I’m a 61-year-old flight attendant who wants to retire at 70. I’ll have a $900 per month pension and will get Social Security, but only have $150K in my 401(k). Should I get professional help?

This flight attendant is looking for financial help from an advisor, but how should she choose the right one?

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Questions: I think I need a financial advisor. I am 61 years old and plan to retire at 70. I am a flight attendant and will receive a pension of over $900 per month. I have a 401(k) with a balance of over $150,000, and I will receive social security when I retire. I’ve never had a financial plan and hope it’s not too late to start one. My goal is to max out my 401(k) and just use common sense with my spending. I am single with no children. Any advice or suggestions on who to contact or how to proceed would be greatly appreciated. (Looking for a new financial advisor, too? This tool can help match you with an advisor who might meet your needs.)

Answer: We commend you in the hope of increasing your profits, and it is not too late to find a financial analyst to help you, if you decide to go that route. “You’re in what I call the “mad dash” in retirement, where people who don’t care about saving and investing start to burn through their savings,” says Jim Kinney, an economist. certified credit at Financial Pathways.

Overall, what you need seems simple and straightforward. If you’re choosing a planner, “I recommend finding a financial planner who is fee-only, meaning they work solely for you and don’t sell you insurance or investment products,” says Kinney. And, the pros say, it looks like you’re benefiting from an hourly or project-based advisor, who will charge you a fee or an hourly fee to give you financial advice, rather than manage your investments. money for you. (Looking for a new financial advisor, too? This tool can help match you with an advisor who might meet your needs.)

“Some advisers just don’t want to manage money. They don’t want to work with you if most of your savings are in your employer’s 401(k). But you can find an advisor who doesn’t require you to invest through the National Association of Personal Financial Advisors (NAPFA) or the Garrett Planning Network – just be sure to clarify that you’re looking for a retirement plan, not investment management. -money, “said Kinney . Fees can vary greatly, but know that they are negotiable – just click, your life is not complicated and you just need a simple forecast and guidance. Here are the money you can give financial advice.

Having problems with your financial advisor or need information? Email [email protected]

An advisor can take a complete look at your income and expenses, your risk tolerance, your asset allocation and your long-term goals – and then create a plan for you that will help you achieve your goals.

There are also a number of issues you should consider, including when to start Social Security, because you can increase your benefits if you wait until age 70. “allows you to have income at 70 when you start your retirement and can delay taking the minimum 401(k) distribution until age 72,” says Cheryl Morhauser, a financial expert. -certified income In fact, delaying Social Security generally provides an 8% annual increase from age 62 to 70, says Brian Fry, a certified financial expert. about Safe Landing Financial.

You should also consider what investments are best suited to your risk tolerance profile to ensure you survive the market volatility as we are currently seeing. “Financial planners can advise on annual Roth conversions, show taxable income in lower brackets today instead of higher brackets in the future, and can they manage to get into higher income brackets when withdrawing from an IRA, and minimize risk. by reporting excess Medicare premiums,” says certified financial planner Jeff Stewart of Lucid Wealth Planning.

In addition, financial planners can evaluate the benefits, drawbacks, costs and societal benefits of long-term care options; evaluate health insurance; offer ongoing education and support; and implement a disciplined, non-emotional and repetitive strategy, reducing the likelihood of behavioral errors, Stewart said. (Looking for a new financial advisor, too? This tool can help match you with an advisor who might meet your needs.)

You want to make sure your money will last you a lifetime, and you’ll want to work with an advisor to “run multiple scenarios if you’re making big decisions,” says DeeDee Baze. , a certified financial analyst from Alphemita Financial Services.

And of course you can do it. Consider books like I Will Teach You to Be Rich by Ramit Sethi; The Bogleheads’ Guide to Investing by Mel Lindauer, Michael LeBoeuf and Taylor Larimore; and Rich Dad Poor Dad by Robert Kiyosaki. Additionally, there are many free online courses available including Finance for Everyone, How to Save Money: Making Financial Decisions (University of California , Berkeley preserved) and Purdue University Planning for a safe retirement.

Having problems with your financial advisor or need information? Email [email protected]

Question revised for brevity and clarity.

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