Financial Planning

Find Your Purpose in Life After Retirement and the Financial Advisors for Retirees who Can Help

By  Brian Thorp

Disclaimer: To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers. Learn how we operate with integrity to earn your trust.


Retired life has its perks. Find your purpose to enjoy your life in retirement to its fullest, and meet the financial advisors for retirees who can help.

As a retiree enjoying your golden years, you may be thinking about hiring a financial advisor for retirees who understands the unique financial planning challenges and opportunities of individuals and couples living in retirement. Fortunately, many financial advisors specialize in helping retirees ensure they can afford their retirement lifestyle and not outlive their savings.

Before hiring a financial advisor, it’s important to first consider your own financial planning priorities in retirement. In this guide, we’ll share hidden dangers to look out for in retirement and why it’s important to find your purpose. Then, we’ll share a few quick tips to help you get started in your search for a financial advisor and introduce you to financial advisors for retirees featured on Wealthtender you may want to add to your shortlist.

How Much Does a Financial Advisor Cost?

➡️ How Much Does a Financial Advisor Cost? Read the Article

How to Avoid the Hidden Dangers of Retirement

You have worked all your life to make retirement a reality. You have toiled away at a career and worked for a series of bosses, some of whom you meshed with and others you merely tolerated. You have put off the things you wanted in the moment, knowing that saving money and investing well were the right things to do.

Now that moment is finally here, and all that stands between yourself and your post-work life is a final sendoff party, a few well wishes from your soon to be former coworkers and perhaps a gold watch in your pocket. Now your retirement dreams have finally come true, and you have grand plans for all the great things to come.

That is the rosy picture of retirement, but things do not always work out as positively as those now former workers thought. Like so much in life, retirement can harbor hidden dangers, and falling prey to those risks could tarnish your golden years and leave you pining for a career you had wanted so desperately to escape. Here are some of the biggest dangers retirees face, and how to overcome them.

Social Isolation

Many retirees do not realize how much of their life was tied up with their work. Those newly retired workers are often surprised at just how much of their day involved coworkers and the social side of work, and they end up missing the office or factory they had been so anxious to finally leave behind.

Social isolation can be a huge challenge for retirees, and those feelings of loneliness can have actual physical consequences. From heart disease and diabetes to certain forms of cancer, rates of disease and chronic illness are higher among the socially isolated, so fighting those feelings could literally save your life.

There are many ways to fight back against those feelings of social isolation, from volunteering at the local food pantry to becoming more active in your church or religious community. Social isolation does not have to be a consequence of retirement, and you can stay active and engaged even when your coworkers are no longer with you every day.

Retirees Need to Find Purpose in Retirement

In addition to the social isolation and loneliness, retirement can often come with a lack of purpose. Many new retirees end up feeling adrift, especially if their identities were tied up with their careers and what they did for a living.

Like social isolation, this lack of purpose can have serious health consequences, not only physically but psychologically as well. Staying engaged and active in retirement is vitally important if you want to stay off the couch and find a source of purpose in your post-work life.

Retirees can find purpose in many different ways, from starting their own business to finding a part-time job that really matters. Volunteering in the community can also impart a sense of purpose, giving retirees the direction they need to avoid burnout and enjoy happier and healthier post-work lives.

Savings That Do Not Last as Long as Expected

The dangers outlined previously have all been non-financial in nature, but that does not mean money is not a major consideration for retirees. In fact the financial side of retirement is often the most problematic and if your savings do not last anything else, not social isolation, not a lack of purpose and not even simple boredom, will matter nearly as much.

No matter how carefully you planned your future retirement or how diligently you saved and invested, some factors will always be outside of your control, and that means that running out of money will always be a risk.

Whether that risk is large or small is somewhat within your control, however, and there are some things you can do to reduce the dangers. If a sudden and unexpected period of inflation threatens to eat into your nest egg, for instance, taking a job temporarily could help you preserve everything you have worked for. The fact that wages typically rise along with underlying inflation could make the dollars you earn go that much further, all while preserving your investments and stopping you from tapping them too soon.

Working in retirement on even a part-time basis could also pad your future Social Security payments if you have not yet started claiming the benefit. At the very least doing a bit of work now can give you peace of mind later.

Retirement should be a time of fun and new beginnings, a chance to start over again doing the things you wanted to do before but did not have time for. It should be a time for friends and family, and a chance to pursue your favorite hobbies, all while structuring your day in the way you want to.

If you want to enjoy your retirement more and worry less, recognizing the hidden dangers is a good place to start. Now that you know the financial and nonmonetary risks to your retirement, you can take proactive steps to avoid and overcome them, so you can live a happier and less stressful post work life.

Smart Tips for Finding a Financial Advisor for Retirees

Before hiring a financial advisor, here are a few quick tips to help you find the best advisor for you.

1. Decide Which Services You Need

Before hiring an advisor, determine what services you need from them. Whether it’s full-service investment management or a plan focused on a specific area of your finances, put together a list of what you’d like help with before contacting an advisor.

