What questions should I ask my financial advisor before retirement?

Couple speaking to Blueprint Wealth Finaincal Advsior about SMSF

Living a Happy Retirement with the Right Super Advice – why it’s important to get advice, what questions you should be asking

You’ve worked hard for many years and now have earned retirement. Getting the right advice for a happy retirement is crucial. Professional advice can help you optimise your superannuation contributions and investment strategy. An advisor can guide you on how much to contribute, how to take advantage of tax benefits, and which investment options align with your risk tolerance and retirement goals.

At Blueprint Wealth there are 4 key areas clients are most concerned about as they approach retirement:

  1. Maximising retirement savings; Professional advice can help you optimise your
    superannuation contributions and investment strategy. An advisor can guide you on
    how much to contribute, how to take advantage of tax benefits, and which investment
    options align with your risk tolerance and retirement goals.
  2. Retirement income planning; An advisor can help you create a strategy that
    balances income, risk, and longevity to ensure you have enough funds to sustain
    your desired lifestyle.
  3. Estate planning; Planning for the distribution of your assets after your passing is
    essential. An advisor can help you structure your super and other investments to
    minimise taxes, maximise inheritance, and ensure your wishes are carried out.
  4. Managing investment risk: Retirement planning involves understanding and
    managing various risks, such as market volatility, inflation, and longevity. An advisor
    can help you assess and mitigate these risks to protect your retirement savings.

When consulting a Financial Advisor here are some questions you should consider asking:

  1. How much should I contribute to my superannuation to ensure a comfortable retirement?
  2. What are the different investment options available within my super fund, and which
    ones are suitable for me?
  3. How can I take advantage of any government incentives or co-contributions available for
    my super?
  4. How can I create a retirement income plan that will last throughout my lifetime?
  5. What are the different options for accessing my superannuation and how will they impact
    my retirement income?
  6. Are there any government benefits or pension schemes I may be eligible for, and how do
    they integrate with my superannuation?
  7. When I pass away, how can I ensure that my super and other investments are distributed
    according to my wishes?
  8. What are the tax implications for my beneficiaries upon receiving my superannuation and
    other assets?
  9. Are there any strategies I should consider to minimize tax and maximize the inheritance
    for my loved ones?
  10. How can I protect my superannuation and investments from market downturns?
  11. How can I account for inflation and ensure my retirement income keeps pace with rising
    costs?
  12. What strategies can I employ to manage longevity risk and ensure I have enough funds
    throughout my retirement?
  13. How often should I review and update my retirement plan?
  14. What life events or changes in circumstances should prompt a reassessment of my
    retirement strategy?
  15. How can I ensure my plan remains aligned with my evolving goals and aspirations?

When seeking advice, make sure to engage a qualified financial advisor who specialises in retirement planning and superannuation. Ask about their credentials, experience, and fee structure to ensure they are the right fit for your needs. Remember, seeking advice is an investment in your future, and it can provide you with peace of mind and confidence as you navigate your retirement journey.

Blueprint Planning Pty Ltd (ABN 78 097 264 554, trading as Blueprint Wealth is an authorised representative and credit representative of AMP Financial Planning Australian Financial Services Licensee and Australian Credit Licensee

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.