Retirement Planning With A Financial Advisor


retirement planningRetirement planning seems unnecessary, and a financial advisor is only for helping you with your shares and investments. You have made no retirement plans and suddenly you find it's only a year away. You then try to save a bit extra - pay a bit more to your company pension plan, and find that it is not where you thought it would be.

When you retire there may be a dramatic drop in your lifestyle and an end to eating out in fancy restaurants because of a low retirement income.

Is that what you want? Of course not - so why is it that so many people put off retirement planning? The scenario described above might appear extreme, but 13% of older people approaching retirement have stated that they cannot afford to retire. 36% say that the poor economy is the reason and 16% say it is a lack of faith in Social Security/government . (Employee Benefit Research Institute, April 4, 2011). Read it for yourself here (

Young people who have just started work may not have retirement high on their agenda - they may be saving for vacations, marriage, their family and college fees, but eventually, once the kids have flown the nest, you should turn your eye to that date that seems so far away - but that will come much quicker than you may like it to. You might not have too much to save right now, but even a very small amount each month can be worth more in 25 years time.

planning for retirementOne of the benefits of using a financial advisor, particularly one with experience in investments for retirement planning, is that she will be able give to help point you in the right direction with regard to retirement investment strategies that may enable you to continue eating in the best restaurants and visiting exotic countries well after your retirement.

If you use a financial advisor to help you with your retirement planning you may be more likely to be financially prepared for retirement than if you simply ignored it because it seems 'so far away'. A professional can look after your retirement investments, your taxes and your insurance plans to make sure that your strategies are in line with your goals and objectives!

Here are some aspects of a retirement plan that you should consider, and on which a professional financial advisor can offer you the advice you require to implement them to your benefit:


RMD Arrangements

pension optimizationBecause life expectancy is increasing, many people are trying to delay withdrawing cash from retirement accounts until they really need it. However, unless withdrawals are made by a certain age, they can be penalized financially. The RMD, or Required Minimum Withdrawal, must be made from your account by the time you reach a specified age. This is currently 70.5 years, but can change.

These withdrawals must be made from IRAs and SEPs of any type, although you can take certain steps to help maintain the balance of cash in your retirement account. Your financial advisor should be consulted with regard to these strategies, and a good advisor will have sufficient knowledge of the terms of RMD to enable you to retain more cash in your account than if you tried to handle the situation yourself.


Gifting and Charitable Gifting Annuities

charitable givingA good financial advisor with experience in retirement gifting can help you with charitable gifting annuities that enable you to make a gift to charity and receive a specified kifetime income. You would form a contract with the charity of your choice, so that you transfer the asset to the charity in return for a regular annual income from the charity.

This form of charitable gifting involves you paying lower tax on your income and the charity receives the gift when you die. Your payments from the charity are guaranteed and fixed, and neither increase nor decrease over time or with fluctuations in the stock exchange or cost of living.


When To Start Retirement Planning

retirement_planning Retirement planning starts when you are earning enough for long-term savings, which for most people is after their children have become financially independent.

You should plan for retirement both before and after you retire. Many retirees wait until after retirement before seeking professional financial advice, but it is better to have a professional financial advisor looking after your finances long before you retire and to help you formulate your retirement planning in terms of investments, equity plans and insurances prior to retiring, and your estate management, will changes and retirement income at a sensible time on which the professional can advise.

By taking the advice of a professional financial advisor as early as possible, you can make provisions for your retirement so that you may look forward to it with anticipation rather than with dread.


This material is being provided for informational purposes only. Neither EMA Financial and Insurance Services nor its agents provide legal, tax or accounting advice. Please contact your own advisors for legal, tax and accounting advice.


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