Retirement is about a lot more than just savings. Having the right plan for investing and budgeting the money you saved is arguably even more important.
Dirk Cotton, author of the blog The Retirement Cafe, was a panelist at TheStreet's Retirement, Taxes & Income Strategies Symposium, hosted by Retirement Daily editor Robert Powell.
Cotton's panel, Beware of Top Retirement Risks,tackled the top risks facing future retirees and discussed what to do to avoid or mitigate them, including annuities as a key strategy to protect against longevity risk.
After the discussion Cotton spoke with TheStreet's Tony Owusu about the key factors you should consider when looking for a financial adviser.
"First of all, I would say that choosing a retirement adviser is really, really difficult. The reason is, it's hard to evaluate a retirement plan. So, if you gave 10 really good retirement planners or researchers a retirement plan they had developed for someone, they would probably come to some consensus if it were a good one," Cotton said, on of the symposium's panelists said following his comments on stage.
With that in mind, Cotton said it it is actually very difficult to evaluate what is a good plan because each individual is different, but there are some things to look out for.
Watch the video above for more advice about choosing the right financial adviser.
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