Where is the best place for retirement advice?

Where do people get advice for retirement?

According to the most recent Unbiased Retirement Confidence Survey, asking friends and family or doing online research have been the two most popular sources of retirement planning advice in recent years. 

While your friends and family may have some good tips and tricks, their situation might differ greatly from yours, meaning their advice might not always be suitable or relevant. 

For instance, it’s not uncommon for younger people today to spend only a year or two at one job before finding another one. For older people, it was more common to spend many years, perhaps an entire career, with one employer. Accordingly, those different paths could correspond to different retirement needs and approaches. 

Retirement options have evolved throughout the generations

To get a sense of how things have changed, consider how common pensions are today. 

For the Silent Generation, born 1925-1945, pensions were very common, with nearly two-thirds of workers born betwen the 1920s and 1940s having one. However, they were more scarce for workers from the Baby Boomer generation - only 6% reported having one.

As such, each generation’s approach to work is also different. Attitudes have shifted over time, and how your parents or grandparents approached their careers may differ wildly from yours.  

All this means is that what worked for your older family members may not work for you, so you should take their advice with a pinch of salt, or at least with the consideration that things are different.

Where is the best place for retirement advice? 

Perhaps the best place to look or ask for retirement advice is from a financial professional. 

Expert advisors know all the ins and outs of retirement planning and can help navigate all aspects of retirement planning, including:

Expert advisors take the stress out of retirement planning. 

They take the time to learn about your unique situation and develop a plan perfectly suited to your needs. Retirement planning involves a lot, but with a financial advisor, it may not feel so daunting.

Unbiased can connect you with a financial advisor perfectly suited to meet your needs and reach your goals. Share some more details about what you’re looking for, and we’ll match you with an advisor. Get started here.

How often should I get retirement advice?

Life is full of big financial decisions that will impact your financial planning, such as changing jobs, getting married, or buying a home. So, it’s a good idea to regularly review your financial plan - ideally with your financial advisor.  

How you save, budget, and invest is constantly evolving

When you start working, you may opt into your employer 401(k) and set a specific amount. A few years later, you may want to take your first step on the property ladder, and the money you put into your 401(k) might now need to go towards your down payment.  

How you map out your finances in your thirties is very different from how you’ll do it in your fifties. To make sure you’re covered and your plan stays on track, plan to review your strategy once a year, at a minimum. 

Looking at your finances also allows you to find areas for improvement

Finding ways to save more and spend less can add up over time. It could be as simple as reducing your spending—maybe bringing lunch to work instead of buying it every day. Or perhaps you can increase your savings rate—if you’re making more money now, you can afford to contribute a higher percentage of your annual income to your retirement fund.  

Another thing to ensure you do while reviewing your finances is to review your goals. Setting benchmarks along your retirement journey will help you reach your ultimate goal, whatever it may be.  

What is some good, general retirement advice?

As mentioned, the best approach to getting ready for retirement will vary from person to person. There is no one-size-fits-all solution. However, there are some common strategies you should always include: 

Start early 

It’s never too early to start planning for your retirement. Ideally, you spend your whole working life preparing for it, so when the time comes, you’re ready. A comfortable retirement requires years of saving and planning. So, to ensure you don’t spend your golden years strapped for cash, the earlier you start planning and saving, the better.  

Over time, it could amount to hundreds of thousands of dollars in extra savings and investment returns—though nothing is guaranteed.

Have a retirement plan

With any big life event—a wedding, buying a house, or having a child—it’s best to have a plan. Retirement is no different. In the years before you retire, it’s important to take a step back and evaluate what you want your life to look like and how you will make it happen. 

You should consider your estimated retirement spending, cash flow, where you will retire, your retirement lifestyle, and any health issues. While you don’t need a day-by-day agenda, having a general direction for your retirement life will help set you on the right path.  

Talk to an expert

Seeking expert help to make your biggest financial decisions has never been more important, especially when making such a huge personal and financial transition. It’s during these challenging times that financial advice often proves most valuable. 

Speaking to an expert before retiring can be invaluable. First, they will talk about your retirement goals and current situation. Then, they will work with you to create a tailored plan and review it regularly to ensure that it remains on track so you can live out your dream retirement lifestyle.  

Get expert financial advice

If you need help, it's important to seek expert advice. A good place to start is Unbiased.

Here, you can get matched with an independent SEC-regulated financial advisor who can ensure you’re getting the most out of your current plan and are on course to achieving your retirement goals.  

Find your perfect financial professional today.