5 Things To Ask Your Financial Planner For Retirement Saving 

Asking a question to a financial planner can help them understand your requirements so they can help you stay prepared for future challenges

Amit Sethi
October 27, 2023
Employees’ State Insurance Corporation (ESIC)

Employees’ State Insurance Corporation (ESIC)

Retirement planning requires a long-term approach, and the situation may change significantly by the time you get closer to your retirement. Even a small deviation in your savings can make a huge difference to your retirement corpus, and you may fail to achieve your retirement goals. Understanding the various factors that may impact your retirement savings is always better. So, here are five things you should ask your financial planner for retirement savings.


What Are The Financial Risks You Need To Stay Careful Of After Your Retirement?

When you build a corpus for your retirement, you assume it will be adequate for meeting all your lifestyle expenses. However, it’s difficult to estimate how much savings you would need to overcome various financial risks. Your financial planner can help you get the right answer to this question. When you know about the various financial risks you may face in your retirement, you can try avoiding them and staying financially prepared to reduce the impact of such risks.

Is Your Retirement Going To Be Inflation-Proof?

Despite saving lots of money for your retirement, you may fail to meet financial requirements in your retirement period. That may happen when your retirement plan is not inflation-proof. Inflation may diminish the value of your retirement corpus and you may fail to meet many of your retirement expenses, or you may exhaust your retirement corpus before finishing the last leg of your life. So, you must ask your financial planner this question: will your retirement be inflation-proof?

Are You On The Right Path To A Happy Retirement Life?

Depending on your income, expenses and current lifestyle, you must have an expectation about your retirement life. So, you can ask your financial planner a question to know if you are on the right path to getting a happy retirement life. Your planner will estimate your retirement corpus requirement to meet your expected lifestyle and financial goals and accordingly give you the right solution.

Do You Need An Adjustment In The Investment Portfolio For Your Retirement?

Are you saving enough money for your retirement? Are you getting adequate returns on your investments, and will it be enough to get you closer to your retirement goals? Depending on these aspects, your financial planner can guide you if your investment portfolio requires an adjustment now or in the future.

Is Your Retirement Savings Tax-Efficient?

If you have not planned the taxes efficiently, you may end up paying a large portion of your income towards taxes. Similarly, if your retirement savings is not tax-efficient, a significant part of your saving may go into paying taxes. Check with your financial planner; is your retirement savings tax-efficient? You should focus on getting adequate return on your investments after paying taxes so that it can help you build a big retirement corpus.

Always consider a financial planner like your financial ‘doctor’. Never hide your problems and doubts from them, discuss all the financial issues and strictly follow the advice they prescribe.

The author is an independent financial journalist

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