When taking on a new client, financial professionals want to see items such as retirement account and Social Security benefit statements, as well as tax returns. They also want to know about personal goals and objectives, as well as timeframes and lifestyle parameters.
For that first meeting, the list of items to be discussed should include how someone envisions spending their time in retirement and whether they plan to move or remain locally based. If the aim is to maintain a similar level of spending as when working full time, the conversation will be centered around keeping pace with increased health care costs, inflation, and taxes.
As part of this process, drawing up scenarios such as one spouse requiring long-term care will involve working with the adviser on ways to afford health care in worst-case situations. At the same time, the adviser will talk about steps that can be taken to ensure that someone’s wishes are carried out in situations involving disability or death. This may entail strategic steps such as setting up a will, living trust, or durable powers of attorney.