What to Expect When Working with a Retirement Planner

Once you realize you need help getting a retirement plan in place, you may wonder what it is like to work with a professional financial planner.  This article will summarize the initial data gathering steps when you become a client of PFM.

Goals and Objectives

Any successful retirement plan begins with documenting your goals and objectives.  Every household is different and we need to take the time to get to know you.  Identifying the age at which you want to retire and the amount of income you think you’ll need to live comfortably is important.  The goals should also include other wishes, their timeframe, and their expected costs.  This includes budgeting for additional travel, large expenditures, or personal hobbies.  The more specific you are, the more precise your financial plan will be.

Concerns

The next step is to make a list of your concerns.  Are you worried that you will run out of money later in retirement?  Are you unsure about claiming Social Security or how taxes may erode your savings?  Do you have questions about your pension?  How do you feel about your ability to research investments and make wise decisions on your own?  By identifying areas of concern, our expertise can provide you with a solid plan that gives you confidence you are on the right track.

Data Gathering

At the beginning of the financial planning process, you will be asked to provide several documents and statements.  Then, our job of putting together all of the pieces of the puzzle begins!  Retirement planning is not a one-time exercise.  That’s why we review updates frequently so that we can track progress and respond to changes along the way.

Statements – Investment account statements are required so that we can see how you are currently invested and make recommendations that might better align with your risk tolerance and goals.

Cash Flow Data - You will be asked to provide paystubs, Social Security benefit statements, and details about other income sources and debts.  You’ll also list your household expenses like car payments, insurance premiums, and utility bills.  Knowing what’s coming in and what’s going out is the key to dialing in on accurate numbers for your retirement projection.

Tax Return - There may be opportunities for strategic tax planning.  Reviewing your tax return is an important tool to ensure you are not paying more taxes than necessary and are positioning your portfolio for the long term.

Insurance Policies - Insurance should provide you with peace of mind.  PFM can review your policies to determine if you have the appropriate coverage to protect you and your family.

Estate Planning Documents - These documents specify how your estate will pass upon your death or who will manage your healthcare or financial affairs if you are not able to do so.  PFM can help by summarizing these and working with your attorney to ensure your wishes are reflected in the documents.

Start Retirement Planning Today

Getting your financial affairs in order and tracking your retirement journey can be a time-consuming task.  Call PFM today to learn more about how our team of planning and investment professionals can alleviate this burden for you.