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Do You Need a Financial Advisor in Retirement?

by Paige Estigarribia


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If you've already reached retirement, you may be wondering if it's too late to start talking with a financial planner. After all, so much of financial planning actually deals with saving for retirement and not necessarily managing your funds once you're there.

Still, with 20 plus years of life expectancy, you can't put your financial affairs on autopilot. To evaluate whether a professional financial planner is needed in retirement, we spoke with Jim Lee of Jim Lee Financial.

Q: Would you recommend having a financial adviser during retirement?

Mr. Lee: Absolutely. It is never too late.

Q: What are some common issues that can crop up during retirement that may be easier with advice from a financial adviser?

Mr. Lee: The biggest question we receive is "will I have enough to retire and not outlive my retirement income?" This question is critical and needs to be assessed at least annually to ensure your family has a guaranteed income stream to last well after you retire and for the rest of your life. Many retirees simply run out of money or cannot afford to stay in their homes. Health insurance premiums are a big concern. Planning is key.

Q: What are some typical financial issues that retirees can discuss with a financial adviser?

Mr. Lee: Social Security is a big one. Will it still be there when I retire? Can I count on it? Can I afford to take my dream vacation this year? Do I have enough life insurance to adequately cover my loved ones? How can I provide for my grandchildren? How can I minimize taxes and secure a legacy for my loved ones or for my favorite charity?


Q: If someone has made the decision to retire soon, would you recommend speaking to a financial adviser right after making the decision or after actual retirement?

Mr. Lee: It is imperative to seek financial advice before making the decision to retire. That being said, it is never too late to reassess your retirement strategy or to implement one. We provide every tool necessary to ensure a retirement you can feel good about. We start by understanding your specific level of risk tolerance to develop solutions that are in line with your short- and long-term goals. We continue to work with you as your family grows, your income needs change, and your life progresses to ensure you can sleep well at night knowing you're prepared and protected.

Will you leave
thousands of dollars on the table
by taking Social Security
at the wrong time? Find out.

Q: What are some typical things that retirees financially forget about when it comes to retirement?

Mr. Lee: Retirees need to shift from risky investments to safety and guaranteed income. There is no time to make up for lost income at the retirement age. At our firm, we align ourselves with the most innovative partners that have timely information on long-term care, living benefits, legacy planning, tax-free distribution and much, much more. Our team ensures you will retire well and on your terms. You've worked too long and hard to have your retirement money not be there when you need it. Our mission, plain and simple, is to help people position their assets in such a way that their retirement income will not fluctuate, even when the markets do.


Jim Lee is president and founder of Jim Lee Financial serving residents of Southern California. He has over 25 years experience providing customized solutions that meet the unique needs of each individual and family he serves. Jim lives with his wife and four kids in North County San Diego.

Paige Estigarribia is a writer for The Dollar Stretcher who enjoys writing about food, frugal living, and money-saving tips. Visit Paige on Google+.

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