By 360 Financial, Big Picture Planning and Wealth Management
If you are working toward retirement, saving and investing for your work-optional years is crucial.
Retirement planning should be a priority for everyone, but especially for business owners, executives, and other high-net-worth professionals who want to maintain their current lifestyle over the long term.
If you’re wondering who to talk to about retirement planning, this post is for you. We’ll cover the various options you have as someone preparing for retirement.
Table of Contents
Who Should I Talk to About Retirement Planning?
While it’s possible to plan for retirement on your own, working with professionals can help you get the most out of your retirement planning.
Online seminars, workshops, and resources can provide some guidance. However, if you want clear, customized advice tailored to your specific financial goals, speak to a qualified financial advisor.
We recommend seeking the advice of a fiduciary financial advisor who can also help you with tax planning and estate planning, as these are an important part of your retirement and big picture financial plan.
How to Prepare for Retirement
Whether retirement is still a long way off or you’re aiming to retire in the next five years, solid planning is the key to a confident retirement.
Here are some ways you can prepare for retirement:
Put together your financial team, which includes a great accountant, financial advisor, and estate planner.
Prioritize putting away savings every month.
Contribute to your employer’s retirement savings or pension plan.
Put money into an individual retirement account (IRA)—either traditional or Roth IRA.
Estimate your Social Security benefits, if applicable.
Plan out your retirement needs, including how much money you will need to maintain your desired lifestyle.
If you’re a business owner, work with a wealth management firm that has experience helping business owners and entrepreneurs.
Understanding Your Retirement Needs
It’s generally estimated that most individuals will need 70-90% of their pre-retirement income to maintain a similar standard of living during retirement.
This percentage may be higher if you have family to support or debts to pay off.
So, how much do you really need?
The answer is complex, as it will depend on variables—the age when you plan to retire, what your sources of retirement income will be, how long you expect to live based on your health and family history, if you want to travel, and even potential healthcare or other unexpected costs that may arise during your retirement years.
When you work with a financial advisor, they can give you solid answers to the question, “When can I retire?”
Consider Hiring a Financial Advisor
Due to all these variables, working with a professional like a financial advisor or retirement planner is recommended, since they specialize in helping you prepare for retirement based on your unique financial needs.
Working with a fiduciary financial advisor may give you an extra layer of confidence since they are financial professionals who are ethically and legally bound to act in your best interests.
This means they must put your needs and goals above their own interests or the financial firm they work for, which is especially important if you have substantial assets.
How to Choose the Right Financial Advisor or Financial Planner
If you’re looking for a financial advisor, make sure they hold a FINRA Series 65 license.
This license is the most important credential that distinguishes a financial advisor from a financial planner.
They may also hold other credentials, including:
Certified Financial Planner (CFP®)
Chartered Financial Analyst (CFA®)
Chartered Financial Consultant (ChFC®)
Certified Investment Management Analyst (CIMA®)
Accredited Investment Fiduciary (AIF®)
Certified Private Wealth Advisor (CPWA®)
>> For more information on how to choose a good financial advisor, read this post that covers the topic in detail.
A financial advisor can manage your investments, create a robust and diversified portfolio, and provide financial planning and retirement planning guidance. Typically, when you work with a financial advisor, planning is included in the service offering.
However, not all financial planners are investment advisors. Without the correct qualifications and licensing, a financial planner cannot manage your investment portfolio. They may be able to provide you with advice and guidance but not provide investment management services.
How a Financial Advisor Can Help You Prepare for Retirement
Once you’ve chosen a financial advisor to work with, they will provide dedicated guidance to help you work towards a comfortable retirement.
In most cases, they will create a financial plan that considers all aspects of your financial situation. They will do a risk tolerance assessment and ensure that your portfolio meets your needs.
At 360 Financial, our financial advisors provide personalized strategies and professional guidance that are targeted toward your goals. On your own, you may not have a portfolio that’s sufficiently tailored to your risk tolerance and goals.
A partnership with a financial advisor allows you to focus on other important areas of your life, saving you the time and effort required for comprehensive investment planning and portfolio management.
