Managing your financial affairs in retirement

Having taken the necessary steps to help you prepare for retirement, your advisor will then be ready to help you manage your finances throughout your retirement. You will want to meet with your advisor at least once a year to review your retirement plan and investment portfolio, to make sure they continue to meet your needs and expectations.

Revisit and revise.
You can expect your income plan, like all aspects of your retirement plan, to change over the course of your retirement. Some expenses will diminish, such as your mortgage payments, education for children or the need for a second car. However, new ones will emerge, such as more comfortable travel, caring for aging parents and other health care costs.

Your advisor can do the best job for you when he or she has a complete picture of your evolving goals, priorities and financial situation. So be sure to keep your advisor apprised of any changes in your life that could alter your plans or affect your finances. This will enable your advisor to recommend suitable changes to your plan as needed.

Establish expectations and responsibilities.
The most productive and successful advisor-client relationships are those in which each party understands its respective roles and responsibilities, and clear expectations have been established. Even when you have enjoyed a successful long-term relationship with your advisor, it can be helpful to review your expectations and respective responsibilities in case your needs have changed.

The services you require from your advisor will depend on the complexity of your financial situation and the degree of involvement you want to have in managing your money. The Expectations and responsibilities checklist PDF document can help you define your expectations and requirements. Remember to share this information with your advisor so that he or she can continue to provide the level of service you desire.

Planning for the unexpected
Have you considered what would happen to your financial affairs if you were to become incapacitated or die? Once again, this is an area where your advisor can help.

With detailed knowledge of your finances, your advisor is often the best person to begin discussions about legacy and estate planning. Talk to your advisor about how to make sure you have the proper plans in place.

Depending on the complexity of your situation and your advisor’s areas of specialization, your advisor may be able to recommend other professionals with specialized estate planning expertise to provide additional guidance.

Making your retirement the best it can be
With all the opportunities and choices you have to consider, planning for your retirement can be an exhilarating process. And with the help of your advisor, plus the tools and resources in this guide, you can make your retirement the best it can be.

When planning for this important period of your life, there’s no such thing as having too much information. Fortunately, there’s a wealth of material available – through associations and organizations, at libraries, in bookstores and on the Internet. Tap into your advisor’s expertise in this area and ask for recommendations of valuable sources of information.

Keep in mind that you could be spending as much time in retirement as you did in your working life, and that during that time, your needs and aspirations are bound to change. Throughout your retirement, plan on consulting your advisor regularly so that your retirement plan and other financial interests can remain in tune with your goals and circumstances.


Expectations and responsibilities checklist PDF document

Some of the services you need in retirement may differ from those your advisor currently offers. From the following list, select the services that you expect your advisor to provide.

Getting good advice
Planning should include
  • ensuring all beneficiary designations are complete and current
  • preparing an estate plan
  • having an up-to-date will
  • having an up-to-date power of attorney and a power of attorney for personal care