Retirement financial advisors
How to choose a financial advisor for retirement
Home > Retirement > Retirement financial advisors
Saving for retirement might not be at the top of your to-do list, but it’s never too early to start planning. From pensions and investments to taxes and healthcare, there’s a lot to think about. That’s why many seek out professional guidance. In this guide, we’ll answer common questions about retirement planning advisors, helping you understand what’s best for you.
Key takeaways
Retirement financial advisors offer support with income management, investments, tax planning, and estate planning – anything related to retirement.
: They usually charge in one of three ways: based on the assets they manage, hourly rates, or flat fees.
: More affordable options could include robo-advisors. Reading up online can also help with retirement planning.
What is a retirement financial advisor?
A retirement financial advisor is a type of financial expert who focuses specifically on helping you plan for life after work. Whether you’re already retired or just starting to plan, retirement advisors target strategies to make sure you have enough income and financial security in your golden years.
Planning for retirement can feel like a monumental task, and it’s no surprise that many people find it difficult to tackle it all on their own. Retirement financial advisors help make the whole process a bit easier. They can guide you with everything from setting up a steady income through pensions or annuities to helping you understand tax strategies that could reduce how much tax you pay.
When deciding how to choose a financial advisor for retirement, remember that some advisors specialize in certain areas. Typically, they charge a fee based on a percentage of the assets they manage for you, so understanding their costs is also key.
What services do retirement financial advisors offer?
When researching financial advisors for retirement, it’s uncommon to find one that covers every aspect of retirement planning. Someone that specializes in investments often has a certification in that field, and may not be as experienced to help you with estate planning, for instance.
Retirement financial advisors can assist you in the following areas:
- Financial planning. A retirement planning financial advisor can help you create a plan to meet your retirement goals. This plan might include strategies for saving, investing, and managing any debt you have. Planning for the future is a key step in effective personal money management.
- Social Security guidance. Deciding when to claim Social Security can have a big impact on your retirement income. A retirement financial advisor can analyze your specific situation and help you decide the best time to start collecting Social Security.
- Estate planning. This is the process of organizing how your assets will be handled and distributed after you pass away. A retirement financial advisor can help you create a clear plan by setting up a will outlining who gets what, and by naming beneficiaries for your life insurance or retirement savings.
- Investment management. Advisors design personalized investment strategies based on your retirement timeline and goals. This involves a delicate balance between risk and reward to make sure your money lasts through retirement.
- Guidance on retirement accounts. They can walk you through the complexities of 401(k)s, IRAs, and Roth IRAs, helping you understand contribution limits, tax advantages, and employer matches.
- Care planning. Advisors help you plan for healthcare costs or long-term care needs, including Medicare and insurance options, so you’re prepared for any unexpected medical costs.
- Tax planning. Advisors create strategies to minimize tax liabilities in retirement, helping you keep more of your money by managing withdrawals effectively.
- Planning other sources of retirement income. A retirement financial advisor can help you find high-interest savings accounts or other investment vehicles to grow your funds before retirement. See why savings accounts should be part of your retirement planning strategy.
Top offers on Raisin
Bank
Product
APY
Raisin is not an FDIC-insured bank or NCUA-insured credit union and does not hold any customer funds. FDIC deposit insurance covers the failure of an insured bank and NCUA deposit insurance coverage covers the failure of an insured credit union.
What fees do retirement financial advisors charge?
Retirement financial advisors typically follow the same fee structures as other financial advisors, with costs depending on the level of service you’re receiving.
The most common fee you’ll see is the “assets under management” (AUM) fee. This means the advisor charges a percentage of the assets they manage for you, typically ranging from 0.25% to 1% per year. Advisors who work on this fee-only model are required to act in your best interests when recommending financial solutions.
Other retirement planning advisors may charge hourly or flat fees. Hourly rates generally fall between $150 and $400, whereas a full financial plan could set you back a flat fee of $1,000 to $3,000. High-net-worth clients may sign up for annual retainers, which can stretch to between $6,000 and $10,000 per year. This ongoing fee means you have access to your advisor for guidance whenever you need it.
