5 Things to Ask When Starting a Retirement Plan

by | Oct 26, 2017 | Finance

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Opening a retirement plan is the first, and one of the most important, steps in making sure your retirement is a stable one. You want to make sure, however, that all of your bases are covered, so some things don’t come back to bite you later on. If you are looking for retirement planning in Attleboro MA, here are 5 important questions to ask your planner to make sure your retirement is worry-free.

#1. How comprehensive is your planning?
This is an important question to get out of the way as soon as you can. Ask your advisor if their service provides a full variety of planning services on top of the services they already advertised to you. Once they give how many services they provide, then decide if this is a good setup for you.

#2. What do you provide for what I’m paying?
As with anything important, you want to make sure you’re getting your money’s worth. Your retirement planner will typically respond to this question by laying out the specifics of the plan, making sure you are caught up on what you are being provided by the company. They can also add value by deciding when it’s best for you to retire at your age and position.

#3. How is compensation handled?
Knowing specifically how your retirement advisor is being compensated for their services is more beneficial to both parties than you may think. Be sure to specify that you want to know about both their direct and indirect compensation, so you’re both on the same page. They can either be paid per transaction fee, or annually based on the asset value of you and other clients.

#4. When should I start social security?
It’s often misunderstood by retirees when they should start taking social security. This is an important question to ask because your planner can help you decide when the best time is for you in relation to your retirement. Deciding when to start taking social security will affect what long term retirement income will look like, so be sure to remember this question.

#5. What does my budget look like, and how can I improve it?
Your retirement budget, or “nest egg” as the saying often goes, is how you plan on keeping yourself financially afloat after retirement. There are many things you can do to quickly improve it, even if only a little, which your planner will be more than happy to help you decide on.

A firm that specializes in retirement planning in Attleboro MA can be extremely beneficial. If you need assistance, contact CGF today.

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