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Financial planner

Questions To Ask A Certified Financial Planner Before Retirement.

by Holistic 13 Comments | Filed Under: Retirement Planning

1 out of 4 retirees may live past 90 years!!! That means, we need to plan for a retirement corpus that can take care of us for 30+ years after our retirement.

Though Retirement Planning is crucial, sadly, except a few people, most of us do not plan well for their retirement. And, people without a proper financial plan inevitably face the complexities of retirement.

Before we proceed with the questions to ask a financial planner before retirement, let’s see first, the complexities of an unplanned Retirement.

    Q1) How much of corpus do I need?
    Q2) What kind of Investment Strategy do I need to achieve my required corpus?
    Q3) Do I need to Revamp my Existing Portfolio?
    Q4) How can I deal with my loans?
    Q5) Do I need medical insurance after retirement?
    Q6) How much Emergency Fund do I need Post-Retirement?
    Q7) How can I do Tax planning after retirement?
    Q8) What other challenges do people face after retirement?

The complexities of an unplanned Retirement

The major complexities of an unplanned retirement would be

    1. Compromised Lifestyle
    2. Compromised or postponed Goals
    3. Insecure Financial Life
    4. Stressful Retirement Life

These complexities will be due to

  • Inadequate Retirement Corpus
  • Expensive or Low Savings Lifestyle
  • Irregular Income Source
  • Poor Investment Planning
  • Inflation
  • Rising Healthcare Expenses
  • Lack of Contingency Fund
  • Poor Portfolio Management
  • Poor Tax Planning

How to be retirement ready

To avoid all the above-mentioned complexities after retirement, we need to do retirement planning well in advance with the help of a Certified Financial Planner (CFP).

A Certified Financial Planner (CFP) you hire should be able to help you achieve your post-retirement financial goals in life confidently, and eliminate all the possible complexities in future.

“One of the fastest ways to find the solution to an issue or challenge

you are facing is to ask the right questions” – Robin S. Sharma

Retirement planning doesn’t fall into one size fits all bill. So, it’s very important that you ask right questions. The questions given below will help you get clarity from a financial planner to achieve your Dream Retirement.

Q1) How much of corpus do I need?

Corpus is the capital – wealth of a person in the form of money or property. Your financial planner will calculate the corpus based on your current age, expected retirement age, life expectancy, current monthly expenses, expected inflation, expected return on investment, and expected retirement expenses including healthcare expenses.

If the calculated corpus is, for example, 1 Crore, then you need to grow that corpus of 1 Crore to get regular monthly income from it post retirement for 25 years to meet your desired lifestyle and retirement goals. You can also include your spouse with your corpus plan. If you add your spouse, then the retirement corpus and retirement years have to be calculated for both of you.

Q2) What kind of Investment Strategy do I need to achieve my required corpus?

The total amount of money you need to save for a comfortable retirement is clear now. Now it’s time to find an investment strategy to create that corpus. Your retirement dream mainly depends on your current investment and financial planning. So, your investment strategy for retirement should align with your current lifestyle – income, expenses, savings, inflation, loans, and assets.

Your financial planner will create a strategy based on your risk taking ability on your investment and the number of years left to achieve the retirement corpus. You should know how the proposed strategy will cover all your expenses after retirement. It is best you start your retirement planning as early as possible, ideally in your 30s & 40s so as to flexibly plan your dream retirement.

With an investment strategy in hand, you will know-

    How much to save from the income and invest on a monthly basis.
    How much to cut your expense now to achieve your required corpus.
    Where to spend surplus money wisely.
    When to withdraw money from an investment considering taxes and goals in mind.

Q3) Do I need to Revamp my Existing Portfolio?

If your existing investments have not been performing well for the last 6 months, you may wonder whether you need to revamp your portfolio or not. You would have aligned your goals with your investment returns. So, if your returns are not up to your expectation, then you may have to compromise on your goals.

This is where the situation gets emotional and stressful.

A Financial Planner will study all your existing investments (like insurance policy, mutual funds, shares, bonds, fixed deposits…) and find out, to what extent, these investments will support your financial goals. If there is any better alternative to course correct the poor performance of your investments, the financial planner will advise you to revamp your portfolio.

Q4) How can I deal with my loans?

If you have both the personal loan as well as home loan, you can ask the financial planner which loan you should pay off first and how.

Mr. Ramalingam Kalirajan, MBA, CFP, Director & Chief Financial Planner – Holistic Investment Planners, has given his comments to Money Control on this article :

“Personal versus Home Loan: Which one should you pay off first?”.

Generally, home loans are cheaper than personal loans. So, personal loans should be repaid first. The only exception would be in the case of subsidised personal loans where interest rates may be lower than home loans.

Remember, Loans should be taken only in case of an absolute emergency. As a thumb rule, no household should have loans in excess of 40% of their incomes.

 Read the article: How to be Savings Friendly in today’s world?

Q5) Do I need medical insurance after retirement?

If you take medical insurance policy after retirement, insurance companies may reject or charge a higher premium based on your health condition. There will also be some waiting period for the fresh policies to get coverage for major diseases. You can avoid these issues by taking health insurance when you are young and healthy.

If you have not taken a medical insurance before retirement, you can ask a financial planner which insurance policy to take after retirement.