Though most people use a financial planner simply to invest for retirement, this is only a small part of what many advisors offer. Here’s a quick rundown of potential services a financial advisor may offer you:

  • Budgeting and money management
  • Debt management
  • Insurance planning
  • Retirement planning
  • Other investment planning
  • Inheritance planning
  • Estate planning
  • Tax planning

As you can see, financial advisors can help you with your entire financial picture, not just investing. As you start to plan for life’s bigger milestones, you should consider finding a financial advisor that specializes in those areas.

Finding the right advisor can help you minimize risk, maximize gains and take advantage of tax breaks while investing for your future. They can also help you protect your assets with the right kinds of insurance and help you pass on your financial legacy with a proper estate plan.

2. Consider Your Budget and Payment Preferences

Once you have a list of services you would like, review the fee structures financial advisors offer. Finding a balance between the services you need and the cost of those services will help narrow down the field of advisors you may want to work with.

If you are looking for a full-service advisor to manage all of your investments, consider searching among fee-based financial advisors. If you want to manage your money yourself, consider the flat fee and monthly subscription advisors for ongoing support.

3. Interview Multiple Financial Advisors

Once you have chosen the services and fee structure you prefer, it’s time to contact a few advisors and interview them. Here are questions to ask financial advisors:

  • What services do you provide?
  • What are all the ways you get paid? (fee transparency)
  • What is your investment strategy?
  • How do you measure investment performance?
  • How do we communicate about my plan?

Interview multiple advisors to get a feel for who you want to work with. A combination of fees, services, and customer service will help you determine the best fit for your financial advice.

4. Review Financial Advisor Credentials

Once you find an advisor (or two) you feel comfortable with, it’s always a good practice to check their credentials and the firm’s details. You can do this at the Investment Adviser Public Disclosure (IAPD) website

You can check both the individual and the firm to view their background and experience details, as well as any disciplinary action taken against them or their firm.

As licensed financial professionals, there is oversight into how financial advisors conduct business, so running a quick (free) check on them is recommended.

For additional information about advisor credentials, read our article to learn the most popular designations held by financial advisors, as well as specialized credentials which may be important to consider if you have unique financial planning needs.

Get to Know Financial Advisors for Retirees

📍 Click on a pin in the map view below for a preview of financial advisors who specialize in working with retirees can help you reach your money goals with a personalized plan. Or choose the grid view to search our directory of financial advisors with additional filtering options.

Showing

📍Double-click or pinch pins to view more.

🙋‍♀️ Have Questions About Financial Planning for Retirees?


Frequently Asked Questions & Additional Resources

How do I know if I’m ready to hire a financial advisor?

You should strongly consider hiring a financial advisor if you have a significant amount of money available for saving or investing. This could occur after years of making annual contributions to a retirement plan like a 401(k) through your employer or suddenly if you receive a large inheritance or sell your house for a large profit.

But even if you don’t have a lot of money saved, many financial advisors and planners provide reasonable pricing options and valuable services you should consider, especially if you’re facing a significant life event. For example, if you’re starting a new job, getting married, starting a family, getting divorced, lost your job, starting or selling a business, or approaching retirement age, working with a trusted financial advisor or planner may prove worthwhile.

Before I hire a new financial advisor, should I fire my current advisor?

You don’t need to fire your current advisor before beginning your search for a new financial advisor. In fact, your new advisor can help coordinate the transition of your assets from your previous financial advisor.

Where can I read reviews about financial advisors written by their clients to help me decide if I should hire them?

After 60 years of regulatory prohibition of financial advisor reviews in the US, a rule issued by the Securities and Exchange Commission (SEC) became effective on May 4, 2021 that means both financial advisors and directory websites that help consumers search for a financial advisor can collect and display financial advisor reviews, an important factor worth considering when choosing who you’ll hire to manage your investments and life savings. 

Wealthtender is the first independent advisor review platform designed to be fully compliant with the new SEC rule, and we look forward to helping you evaluate financial advisors based on reviews written by their clients.

I’m a financial advisor interested in being featured in this guide. How do I get started?

Thanks for your interest. We look forward to learning more about your practice and helping you attract your ideal clients where you may be a good fit based on their individual needs and circumstances. Please click here to learn how you can join local financial advisors featured on Wealthtender.

About the Author
A headshot of Brian Thorp, the founder and CEO of Wealthtender

About the Author

Brian Thorp

Brian is CEO and founder of Wealthtender. He and his wife live in Texas, enjoying the diversity of Houston and the vibrancy of Austin.

With over 25 years in the financial services industry, Brian is applying his experience and passion at Wealthtender to help more people enjoy life with less money stress.

Connect with Brian on LinkedIn

Disclaimer: To make Wealthtender free for our readers, we earn money from advertisers, including financial professionals and firms that pay to be featured. This creates a natural conflict of interest when we favor their promotion over others. Wealthtender is not a client of these financial services providers. Learn how we operate with integrity to earn your trust.