Five Questions To Ask When Meeting With A Financial Advisor About Retirement Planning (NAPSA)—Only about one-third (31 percent) of middle-income baby boomers feel prepared for retirement, accordingto a recent study conducted by Bankers Life Center for a Secure Retirement. However, even if you only recently started your preparation for retirement or have not yet begun,it is nevertoolate to improve the outlook for yourretirementfinancialsecurity. financial professional with expe- rience in retirement planningstrategies can be an extremely valuable resource in building your plan and helping you find savings products that can provide a reliable monthly income. Options are available for different stages oflife and financialneed. An advisorcan provide a comprehensive review of your financial forecast and help you develop a plan for the future. Before your first meeting with an advisor, it is essential to collect criti- cal information and identify specific, fact-based questionsin orderto get the mostoutof the experience. Here arefive questions you should ask a professional financialadvisor aboutretirement. 1. How do I protect my existing financialassets? Before you visit a financial advisor, take stock of your currentfinancialsituation, including your retirement savings accounts andany pension you have collected. A financial advisor will help identify waysto protect the baseline of An experienced financial professional can help you work toward a betterretirement. every person’ full retirement age is the same. However, while 62 is the earliest at which you can collect partial Social Security benefits, eligibility for full benefits begins at 66 if you were born between 1943 and 1954 and can be later, depending upon the year you were born. This knowledge will help you work with youradvisor to see the most accurate picture of your retire- mentincomeneeds. Lookup yourfull retirementage at SSA.gov. 4. Howwill you and your firm work in mybest financialinterest? When choosing an advisor, it is important to speak with a professional whois registered. Before you agree to work together, ask the advisor about her experience, the other clients she hashelped andthe advisor’s retirement planning approach. This is an important relationship, so make sure you select assets you'll need for primary expenses, a financial professional who you feel and can help maximize any additional understandsyourgoals. advisors assets with solutions such as annuities, mutualfundsorinvestments. compensated? retirementgoals? pensated in one of two ways: commis- cifics—how you envision yourlife in that is paid to a financial advisor upon 2. Howwill you help me achieve my Spend time thinking about spe- retirement and what target monthly incomeyoufeel that will require, espe- cially if you are over age 50 or nearing retirement. Be preparedto talk honestly aboutyour expectationssothata financial advisor can mapout realistic plan. Forinstance,be transparent aboutplans to relocate after retirement, a desire to pass an inheritance to family, and any debt. You should also discuss plans for covering retirement health care expensesand any plans to work parttime to supplementyour income. 3.How do I determine my full retirement age? A common misconception is that 5.How are financial Financialadvisors are typically com- sion-based, meaning a sum of money completion of purchase orsale of securities, or fee-based, meaning fee based upon a percentage of assets under investment management. The bottom line is that either method works as long as there is open communication betweenyou and your advisor. Did You Know? Aboutninein 10 (87 percent) mid- dle-income boomerswhohavea finan- cial professionalare either very satisfied or completelysatisfied with their profes- sional, accordingto Bankers Life Center for a Secure Retirement. To learn more about planning for retirement, visit www.BankersLife.com.
