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Retirement Planning Consultant Business Idea

With a constant flow of people who are looking to retire, consider starting a new small business as a retirement planning consultant.

The effort involved in retirement planning can be overwhelming. Not only does retirement introduce a change of lifestyle, it also requires meticulous financial planning to ensure a couple’s retirement finances can support their lifestyle.

Planning a new lifestyle and forecasting finances can be quite stressful for some people. But there’s a clear trend of growing businesses that help retirees plan for and get the most out of their retirement years. This trend will continue to develop as more businesses focus on the retirement market.

For example, retirement communities such as Del Webb, with their variety of activities, reinforce the idea that retirement is often the start of a new lifestyle, not the beginning of your dotage.

Planning is needed however, to ensure an enjoyable retirement, and that’s where a retirement planning consultant can help. If you’re serious about starting this type of business, learn more about startup costs, expenses, and other financial items.

What A Retirement Planning Consultant Does

As a consultant, you will meet with clients to help determine what life and lifestyle they would like to have upon retirement. You may recommend savings or investing directions to help them achieve their goals.

While a financial consulting background is helpful, retirement planning software is available to make it easier to estimate the amount of savings needed.

Questions to ask your clients include:

  • What age would they like to retire?
  • How many years from now is that?
  • How much money do they currently have?
  • What percentage of current income will be needed for retirement?

More than Finances

In addition to financial aspects, a good retirement planning consultant takes into account lifestyle changes. Will the retired couple continue to live in their home, or do they want to move – perhaps to a warmer climate? Are there any hobbies (i.e. sailing, traveling, etc.) they want to explore with their additional time that might require more money?

Change, even for good reasons can be stressful. A good retirement planning consultant can help clients anticipate some of those changes. For example, how does a couple adjust when both partners are home all day?

Continuous Process of Consulting

Senior living issues continue to evolve even after the initial hurdle of retirement. Health and mobility may change, prompting a change in housing—which can affect finances. What provisions are made in case of the illness or death of a spouse?

A good consultant checks in periodically with clients to address new concerns.

Marketing Your Business

Since you’re providing a service, you are really selling your knowledge and credibility. Build on that by conducting seminars or publishing a newsletter on the ten things you should do when you plan retirement.

Run an evening or online class on how to prepare to be a millionaire retiree. Contact area businesses and suggest they provide a session with you as an added employee benefit.

A firm grasp of financial planning and an ability to understand and find solutions for individual problems will get you on your way. With an ever-growing number of potential clients, you can thrive as a retirement planning consultant until your own retirement – and beyond.

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