What Do Financial Planners Do?
Financial planners help clients address and pursue their financial goals by providing guidance across a range of services.
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Retirement
Quiz
Are you ready to retire?
✅ Take the free retirement quiz to discover if you're ready for retirement. The quiz takes less than 2 minutes, and you'll get a Retirement Readiness Score and tips based on your answers.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
Start Thinking About Your Retirement Readiness
These questions will help you prepare for retirement.
Use these questions as a jumping-off point to dig into your retirement readiness.
If you're ready to go deeper and work with a fiduciary financial advisor as you prepare for retirement, we recommend you schedule a call with a 360 advisor.
Retirement Planning Specialists
There are different types of retirement planning specialists.
Their areas of expertise can span income and investment planning, tax planning, risk management and estate planning. The more wealth you have, the more you stand to gain from including these skill sets on your financial and retirement planning team.
Choosing a retirement planning specialist or consultant can be confusing.
With so many different acronyms and certifications, it can be hard to know who the best choice is for you and your money. At 360 Financial, we are Registered Investment Advisors, which means we are fiduciaries who act in the best interest of our clients. We believe in building long term relationships with our clients that are built on transparency and trust.
A financial advisor should focus on more than just investments.
They should consider your entire financial picture when creating a plan for you. At 360 Financial, we help you take greater control over your retirement destiny by focusing on tax strategies, income planning, legacy planning, risk management, investment planning, and estate planning.
360 Financial’s Retirement Planning Process
At 360 Financial, our LifeWealth Planning Process looks at four areas of your life to build a plan that’s individualized to your unique goals:
Family, Occupation, Recreation, and Money (F.O.R.M).
The process consists of three meetings:
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Discovery
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Design
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Deployment
Once we set the plan in motion, we monitor it, track its performance and meet annually or bi-annually to review and realign.
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Schedule a 15-minute call with a 360 Financial advisor to find out if we're the right fit, how we can help you, and how the process works.
Speak with a Financial Advisor about Your Retirement Planning
Get the best financial guidance for your exact situation and goals. No more cookie-cutter solutions or high-cost products.
Evaluating Your Timeline
What is your current age and desired retirement age?
Your age determines how much time you have to prepare for retirement.
If you're 3-5 years from retirement, it's time to find the right financial advisor or financial planner who can guide you as you prepare for retirement. If you already have substantial assets, it may be best to work with a wealth management team that can help you with your estate planning and tax planning as well as create a robust portfolio based on your risk tolerance and goals.
Retirement planning starts with understanding your timeline.
The earlier you start, the more time your money has to grow. If you're 10 years from retirement, you still have time to double down on your savings and investing to have an even more comfortable retirement income.
Evaluating Your Finances
What is your current annual income?
Your existing retirement savings provide a snapshot of how ready you are for retirement.
Be sure to include 401(k)s, IRAs, employer contributions, and any other retirement accounts in your calculations. This total gives you a benchmark to measure your progress and identify areas that need improvement.
Retirement savings should remain a top financial priority, as small, consistent contributions can grow significantly over time through compounding. When appropriate, consolidating accounts can make managing your savings easier and more efficient.
To ensure your savings align with your retirement goals, revisit your contribution levels annually and adjust as your income changes.
Planning for Your
Expenses in Retirement
How will your expenses change when you retire?
Understanding your future expenses is crucial when planning for retirement.
Will your mortgage be paid off, or will housing remain a significant expense? Consider how your lifestyle might change—will you spend more on travel, hobbies, or family activities or save on work-related costs like commuting and professional attire?
Creating a detailed budget is the best way to prepare for retirement expenses. Don’t forget long-term expenses like healthcare or potential debt repayment. Planning for these costs helps you to ensure your financial strategy supports your retirement goals.
Emotional Readiness
for Your Retirement
Are you emotionally ready to retire?
Retirement is more than a financial transition—it’s a significant life change.
Ask yourself how you’ll spend your time and whether you’ve thought about your purpose and priorities for this new phase of life.
Many retired people pursue hobbies, travel, or volunteer work. No matter what you do, it’s important to have a plan that gives your life structure and fulfillment.
Talking with your family about your retirement vision can help set expectations and increase the likelihood of a smooth transition. Remember, retirement is an opportunity to focus on personal growth, relationships, and long-term happiness. Planning for these emotional aspects is just as important as financial preparation.
