How a Financial Planner Can Help You Plan for Retirement
Retirement planning with financial planners is less about picking investments and more about answering a few big questions: When can I retire? How much will I need? Where will my paycheck come from once I stop working? These are questions many people try to answer on their own, often with a calculator and a lot of guesswork.
A financial planner can help you organize those questions into a plan you can follow and adjust. This guide looks at retirement planning by decade, the specific decisions a planner may help with, and what to bring to your first conversation.
Why Retirement Planning Is More Than Saving
Saving is the foundation, but retirement planning covers much more. Once you retire, you shift from building savings to drawing on them. That shift raises new questions about income, taxes, health care, and how long your money may need to last.
People searching for a "financial planner for retirement" are often looking for help connecting these pieces, not just a savings target.
Retirement Planning by Life Stage
Retirement needs look different depending on how far away retirement is.
In your 30s and 40s
Building habits: Setting savings rates and taking advantage of workplace retirement plans.
Balancing goals: Weighing retirement savings against education, housing, and other priorities.
Setting direction: Creating a rough target so you know whether you are on track.
In your 50s
Catching up: Reviewing whether contributions should increase as retirement gets closer.
Getting specific: Estimating your retirement date and expected spending.
Reviewing risk: Considering how your investment mix fits a shorter time horizon.
In your 60s and beyond
Income planning: Deciding which accounts to draw from and in what order.
Social Security timing: Weighing when to claim based on your situation.
Medicare and health care: Planning for premiums and out-of-pocket costs.
Required minimum distributions: Planning for withdrawals that certain accounts require at set ages. Rules can change, so check current IRS guidance.
What a Financial Planner May Help You With
Answering "how much do I need to retire?"
A planner can help estimate your future spending, factor in inflation, and compare that against expected income sources. The result is not a guarantee, but it gives you a starting point to make decisions.
Retirement income planning
Retirement income planning looks at how savings, Social Security, pensions, and other sources may work together to support your lifestyle. It also considers how to adjust if markets or spending change.
Tax considerations
The order in which you withdraw from taxable, tax-deferred, and tax-free accounts can affect your taxes. A planner may help you think through withdrawal strategies, Roth conversion considerations, and how income could affect things like Medicare premiums.
Coordinating the rest of your plan
Retirement touches estate planning, insurance, and gifting goals. A planner can help keep those areas aligned and coordinate with your attorney or tax professional.
For more on this topic, see our earlier article on how a financial advisor for retirement planning can help you prepare.
Common Retirement Planning Mistakes to Avoid
Many people search for retirement planning mistakes before they meet with anyone. Common ones include:
Underestimating how long retirement may last: Planning for a shorter retirement than you may live.
Overlooking health care costs: Medicare does not cover everything.
Claiming Social Security without a plan: The timing decision can affect lifetime benefits.
Ignoring taxes: Withdrawals from many retirement accounts are taxable.
Not revisiting the plan: Life changes, and plans should too.
What to Bring to Your First Meeting
Preparing ahead can make your first conversation more productive.
Account statements: Retirement plans, IRAs, brokerage, and bank accounts.
Income details: Pay stubs, pension estimates, and your Social Security statement.
Spending estimate: Even a rough monthly budget helps.
Insurance and estate documents: Policies, wills, and trusts.
Your questions: What worries you most, and what you hope retirement looks like.
How VestGen Approaches Retirement Planning
At VestGen, Retirement Income Planning is part of a comprehensive suite of services designed to meet your needs at every stage of life. Our Vision Path Planning™ process follows five steps: Discovery, Financial Blueprint, Vision Path Alignment, Implementation, and Ongoing Progress, with regular reviews to help keep your plan aligned as life evolves. Learn more on our Services page, or explore VestGen Retirement Services for employer retirement plans.
Who VestGen Serves and Where
Every financial journey is distinct, and so is our approach. VestGen Wealth Partners offers bespoke wealth management solutions crafted to align with your individual goals and aspirations.
VestGen serves clients across the nation through many office locations, offering both a local presence and the strength of a broader advisory team. Offices include Chicago, Glen Ellyn, Schaumburg, Naperville, Oak Brook, South Barrington, St. Charles, and Downers Grove in Illinois, as well as Kirkwood and Kansas City in Missouri, and locations in Texas, New Jersey, Florida, and North Carolina. You can find an advisor near you.
Ready to Start Your Journey?
If you would like help turning your retirement questions into a plan, contact VestGen Wealth Partners to schedule a consultation with one of our advisors. Together, we can chart a course toward your financial future.
Frequently Asked Questions
When should I start working with a financial planner for retirement?
There is no single right age. Some people start early to build good habits, while many seek help in the 5 to 10 years before retirement, when decisions about income and taxes become more specific.
How much money do I need to retire?
It depends on your expected spending, other income sources, how long retirement may last, and inflation. A planner can help estimate a range based on your situation.
What does a retirement financial planner do?
A retirement planner may help estimate your needs, plan income sources, consider tax and Social Security timing, and coordinate with estate and insurance planning.
Can a financial planner help with Social Security timing?
Yes. A planner may help you compare claiming ages and how each choice could fit with your other income and goals.
How often should I review my retirement plan?
Many people review at least once a year and after major life events, such as a job change, inheritance, or health change.
Is it too late to plan for retirement in my 50s or 60s?
No. Planning later in your career can still help you make clearer decisions about savings, retirement timing, and income.
This article is for informational and educational purposes only and does not constitute financial, legal, or tax advice. Advisory products and services offered through VestGen Advisors, LLC, a Registered Investment Advisor. Securities offered by Registered Representatives through Private Client Services, Member FINRA/SIPC. Private Client Services and VestGen Advisors, LLC are unaffiliated entities. VestGen Advisors and Private Client Services do not offer legal or tax advice, and information here should not be construed as such. Always consult a legal or tax professional regarding your specific situation. VestGen financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Not all of the investments and services mentioned herein are available in every state. All investing involves risk, including the possible loss of principal. Past performance is not a guarantee of future results, and no strategy can guarantee a particular outcome. Please review VestGen's Form CRS and Form ADV Part 2A for more information.