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What Do Financial Planners Do?
When you think of a financial planner, you might picture someone who invests your money, but their role is much broader—and for retirees and those approaching retirement, often invaluable. Financial planners act as guides, helping you make informed decisions about everything from income in retirement to taxes, insurance, and estate planning. Their goal is not just to manage assets, but to create a plan that aligns with your lifestyle and long-term goals.
Retirement Income Planning
At the heart of their work is retirement income planning. A good financial planner analyzes your income sources, including Social Security, pensions, and investment accounts, then helps you determine how to draw from them in a tax-efficient way. They can also build a plan to reduce the risk of outliving your savings, using strategies like systematic withdrawals, annuities, or dividend-focused portfolios.
Tax Planning
Tax planning is another key area where financial planners add value. While they are not accountants, many planners understand how taxes affect retirees and can recommend strategies to minimize them. For example, they may help you decide whether to convert part of your IRA to a Roth account, how to handle required minimum distributions, or which accounts to draw from first. For Arizona retirees, where state tax rules differ from those in other states, a planner’s advice can have a significant impact on your after-tax income.
Healthcare and Insurance Guidance
Healthcare and insurance also fall within a financial planner’s scope. They can help you estimate future healthcare costs, evaluate Medicare options, and determine whether supplemental insurance or long-term care coverage is appropriate. This guidance is especially valuable as medical expenses often become one of the largest parts of a retiree’s budget.
Estate and Legacy Planning
Estate and legacy planning are another area where planners step in. They work alongside attorneys to make sure your will, trusts, and beneficiary designations are in order. For many retirees, this is not just about minimizing estate taxes—it’s about ensuring your wishes are carried out and your family is protected.
Choosing a Financial Planner in Arizona
If you’re retiring in Arizona, it pays to find a financial planner who understands both state-specific tax rules and the unique challenges of retirees in the region. Look for a fiduciary planner—someone legally obligated to put your interests first—who has experience with retirement income planning and healthcare considerations like Medicare Advantage.
National designations such as CFP® (Certified Financial Planner) are a strong indicator of expertise, but local knowledge is just as important. Arizona retirees often benefit from working with planners who know the state’s property tax structure and retirement-friendly financial strategies.
Bottom Line
Whether you hire a fee-only planner who charges a flat rate or one who earns commissions from products, the key is finding someone who listens, explains things clearly, and acts in your best interest. For many retirees, the peace of mind that comes from having a professional guide is worth the cost. In short, financial planners do far more than invest your money—they build a roadmap that helps you turn your retirement dreams into a sustainable reality, especially when markets are volitile or tax laws change.
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