Do You Need a Financial Planner or a Retirement Planner?
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When it comes to planning for your financial future, you can work with a variety of professionals. Two of the most common are financial planners and retirement planners. While both can help you achieve your financial goals, they have different areas of expertise and focus.
Financial Planners Guide You Through Major Life Events
A financial planner is a professional who helps individuals and families create a comprehensive financial plan that covers all aspects of their finances. They typically work with clients over many years to help them achieve their financial goals. A financial planner can help you with a wide range of financial topics, including:
Budgeting and saving
Investing
Retirement planning
Estate planning
Tax planning
It’s good to meet with your financial planner before any large life change, like a wedding, the birth of a child, receiving an inheritance or changing jobs. Financial planners use their expertise to analyze your financial situation and make recommendations on how to make decisions to reach your unique goals.
Financial planners may help you create a budget, invest your money or plan for retirement. They can also help you navigate complex financial situations, such as buying a home or starting a business.
Retirement Planners Help You Achieve an Independent Lifestyle After Work
A retirement planner, on the other hand, is a professional who focuses specifically on helping clients plan for retirement. They help individuals and couples create a retirement plan to address their financial needs as they approach, enter and enjoy retirement. This includes analyzing your current financial situation, determining your retirement income needs and creating a plan to help you maintain those funds.
Retirement planners can help you with a wide range of retirement planning matters, including:
Creating a retirement income strategy
Maximizing your Social Security benefits
Managing your retirement accounts
Planning for healthcare costs in retirement
Estate planning
Retirement planners use their expertise to help you plan for the unique financial challenges you may face in retirement. They can help you determine how much you need to save for retirement, what types of accounts to use and how to manage your retirement income. They can also help you plan for unexpected events, such as a medical emergency or the death of a spouse.
Key Differences between Financial Planners and Retirement Planners
While both financial planners and retirement planners can help you achieve your financial goals, they have different areas of expertise and focus. Here are some key differences between the two:
Focus: Financial planners focus on your overall financial situation, while retirement planners focus specifically on your retirement needs, like Social Securing planning, Medicare and retirement income.
Scope: Financial planners can help you with a wide range of financial matters, while retirement planners focus primarily on retirement planning — especially a strategy to make sure your retirement savings last throughout your retirement.
Timeframe: Financial planning is a long-term process that can span many years, while retirement planning is typically focused on a shorter time frame, usually the five to fifteen years leading up to and during retirement.
Expertise: Financial planners have expertise in a wide range of financial matters, while retirement planners have specialized knowledge of retirement planning strategies, tax planning, estate planning and related savings products (annuities, life insurance, etc.).
Which One Should Phoenix Investors and Retirement Planners Choose?
When it comes to choosing between a financial planner and a retirement planner, it depends on your individual needs and goals. If you need help with a wide range of financial matters, such as investing, budgeting and estate planning, a financial planner may be the right choice for you. If you are close to retirement or are already retired and need help specifically with retirement planning matters, a retirement planner may be the better option.
Working with the right company can ensure you don’t have to choose between one or the other. Fullerton Financial Planning offers a variety of services, including financial planning, investment management, retirement planning and Medicare planning.
Regardless of which type of planner you choose, it's important to work with someone who is qualified, experienced and trustworthy. Fullerton Financial Planning is committed to helping you maintain the independent lifestyle you want throughout your retirement. To find out more call us today at (623) 974-0300 or click here to find out more.