Where is the best place to get good retirement advice?
Retirement is a huge stage of your life, and you want to enter it with confidence. To do this, you must get the right advice.
Transitioning from the workforce into retirement is a huge milestone, and sometimes it’s not all smooth sailing. Getting there takes years of planning, saving, investing, and sharp decision-making.
Figuring out your retirement plan is not something you have to do alone. So, where should you turn to?
Where do I find good retirement advice?
An expert is your best bet when looking for good retirement advice. Expert advisors know all the ins and outs of retirement planning, from savvy saving tactics to how to reduce your tax burden.
They take the time to get to know your unique situation and develop a plan perfectly suited to your needs.
However, experts do not top the list of who people turn to when they need retirement advice.
According to the Unbiased 2023 Retirement Confidence Survey, turning to friends and family or doing online research are the two most popular sources for advice on retirement planning.*
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.
According to research from CareerBuilder, baby boomers, born 1946-1964, tend to spend just over eight years on average in a role.
For Gen X, born 1965-1979, this drops to just over five years, whereas millennials, born 1980-1994, and Gen Z, born 1995-2012, spend between two and nearly three years, respectively, in each role. Traditionalists – the generation above baby boomers - tended to spend their whole lives working for the same employer.
Retirement options have also evolved throughout the generations.
For the Silent Generation born 1925-1945, pensions were common. According to the Center for Retirement Research at Boston College, nearly two-thirds of workers born in the 1920s to 1940s had pensions compared to just six percent of boomers from the tail end of the generation.
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.
How often should I get retirement advice?
Life is full of big financial decisions. Thinking about changing jobs? Getting married? Buying or renting a home? Starting a family? Saving for the future or spending now?
It’s always 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, this review should happen once a year, at a minimum.
Looking at your finances also allows you to find areas for improvement.
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 good 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:
It’s never too early to start planning for your retirement. Ideally, you spend your whole working life planning 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.
Still not convinced?
According to The New York Times, the difference between starting in your early 20s and your early 30s could be as much as $500,000.
How? This is down to the value of compound interest – the more time you give your investments to grow, the larger they will become.
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.
Seek out expert advice
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 take the time to learn about your retirement goals and where you currently stand. From here, 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.
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.
*1,071 respondents across the US were asked to choose all the sources they used to seek advice on retirement planning matters.
Senior Content Writer
Rachel is a Senior Content Writer at Unbiased. She has nearly a decade of experience writing and producing content across a range of different sectors.