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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®








 RETIREMENT BUDGETING

  

Are You Ready to Retire?

Retirement Budgeting

Sources of Retirement Income

Tax-Deferred Savings Vehicles

Estate Planning

Selling Your Business

Getting Your Business Ready for Sale

Working With a Business Broker

Closing-Your-Business Sale

More Resources: Retirement Planning 		  Working With a Financial Planner

"People work with financial planners for the same reasons they work with REALTORS®—for their intimate insider's knowledge and specialized training,” says Terrence Herr, CFP, owner of Herr Capital Management in Chicago.

7 Issues to Consider in Your Financial Plan

A financial plan should account for every contingency—good and bad.

1. Marriage or divorce

2. Birth of a child

3. Funding education

4. Caring for aging parents

5. Crisis such as serious illness

6. Managing an inheritance

7. Buying or selling a business


5 Ways a Planner Can Help

Certified financial planners use their counseling skills and investment expertise to help clients:

1. Organize financial information and set goals.

2. Capitalize on opportunities. Financial planners are well versed in various investment vehicles and techniques to help you make the most of what you have.

3. Customize a comprehensive plan that addresses both personal and business interests. Your financial goals are different than your neighbors. How you implement your plan should reflect your personal values.

4. Stabilize the future. A financial planner lays a solid foundation for your future and offers advice on retirement planning.

5. Realize goals. A financial planner can help you get to where you want to go by making smart decisions about investments, insurance, and how you spend your money.



Questions to Ask a Financial Planner
  • Do you have other clients who work in real estate or operate similar small businesses?
  • What are your particular areas of specialization—family estate planning, retirement?
  • What type of plan will you create for me?
  • Will you provide assistance in executing or revising the plan?
  • What business relationships do you have with insurance carriers, mutual funds, or other investment-service providers?
  • How are you compensated—with commissions based on the products recommended or on a fee basis?

TIP: Some financial planners work for a flat fee, which average $120 an hour, according the Certified Financial Planners Board of Standards. Many planners also receive a commission for selling you certain products, such as insurance, annuities, and certain mutual funds. Be sure that you understand whether or not a planner is receiving extra compensation for recommending one product over another.

Adapted from How a Financial Planner Can Help You, The Financial Planning Association

TIP:For a referral to a planner certified by the Financial Planning Association, contact fpanet.org. For a referral to a fee-only planner, contact the National Association of Personal Financial Advisors at napfa.org.

Sources of Retirement Income >