Retirement PlanningHome loanLife InsuranceInsuranceHealth InsuranceRetirement SavingsBudgetingIncome ProtectionInvestmentsKiwiSaverAIAManaged FundsPaul HarveyTrauma InsuranceMortgageSavingsAccidental InjuryCovid-19GoalsMortgage AdviceMortgage ProtectionRetirementSaving adviceChristmasGoal SettingInsurance reviewInterest RatesLevel PremiumsPlanningSavingWellbeingWellnessACCAIA VitalityAsteronBroken boneClaimsFinancial PlanningFinancial SupportInflationInsurance AdviserMortgage AdviserOCRPartners LifePasswordsPrivate Health InsurancePropertyProtectionScamsSelf EmployedShoppingSpecial EventsTax100 years old2018ActiveAdam ThompsonAdviceBreetheBright LineBudgetsBurglarBusinessBusiness InsuranceCalmCancerCapital GainCapital GainsChildrens futureChubbCold callContents InsuranceCoronavirusCredit cardsCrimeCyber CrimeDataDeathDebtDebt Free FasterDiscountsEconomic UpdateFidelity LifeFinancial AdviceFitness ChallengeFriends and FamilyGeneral InsuranceGovernmentGrow WealthHeadspaceHealthHealth ChallengeHelpful TipsHome and Contents InsuranceHome PurchaseHouse PricesHousingIllnessInsurance claimsInterestInvestorKey Person InsuranceLifeMedical CoverMedical InsuranceMedicationMelonMental HealthMental Health AwarenessMentemiaMoon BootMortgage HolidayNew Business InsuranceNIBNon-Pharmac DrugsOfficial Cash RateOnline SecurityPaying off debtPayoutPHARMACPhone AppsPIEPonzi schemesPremiumsProperty InsurancePublic Health SystemRBNZRedundancyReturnsReviewing CoverRewardsScamSMARTSouthern CrossSpecial Event IncreaseSpecific InjuryStatisticsSuccession planningSudeshSummer SafetySupperannuationSupportTax optionsThiefTotal Permanent DisabilityTPDVitality

Key Questions to ask yourself about your Retirement Savings Plan

Many people aren’t entirely sure what a financial adviser does which means it’s hard to know if they should be using one.

On top of that, it can be hard to reconcile the idea of parting with money in exchange for advice about that money!

If you’re one of those people and not sure whether or not a financial adviser is for you, we’ve put together some key questions to ask yourself which should make the decision process easier (spoiler alert: you probably do need a financial adviser).

Let’s get started.

Do I know exactly how much money I have coming in?

We live in the age of the gig economy so many of us have multiple income streams. This means it can be hard to know exactly how much you can expect to earn month to month. On top of that, you may have investments, rental income, or shareholders’ dividends.

If you’re over 65 or have been part of a pension scheme there might be money coming in from that too. Put it all together and how much do you earn?

A financial advisor can help you understand where your money is coming from and how much there is before putting together a plan for how to make the most of it.

Do I have a long-term plan for my money?

Money goes in, money goes out. But where’s your plan for putting money aside for your retirement? You’re potentially looking at 30+ years of life after you retire so a well-managed nest egg is critical, particularly if you want to live comfortably.

It’s also important to remember that your money doesn’t stop working for you after you retire. In fact, retirement is the time to make sure it really pulls its weight and the best way to achieve that is through a professionally managed retirement plan.

It’s your financial adviser’s job to make sure you don’t run out of money before you run out of life!

Do I understand how to make the most of investments?

Many of us think we already know a thing or two about investing but the devil is in the detail. The advantage of using a professional adviser is capitalising on the adviser’s years of experience, knowledge of fund options and their ongoing monitoring of your investments.

A financial adviser will meet with you regularly to advise how your investments are performing and make recommendations based on performance across the market.

The disadvantage of going it alone is that we often have a ‘set and forget’ mentality. We invest our money, think the job is done and don’t bother monitoring the performance or compare returns to other funds.

Am I really saving any money?

One of the things that often makes people believe that they’re better off managing their own funds is concern about the cost. But this is usually a false economy.

Generally, the money you pay a financial adviser for their expertise and advice is far outweighed by the improved returns you earn because of their advice and attention.

And you may be surprised that the cost is less than you expected.

The best bet is to get in touch with our professional team to talk options. We might just surprise you!