When you are getting ready to retire, this is a big change for you both in terms of lifestyle and financially. When it comes to working out your finances, it is a good idea to meet with a financial advisor. Here are two great reasons to meet with a financial advisor when nearing your retirement.
Create a Post-Retirement Financial Plan
Your financial situation will be much different when you retire, so it is important that you are well prepared for the change. You will likely need to create a new monthly budget to accommodate your new retirement earnings. Also, you will likely have changes in your health insurance that also need to be taken into account. However, the thought of trying to handle all of this on your own can be very overwhelming, and you need the help of a financial planning expert. They can explain to you what your income will be like in retirement and what changes you can expect in terms of your finances. They will also help you to figure out a plan for paying off any debts that you have, such as your home, car, credit card debt, business loans, etc. This ensures that you don't overspend and have enough retirement to last you until you pass away.
Create a Will
When you are nearing retirement, this is also a great time to create a will. You have a good idea of what your finances and assets will be like for the rest of your lie, so you have a good idea of what will be left when you die. This can help you create a will that is accurate and ensures that you get to leave your loved ones with exactly what you'd like. Your financial advisor can help out with this process by carrying out all of your will requests and ensuring that the will is then official. This eliminates problems when you pass on and allows all of your property to be distributed without issues. It also plans for funeral costs, which can get very expensive and taxing for your loved ones if not paid for.
Meeting with a financial advisor when nearing your retirement can be very beneficial for you because it allows you to create a post-retirement plan that covers all of your finances. It also gives you the opportunity to create an accurate will to disburse all that you have in the proper manner.