What Types of Retirement Planning Services Are Available to Me? 

Planning for retirement is a critical component of being an adult.

However, there are many different types of retirement planning services available.

Choosing the right one depends on many factors, including your career, your long term goals, when you want to retire and what type of income you have available to you.

Retirement planning is a very personal matter and not a one-size-fits-all financial situation. Instead, you need a customized solution that fits your particular circumstances.  

Employee Sponsored Planning 

Many companies have a pension plan set up for their employees.

There are different types of pension plans, some of which require more planning than others.

Employee Sponsored Planning  - Planning for Retirement

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The old model was a defined benefit pension plan. This meant an employer simply put money away so that the employee would get a pension of a certain amount when they retired. 

The new model requires input from an employee instead, although the employer may make a contribution as well.

This is known as a defined contribution plan.

If your employer offers this type of plan, they may also offer retirement planning services to go along with it.

This allows you to consult with a professional who will let you know how much you should be contributing to the plan based on when you want to retire, among other factors. 

See Also: Ways You Can Retire Early (Detailed Early Retirement Planning Guide)

Professional Retirement Planners 

There is a whole industry of specialists who help clients plan for retirement, for a fee.

These types of retirement planning services are often a good choice if you’ve followed a somewhat unorthodox career path, and haven’t had access to a traditional pension.

Professional Retirement Planners 

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They can help you understand what kinds of retirement planning to engage in, such as whether you need to open an IRA, whether a Keogh plan is right for you, whether annuities are a good idea, and how much money you should be placing in the various aspects of your retirement plan. 

Financial Advisors 

On the other hand, a professional financial advisor may also include retirement planning services as part of their offerings.

This is a great idea to look into if you’re already using the services of a financial planner or advisor of some kind. They will already have the complete picture of your finances and can help shift all of your investing decisions to focus on your retirement goals. 

Ultimately, retirement planning is simply about ensuring that you have enough money at retirement to live the lifestyle that you want to live.

If you’re already investing with an investment advisor of some kind, talking about your retirement options will simply open up some new strategies for investing. Determining when you want to retire may also give your planner some important information about when your tolerance for risk should be decreasing. 

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There are many different retirement planning services that you can take advantage of.

Before you meet with any type of retirement professional, be sure to have a firm idea of what your retirement goals are.

This is the most important piece of information for them, as it helps them craft a retirement plan that will work for you. 

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