At 360 Financial, we can help you with the following:
Retirement goals and planning
Comprehensive and long-range wealth management
Investment advice and management
Tax planning and strategies
Financial planning
Education planning and funding (college planning)
Estate and estate tax planning
Generational wealth
Philanthropic planning and charitable giving
Risk management
Specialist referrals
Meaning-of-life questions on life goals, money, and values alignment
Questions to Ask a Financial Advisor
Here are some questions you can ask a financial advisor before you start working with them.
Are you a fiduciary?
What type of clients do you typically serve?
What certifications do you have?
How will we be working together?
Do you have disclosures on your record?
Common Questions
What is the difference between a financial advisor and a retirement planner?
A financial advisor will manage your investment portfolio as well as offer financial guidance on saving, investing, and pursuing your financial goals.
Meanwhile, a retirement planner specializes in creating strategies for income during retirement. However, they won't be able to directly manage your investments or create an investment portfolio for you. In addition, a retirement planner cannot help you with estate planning or other wealth management strategies.
If you have investable assets of $1M or more, your best bet will be to work with a boutique wealth management firm that can help you with all aspects of your financial life including retirement planning, investment management, financial planning, tax planning, and estate planning.
Who should I talk to before I retire?
Before retiring, consult a financial advisor or retirement planner, an estate planning attorney, and a tax professional to review investments, income strategies, legal documents, and tax implications. You'll want to do your best to ensure a smooth transition into retirement. Having the right team in place will make this process much easier.
What types of financial advisors specialize in retirement planning?
Certified Financial Planners (CFPs), Chartered Retirement Planning Counselors (CRPCs), and advisors with expertise in wealth management and income planning focus on creating comprehensive retirement strategies tailored to your goals.
What is a Certified Financial Planner?
A Certified Financial Planner (CFP) is a professional with extensive training and certification in financial planning, adhering to rigorous ethical standards and specializing in areas such as investments, retirement, estate, and tax planning.
How much does working with a financial advisor cost?
Costs vary by advisor and service type.
Fee-only advisors may charge between 0.65% and 1.5% of assets under management, while commission-based advisors earn from product sales. Always clarify fees upfront to understand the total cost.
At 360 Financial, our cost structure is based on a percentage of assets under management. As fiduciary advisors, we put our client's best interests first, so you don’t have to worry about being sold high-cost products that aren’t a good fit for your needs.
What is a registered investment advisor or RIA?
A Registered Investment Advisor (RIA) is a fiduciary professional or firm providing financial advice, focusing on managing investments and retirement strategies.
RIAs are legally required to act in the client’s best interests, ensuring transparency and alignment with your goals.
Do I need to be worried about my taxable income when planning my retirement?
Yes, taxable income affects Social Security benefits, Medicare premiums, and tax brackets in retirement.
Strategic withdrawal plans from accounts like IRAs and Roth accounts can help minimize taxes and maximize income. Work with a financial advisor to figure out when and where to withdraw income during retirement.
Which tax laws are most important to consider when planning for retirement?
Key laws include required minimum distributions (RMDs), contribution limits for retirement accounts, capital gains tax rates, and Roth IRA conversion rules.
Understanding these helps optimize tax efficiency and preserve retirement savings. You should work with a qualified accountant and a financial advisor who will help you with your retirement planning and tax planning.
What is the full retirement age in the US?
Full retirement age varies based on birth year, typically ranging from 66 to 67 for those born after 1943. It’s when you can claim full Social Security benefits without a reduction for early retirement.
Retirement Planning in Minneapolis
Are you a business owner or professional planning on retiring in Minneapolis?
If you’re 3-5 years from retirement, we recommend you schedule a call with a financial advisor who can help you with your tax planning, retirement planning, and investment management.
If you have investable assets over $1M, it’s wise to seek the guidance of a fiduciary financial advisor who will help you work toward minimizing taxes and creating a comfortable retirement.
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About 360 Financial
360 Financial is an independent wealth management firm with a team of specialized financial advisors and financial planners. As fiduciaries, 360 Financial’s advisors provide services to business owners, entrepreneurs, and professionals. We help investors with sudden wealth, retirement planning, tax planning, estate planning, and business financial planning.
Headquartered in Minnesota, we serve investors across the US with online and in-person wealth management and financial planning services.
Additional Notes about Roth IRAs:
A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply. There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.
