How to prepare to meet with your advisor

It's your retirement—take an active role

Have an open, honest conversation with someone you can trust

Whether you've just retired or are nearing retirement, working with an advisor is an important part of planning for the lifestyle you want to maintain for the rest of your life. Your advisor acts as a neutral third party in the planning process, providing a balanced perspective and encouragement to manage your portfolio through market fluctuations.

To have a beneficial relationship, it's important that your advisor understands what's important to you. It begins by having an open, honest conversation and by your taking an active role in planning and staying on track. Below are steps you can take to prepare for a meeting with your advisor.

Gather your current income sources and assets

While your advisor may provide you with a specific checklist, in general it's a good idea to bring the following items to your meeting:

  • A list of the source and amount of your assets, as well as a list of debts
  • Recent statements from your tax-deferred investments, like 401(k), IRAs, as well as other investments or other financial products
  • Your most recent Social Security statement
  • Any insurance policies you hold
  • Recent tax returns
  • Details of your current or expected employee benefits, in particular, any pension or retirement plan information

Be ready to discuss your spending goals

Be honest and realistic about the goals you have for the lifestyle you want to live in retirement. What do you envision for your future - will you travel the country or the world? Take up a new hobby or attend classes? Stay in your home or move somewhere new? What philanthropic endeavors do you want to pursue? Do you plan to leave assets to family members or others?

Whatever your goals, a clear picture of what you want will help your advisor design an investment portfolio built to generate enough income to fund your spending goals.

Get answers to 3 key questions

  1. How much do I need to spend each month to live the lifestyle I desire?
  2. Will my money last?
  3. What can I do to be sure I stay on track?

In turn, answer your advisor's questions fully and honestly. With a comprehensive understanding of your goals and what you hope to achieve, your advisor can work with you to create a plan for income in your retirement that will provide for the lifestyle you desire.

Partner with your financial advisor

Planning your lifestyle in retirement starts with an open and honest conversation with someone you trust. Your financial advisor can help you navigate the challenges and opportunities you'll face as you venture into this new and exciting time of your life.

The information contained herein is being provided to you for educational purposes only and is not intended to constitute investment, tax or legal advice nor a recommendation or solicitation to invest in any investment product. The general information contained in this publication should not be acted upon without obtaining specific investment, legal and/or tax advice from a licensed professional.

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