In this episode, Roger shares how to find the right retirement planner, what to look for when interviewing advisors, and how to evaluate the value they bring. Tanya Nichols joins him to answer listener questions about financial advisors, retirement income, investment accounts, and Social Security.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- (00:00) Roger shares his concerns about heart health after several friends experience cardiac issues and explains how consulting a specialist helped him determine the appropriate next steps. He connects the experience to the importance of finding a retirement planner who specializes in your needs.
RETIREMENT TOOLKIT: HOW TO CHOOSE A RETIREMENT PLANNER
- (05:30) Roger explains why working with a retirement planning specialist matters and how to evaluate potential advisors based on connection, competence, consistency, qualifications, and the value they provide.
- (14:41) Roger discusses what to look for when evaluating potential retirement planners, including their fee structure, planning process, and focus on clients’ life goals.
- (18:40) Roger shares questions to ask when interviewing potential retirement planners to assess their approach, experience, and fit for your needs.
LISTENER QUESTIONS
- (26:24) Kurt asks how to begin developing a retirement strategy, including deciding whether and how to hire a financial advisor.
- (32:44) Mike asks how to bridge the years between early retirement, Medicare, and Social Security while making tax-efficient financial decisions.
- (38:24) A listener asks whether to continue working with an advisor who manages individual stocks, Roth conversions, cash reserves, and tax planning or switch to a flat-fee planner.
- (43:12) Greg asks whether keeping retirement accounts at both Vanguard and Fidelity provides worthwhile protection or whether consolidating would simplify things.
- (45:20) Todd asks how Social Security benefit estimates account for inflation and COLAs, and whether the estimates reflect today's dollars.
- (49:40) Andrew asks about spousal Social Security benefits for a wife without her own earnings record and whether delaying his benefits until age 70 increases her benefit.
SMART SPRINT
- (52:18) Download the How to Choose a Retirement Planner worksheet and use it to evaluate your current advisor, review your own retirement plan, or interview potential planners.
ON THE BOOKSHELF
- (54:06) Kevin Lyles reviews Thinking, Fast and Slow by Daniel Kahneman and explores how recognizing biases can improve decision-making.
REFERENCES
What is Retirement Answer Man?
A top retirement podcast. Roger Whitney, CFP®, CIMA®, CPWA®, RMA, guides you on how to actually do retirement well financially and personally. This retirement podcast isn't afraid to talk about the softer side of retirement. It will teach you how to retire with confidence. Two-time PLUTUS winner for best retirement podcast / blog and the 2019 winner for best financial planner blog. This retirement podcast covers how to create a paycheck, medicare, healthcare, Social Security, tax management in retirement as well as retirement travel and other non-financial issues you'll need to address to rock retirement. Retirement isn’t an age OR a financial number. It’s finding that balance between living well today and feeling confident about your retirement. It’s about gaining more freedom to pursue the life you want. Join the rock retirement community at www.rogerwhitney.com