Generally, these are the 6 basic things to consider in a medical insurance policy:

  • Monthly premium,
  • Medical service deductible,
  • Plan renewal,
  • Coinsurance,
  • Copayments, and
  • Upper coverage limit.

Q6) How much Emergency Fund do I need Post-Retirement?

Once you retire from your job, you won’t get your regular monthly income. But at the same time, your monthly expenses will remain the same and increase year by year. A financial planner will advise you to have an emergency fund equivalent to 3 – 6 months of your monthly expenses to cover your unexpected or sudden need for money like in case of a serious health problem or any important family expense. You can also save money for the predictable health care expenses like cataract operation, dialysis, etc in your emergency fund.

You should not use the emergency fund to meet your regular monthly expenses.

Your financial planner will help you invest the contingency or emergency fund in a suitable investment scheme to withdraw quickly in case of a sudden need.

Q7) How can I do Tax planning after retirement?

The next important thing in retirement planning is Tax planning. Taxes will become a burden to you if you don’t have a tax saving strategy in the first case while choosing investments schemes. Many investment schemes offer tax exemptions specifically to people above 60 or 65 years of age. Based on your investment strategy, your financial planner will help you choose the right plan from where you can save maximum tax on your investments.

Your financial planner’s Tax Planning should also include a withdrawal strategy for your investments, which will reduce taxes while you withdraw money after an expected time.

Q8) What other challenges do people face after retirement?

You can simply ask a financial planner about the other challenges commonly faced by people after retirement. If the financial planner is an experienced retirement planner, they can definitely say a few more measures to protect your post-retirement period.

Some other challenges would be due to

  • emotional decision making in a volatile market,
  • early retirement without proper financial planning,
  • retirement planning for lesser years than the average of 25 years after retirement, and
  • non-consideration of the spouse’s age in retirement planning.

Also, read the article – 10 Financial Doctrines of Wise Retirement Planning

Assigning beneficiaries to your investments and writing a will in advance, though are small tasks to do, if done rightly, will keep you and your family on track and stress free in later stages. A dedicated retirement planner will assist you on these things as well.

Also, read the article – How to bequeath wealth to our legal heirs using nomination, joint accounts and will

A retirement vision with a strong financial planning is crucial for attaining your dream retirement. A financial planner should understand your vision well to create your customised financial plan.

Before you decide on any financial planner, make sure you get the appropriate guidance and services you require. The best way to find a suitable financial planner for your retirement is by asking the above questions.

Also, read the article – How to Choose the Best Financial Planner for Retirement

If you are satisfied with the answers, you can proceed. If not, continue your search to find the ideal financial planner. Retirement is not the phase of your life you can take chances with your finance.

Finally,

“Once you start asking questions, innocence is gone.” – Mary Astor

Asking questions may seem silly. But, they will help you to get rid of the darkness. Choose a Certified Financial Planner (CFP) from whom you get satisfying answers. Choose the right plan after consulting the financial planner, and make sure your retirement is planned well to your best satisfaction.

Related Article: The Definite Ways to Find Trustworthy Financial Planners

Share your opinion in the comment section below on how these questions help you achieve your dream retirement.

If you are interested to get a customised financial plan from us (Holistic Investment Planners) for your retirement, kindly register here to fix the appointment for your Financial Plan Consultation:

Skip the queue by registering for your 30-Minute FREE Financial Plan Consultation. Click the ‘BOOK YOUR SLOT NOW!’ button below. 

Reader Interactions

Previous article: The Definite Ways to Find Trustworthy Financial Planners
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Comments

  1. Holistic says

    August 9, 2018 at 1:21 pm

    Good content.

    Reply
  2. Bharath says

    August 9, 2018 at 1:08 pm

    Very helpful article for the people who are planning for retirement. Good job.

    Reply
    • Holistic says

      August 9, 2018 at 1:22 pm

      Thank you for your comment.

      Reply
  3. Avinash says

    August 7, 2018 at 3:03 pm

    Very useful and Nice article

    Reply
  4. Riyas says

    August 7, 2018 at 11:11 am

    Its really good article!

    Reply
    • Holistic says

      August 7, 2018 at 11:13 am

      Thanks for your comments.

      Reply
  5. Joe milton says

    August 7, 2018 at 10:56 am

    Thanks to the excellent post

    Reply
  6. Swaminathan says

    August 6, 2018 at 4:54 pm

    Very Good article! Thanks for listing down all the questions. It is time to take action.

    Reply
    • Holistic says

      August 6, 2018 at 5:52 pm

      Thanks for your comments.

      Reply
  7. Sathish says

    August 6, 2018 at 11:08 am

    I always worried about my life after retirement. This article really useful one. Thank you Holistic. You are doing a good job.

    Reply
    • Holistic says

      September 14, 2018 at 5:16 pm

      Nice to know that, you found it useful.

      Reply
  8. Muralidharan says

    June 26, 2018 at 3:19 pm

    Thank you so much for writing this article on Retirement Planning. I could not find similar articles anywhere with many details.

    This would definitely help me do good.

    Reply
    • Holistic says

      September 14, 2018 at 5:17 pm

      Thanks for your compliments

      Reply

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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