Everybody knows what retirement planners are and what they do, you say. Really? Are you sure? Consider this. The fact that you may have engaged several retirement planners already, or were thinking about it, does not mean you know what they do and what they are supposed to do. You might actually be having one in consultancy basis as we speak, and yet be unclear of what to expect from him or her. Even if you were to receive poor service, even if you were to be misadvised by your planner, even if you were exploited, you wouldnt know it if you are unclear about retirement planners and their role. It is therefore imperative that you understand precisely who we call a retirement planner and what exactly they are able to do or should do.
A retirement planner is basically a financial planner whose main role is to assist clients craft their retirement plans and prepare adequately before that retirement ensues. Note, a planner does not plan for your retirement, rather he or she helps you plan that retirement. They help you establish a financial plan in which you can allocate adequate savings and investments to facilitate your dream retirement life.
As such, the primary duties of retirement planners include helping you make appropriate financial decisions like savings, investments and expenditure. Their job is to help you understand the specific consequences of all the financial decisions you make, help you see opportunities and thus allow you to make informed choices. No planner should make decisions for you. Every decision you make must be based on your needs, your income, your goals and your circumstances and this is what the planner helps you to focus on while planning for your retirement.
One of the central roles retirement planners have in your financial management is that they help you appreciate the risks involved in every financial plan you adopt. With the risks enumerated, you can easily minimize and control them to levels that do not jeopardize your financial future. Once you understand the role of a retirement planner, you are able to take your destiny in your own hands and to consciously determine how your retirement life plays out. Retirement planners must transform you from ignorance into a skillful financial manager, in your life at the very least. They are not supposed to make the best decisions for you, but help educate you enough to make those decisions yourself.