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Question: I think I need a financial advisor. I am 61 and plan on retiring at 70. I am a flight attendant and will receive a pension of just over $900 per month. I have a 401 with a balance of just over $150,000, and I will receive Social Security when I retire. I have never had a financial planner and hope it’s not too late to start with one. My goal is to increase my 401 and just use common sense with my spending. I am single with no children.
On the surface, it sounds like your needs are pretty simple and straightforward. If you opt for a planner, “I would recommend finding a financial planner who is fee-only, meaning they work only for you and do not sell insurance or investment products to you,” says Kinney. And, pros say, it also sounds like you’d benefit from an hourly or project-based adviser, who will charge you a flat-fee or hourly fee to give you financial advice, rather than managing your investments for you.
An adviser can take a complete look at your income and spending, your risk tolerance, your asset allocation and your long-term goals — and from that create a plan for you that will help you meet your goals. You should also consider which investments are most appropriate for your risk tolerance profile to ensure you survive market volatility as we’re seeing right now.
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