Preparing for Sustainable Retirement Income
What sources of income will you have in retirement?
If you’re working toward achieving financial security in retirement, it’s important to evaluate your retirement income sources.
Social Security can provide a guaranteed baseline, but it likely won’t cover all your expenses. Supplemental income from retirement accounts, pensions, and other income streams can make a significant difference in maintaining your desired lifestyle.
A diversified income strategy helps manage risks, such as market fluctuations or inflation. Consider whether you’ll receive a lump sum from a pension or retirement fund, or if you’ll depend on fixed income streams from investments.
Working with financial advisors can help you create a sustainable income plan that balances growth, risk, and withdrawals.
Saving for Retirement
How much are you saving for retirement?
Your ability to save consistently is key to building a secure financial future. Contributions to 401(k)s, IRAs, and other retirement accounts allow your money to grow tax-deferred, giving you the benefit of compounding interest.
It’s important to maximize any employer-matching contributions, as they essentially represent free money toward your retirement savings.
Even small increases in your contributions can have a significant impact over time.
For example, boosting your retirement account contributions by just 10% each year can grow your nest egg substantially over the long term. Review your savings regularly to check that you’re on track to meet your financial goals.
Should You Work with a Retirement Planning Advisor?
Are you ready to take control of your retirement?
This retirement quiz is a great starting point to figure out how prepared you are for this next phase of life. By answering key questions about your finances, investments, and emotional readiness, you can identify areas that need attention and start making improvements today.
Whether you’re just starting to save or are on the brink of retirement, there’s always room to dial in your strategy.
Creating a Financial
Strategy and Plan
Do you have a financial plan for retirement?
A comprehensive financial plan and robust investment portfolio are key to a successful retirement.
Your financial plan should address your retirement income, savings, debt management, investment strategy, and tax planning. Working with a fiduciary financial advisor or holistic wealth management team will likely help you stay on the right track and move toward a comfortable retirement.
As life changes, your plan may need to adjust to accommodate new expenses, market conditions, or unexpected challenges. Staying proactive and reviewing your plan annually is critical to staying on track with your retirement goals.
Understanding Social
Security and Benefits
When should you claim Social Security?
Deciding when to claim Social Security benefits is an important retirement decision.
The longer you wait—up to age 70—the higher your monthly benefit will be. However, you’ll need to weigh this against your current income needs and health considerations.
Social Security can act as the foundation of your retirement income, but it’s unlikely to cover all your expenses. Combining it with other income sources, such as retirement accounts, can help you create a more robust financial plan.
Managing Debt in Retirement
What debts will you carry into retirement?
Entering retirement with significant debt can strain your retirement income. Mortgages, credit card debt, and student loans for yourself or family members can reduce the cash available for daily living expenses.
Establish a plan to pay off high-interest debt first, then work on long-term debts like your mortgage. If necessary, explore refinancing options or debt management strategies that align with your retirement timeline. Managing your debt effectively is likely to provide you with much-needed confidence in your plan.
Planning for Your
Taxes in Retirement
What is your tax strategy?
Taxes can significantly impact your retirement income, so having a clear strategy is essential.
Withdrawals from traditional retirement accounts like 401(k)s and IRAs are typically taxed as ordinary income, while Roth accounts offer tax-free withdrawals. Understanding the tax implications of your accounts helps you optimize your income.
Strategic withdrawals can minimize your tax burden.
For example, you might delay Social Security benefits to reduce taxable income in the early years of retirement or convert traditional accounts to Roth accounts when in a lower tax bracket. Consulting with a tax professional or financial advisor is important.
You'll want to make sure your strategy is aligned with IRS regulations and your long-term goals.
Evaluating Your
Investment Strategies
What is your risk tolerance and investment style?
Your investment strategy should evolve as you approach retirement.
Risk tolerance plays a major role in how aggressively you invest your retirement savings. A conservative strategy focuses on preserving your principal, while a growth-oriented approach seeks higher returns but carries more risk.
Rebalancing your portfolio periodically helps to ensure your investments align with your financial goals and retirement age. Diversification is key.
However, if managing your investment portfolio on your own over the long term feels daunting, consult a financial advisor who can help you strike the right balance between growth and stability.
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