Working with a retirement focused advisor

Many looking into retirement question whether or not they may benefit from working with a financial advisor.

Retirees may choose to work with an independent financial advisor for various reasons. Concerns typically go beyond simple investing, concerns on taxation, social security, estate plans, and income planning often lead to questions beyond just an investment strategy.

Here are some of the top reasons that retirees choose to work with an advisor who focuses on retirement:

Retirement Experience: Retirement financial advisors are trained in specific methods of retirement planning, income planning, and tax planning. Tax planning in retirement is often complicated and overlooked. Taxes may impact how much of your assets you get to keep in a significant way.

Objectivity: Independent financial advisors do not work for a specific investment or product, so they are not biased toward any particular investment or strategy. This allows them to provide objective advice focused solely on the retiree's best interests. Retirement advisors who work in a fiduciary manner are required to operate with objectivity.

Customization: Independent financial advisors can provide personalized advice and solutions that are tailored to the retiree's unique financial situation, goals, and risk tolerance. This can help retirees achieve their financial goals and ensure they are better prepared for the retirement lifestyle they desire. Risk tolerance changes through stages of retirement, and new factors come into play with taxation, Social Security, and required minimum distributions to name a few.

Accountability: Independent financial advisors are accountable to their clients and must act in their client's best interests at all times. This provides retirees with peace of mind knowing that their advisor is always working in their best interests.

Comprehensive Services: Independent financial advisors can offer a wide range of services, from retirement planning and investment management to estate planning and tax planning. Retirees may work with an advisor to access these comprehensive services and better ensure all aspects of their financial lives are covered. When changing from growing investments to living off them the potential mistakes and hazards change as well, having only an investment plan may no longer be enough to navigate retirement.

Overall, retirees may work with an independent financial advisor to access experience, objectivity, customization, accountability, and comprehensive services that can help them achieve their financial goals and enjoy a secure retirement. One could make the case that the ability to potentially reduce taxes, increase social security benefits, and create a true income plan far outweigh the cost of these services. The true benefit during retirement can be much more than just investment advice if one is working with an experienced retirement-focused advisor.

Finding a financial advisor that focuses on more than just investing may be beneficial for those in retirement. Tax-focused retirement advisors may prove to be significantly helpful for those with tax-deferred accounts such as a 401(k) or IRA. These accounts can add tax complexities that additional planning may be beneficial.

Oxford Wealth Group, LLC is a federally registered investment adviser under the Investment Advisers Act of 1940. Registration as an investment adviser does not imply a certain level of skill or training. The communications of an adviser provide you with information about which you determine to hire or retain an adviser. Information about Oxford can be found by visiting the SEC site www.adviserinfo.sec.gov. and searching by our firm name. We are a financial services firm that utilizes insurance and investment products. Insurance products and services are offered and sold through Oxford Advisory Group. Oxford Wealth Group, LLC and Oxford Advisory Group are affiliated but separate entities.