There are also retirement advisors who charge on a fee-based basis. This means they may receive a commission if you buy certain retirement products they recommend. You might come across this kind of arrangement if you seek retirement advice from your bank.
How to choose a financial advisor for retirement
When choosing a financial advisor for retirement, it’s important to look for credentials that indicate expertise in the area you require assistance. Financial planning is a certified profession in the U.S., and there are a number of official bodies that you might keep an eye out for.
Here’s a list of certifications that can guide you to the right retirement advisor for you:
- Certified Financial Planner (CFP): These advisors have completed extensive training in all areas of financial planning, including retirement, investment management, tax strategies, and estate planning.
- Chartered Retirement Planning Counselor (CRPC): Specializes in retirement-specific advice, focusing on income strategies, asset management, and estate planning.
- Chartered Retirement Plans Specialist (CRPS): Expert in retirement plans like 401(k)s and pensions, guiding clients through plan design and management.
- Retirement Income Certified Professional (RICP): Focuses on creating sustainable income streams in retirement, with expertise in Social Security optimization, annuities, and income tax planning.
- Retirement Management Advisor (RMA): Helps with long-term financial planning for retirement, ensuring that income lasts throughout retirement.
Before you choose an advisor, you might ask yourself what you specifically want help with and think about the complexity of your financial situation. Sit down and look at your savings, debts, and investments.
Word of mouth is often invaluable when researching retirement planning financial advisors. Local expertise also matters since regulations can change from state to state, so ask friends, family, or coworkers for recommendations.
Are there any cheaper alternatives to financial advisors for retirement?
If you’re just starting your retirement planning or need help with a specific area, robo-advisors or online services can be more affordable options. A do-it-yourself approach may also work for some individuals. However, not everyone may be comfortable with robo-advisors. If significant sums of money or sensitive assets are involved, face-to-face interactions may be invaluable for building that much-needed trust.
Of course, there’s nothing to stop you doing some of your own research. Often, people just need a little confidence to know they’re on the right track. If you’re unsure how much to save for retirement or what you should have saved by a certain age, plenty of free online retirement resources are available to help you get started.
Are retirement financial advisors worth it?
If you’re wondering, “Do I need a retirement financial advisor?”, we’ve put together some pros and cons to help you decide:
Pros of hiring a retirement financial advisor:
- Retirement advisors create personalized plans, so you’re financially secure as you head toward retirement.
- They cover complex areas like investments, insurance, and Social Security — ideal for those who don’t have the financial know-how.
- They take care of the details, freeing up your time to focus on other things.
- Fiduciary advisors (those that don’t charge on commission) are required to act in your best interest.
Cons of hiring a retirement financial advisor:
- Retirement advisor fees can accumulate over time.
- You may need to relinquish some financial decision-making.
- Some advisors may push products they profit from.
- Not all advisors are equally skilled, so careful research is paramount.
Save for retirement with Raisin
Are you getting ready for retirement? You don’t need to wait for professional advice to start building your nest egg. One simple step you can take today is checking you’re getting the best return on your savings.
Raisin offers access to multiple high-yield savings products, all managed from one easy-to-use platform. Compare accounts today and see how much more you could be earning.
FAQs: Retirement financial advisors
How should I start planning for retirement?
You could start by setting clear goals for how much you’ll need and when you want to retire. Some recommend aiming to save at least 15% of your income and take advantage of employer-sponsored plans like a 401(k), especially if they offer matching contributions. You might look into opening a Roth IRA for extra tax benefits. And remember, you can even use CDs to grow your retirement savings.
How can I tell if my retirement advisor is giving me good advice?
Finding the right retirement planning advisor is one thing, but knowing if the advice you’re getting is truly beneficial is another. Here are some aspects to consider:
- Certifications: Look for professional designations like CFP, CFA, or CIMA. These credentials indicate that your advisor meets the highest standards in financial planning.
