Retiring? 5 Reasons To Add An Accountant To Your Financial Planning Team

Do you work with a financial advisor to help manage your investments and future financial plans? If so, you could benefit from also working with an accountant as your retirement draws closer, and here are five reasons why. 

1. To Get Budgeting Help

Financial advisors are excellent at helping you plan for the big picture, but they aren't always the ones to work on specific smaller projects. One important part of a successful retirement is budgeting properly both before and after retiring. An accountant will help you do this just as they would a business, including follow-up meetings to see how your budgeting is working and help you make adjustments. 

2. To Work on Estate Plans

As you approach retirement, you should also create or update your estate planning. This isn't a welcome task, but the reality is that it's more important than ever. Your accountant will assist with tax planning for the estate, valuing assets, setting up trusts, or determining the right distributions to achieve your goals. 

3. To Develop Tax Strategies

During the saving stages of retirement planning, your focus is simply on saving as much as you can. But now that it's time to withdraw, how will you take income in a way that minimizes loss through taxes? Go over various withdrawal and sales strategies to decide on a plan—particularly if you have multiple retirement accounts. 

4. To Grow Side Income

Does your retirement plan include some form of post-career income? This could be anything from a hobby-turned-business to a rental unit. As with any business, an accountant is key to ensuring you choose the right business entity, turn a profit, manage the business well, and complete any tax obligations. 

5. To Get Unbiased Advice

Financial planners generally work in their clients' best interests, but they may also earn income based on what products they recommend to you. You need to have confidence in retirement and financial advice, especially when your income is going to decrease. An accountant is paid by the hour, so they don't have the same stake in selling you on anything. Ask questions and bounce ideas off this unbiased financial source. 

Where to Start

Ready to start securing your retirement by working with a professional accountant? No matter what your resources or concerns, take a step by meeting with an accounting service today. With their expertise and your financial planner's vision, you'll craft the stable retirement you deserve.