,000–$7,000) or hourly planning ($200–$500/hr) are also common for retirees.
Q: What credentials should a retirement financial advisor have?
A: Look for a CFP® or RICP® (Retirement Income Certified Professional). Make sure they’re a fiduciary and experienced with retirement income planning.
Q: What are red flags when choosing a retirement advisor?
A: Be wary of anyone who pushes annuities or insurance without explanation, won’t disclose fees, or avoids answering how they’re paid.
Not sure who’s right for you as a retiree? Answer a few quick questions, and we’ll introduce you to someone who fits.
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