- Research their background: You can use BrokerCheck, a free tool, to check your advisor’s history and credentials.
- Read up on retirement planning: You can familiarize yourself with the basics of retirement planning, Social Security benefits, and tax strategies. This knowledge will give you a head-start, helping you ask informed questions. Raisin offers free retirement planning resources to help you get started.
What’s the difference between financial advisors and financial planners?
A financial planner takes a holistic approach, helping you create a long-term strategy for your finances. A financial advisor is a broader term, covering specialists like brokers, money managers, or insurance agents. Planners take a comprehensive look at your finances, while advisors tend to focus on specific aspects like investments or retirement accounts.
There are differences in fee structures, too. Planners typically charge flat fees (hourly or annually), whereas advisors may earn commissions or charge a percentage of your portfolio.
The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice. Before taking any action, you should always seek the assistance of a professional who knows your particular situation for advice on taxes, your investments, the law, or any other business and professional matters that affect you and/or your business.
© 2026 Raisin SE. All rights reserved.
The Raisin name and logo are trademarks of Raisin SE. All other trademarks, logos, marks, and brand names are the property of their respective owners.
*APY means Annual Percentage Yield. APY is accurate as of April 10, 2026. Interest rate and APY may change after initial deposit depending on the terms of the specific product selected. Minimum opening deposit is $1.00.
Raisin is not an FDIC-insured bank, and FDIC deposit insurance only covers the failure of an insured bank.
Raisin is not an NCUA-insured credit union. NCUA deposit insurance only covers the failure of an insured credit union.
Raisin does not hold any customer funds. Customer funds are held in various custodial deposit accounts. Each customer authorizes the Custodial Bank to hold the customer’s funds in such accounts, in a custodial capacity, in order to effectuate the customer’s deposits to and withdrawals from the various bank and credit union products that the customer requests through Raisin.com. The Custodial Bank does not establish the terms of the bank or credit union products and provides no advice to customers about bank or credit union products offered by the applicable bank or credit union through Raisin.com. Each customer also authorizes the Service Bank to move funds among the various banks and credit unions at the customer’s request. First International Bank & Trust (FIBT), Member FDIC, is the Service Bank. Bell Bank and Starion Bank, each Member FDIC, are the Custodial Banks.
†Based on $250,000 in FDIC or NCUA insurance coverage per insurable category of ownership at each partner bank or credit union on the Raisin platform (each a "Product Bank"), when aggregated with all other deposits held by you at such Product Bank and in the same insurable category. Deposits made through Raisin will be eligible to receive deposit insurance from the FDIC or the NCUA (each a "Deposit Insurer") in accordance with and up to the maximum amount permitted by law at each Product Bank. Raisin is not a bank or credit union and does not hold any customer funds. Funds are held at FDIC-insured banks and NCUA-insured credit unions. Deposit insurance covers the failure of an insured bank or credit union. Certain conditions must be satisfied for pass through deposit insurance coverage to apply. Customers may choose to deposit funds with identically registered accounts at different Product Banks on the Raisin platform to be eligible for Deposit Insurer coverage up to $10 million for individual accounts and $20 million for joint accounts when at least 40 Product Banks are utilized. Please be aware, however, that any deposits you have at a Product Bank, whether through the Raisin platform or outside the Raisin platform, that you may hold in the same capacity (such as in an individual capacity or joint capacity) count toward the applicable Deposit Insurer's deposit insurance maximum amount, and any such amounts that you hold in the same capacity at a Product Bank that exceed the maximum insurance coverage by the applicable Deposit Insurer will not be insured. For more information on FDIC deposit insurance, please see here. For more information on the NCUA share insurance fund, please see here. You are solely responsible for monitoring the amount of funds you have on deposit at each a Product Bank, whether through the Raisin platform or outside the Raisin platform, to confirm that the deposits you hold in the same capacity at each Product Bank do not exceed the maximum deposit insurance coverage provided by the applicable Deposit Insurer.