Retirement Planning

Having access to some level of retirement advice has become easier than it once was. The Certified Financial Planner (CFP) designation has become the symbol for a financial advisor; a CFP practitioner has passed a comprehensive exam covering all major financial planning topics and is bound by a code of ethics that is strongly enforced by the CFP Board of Standards. Some of the known benefits of using a professional include improved asset allocation and asset choice. Planners can more efficiently evaluate adequacy of current financial plans than can most individuals, and they can provide advice on how to improve the likelihood of success by finding ways to improve the current plan. CFP practitioners can be found at most large financial institutions, including brokerage houses and investment companies.

Not every individual is comfortable with, or needs, formalized planning when other alternatives might be useful. Individuals with Internet access can find a wide variety of information and strategies online, for example. However, the majority of these strategies will come down to asset allocation based on investment risk tolerance and horizon. Common themes will include stocks for the long run and some level of liquidity in retirement. Some websites even have information for contacting representatives who are qualified to answer questions. Benefit counselors can typically answer basic questions and provide simple interpretations of information. Employer-provided counselors can also clarify issues related to any employer-provided benefits that exist, including pension plans and health benefits.