Retirement is no longer what it used to be. The days of working till 65 and then living off a pension for 15 to 20 years are over. Americans are living longer lives, and with pensions on the verge of extinction, many are working harder and longer to save for those additional golden years.

“Just as 55 mph is no longer universal for how fast you can drive, 65 years old is no longer the universal age of retirement,” says Ryan George, chief marketing officer at Docupace, which helps the financial advisory and investment business digitise processes. “(Advisors) and their clients must abandon the notion of retirement as golf and long walks on the beach.” This period of life accounts for one-third or more of their adult life, and those additional years are not cheap.”

Property taxes grow in tandem with rising property prices. Then there’s health care, with growing prescription drug expenditures on top of the costs of long-term care.

“Retirement is more complex and requires an advisor with a different skill set, knowledge, and experience to focus specifically on retirement planning,” F&G CEO Chris Blunt explains.

What Separating Retirement Advisors

A retirement adviser specialises in assisting clients with future planning and preparation. This should include more than just making investment decisions or converting a 401(k) to an IRA. “At a minimum, it should be a combination of investment, retirement, insurance, and financial planning,” George asserts. If done correctly, it would also include long-term care, tax preparation, and estate planning.

However, it’s vital to remember that the word “retirement advisor” does not constitute a formal title or qualification. George explains, “It’s marketing.” According to him, it’s a means for professionals to share their knowledge and experience in order to assist others in making plans and preparations for the future. The abilities and experience a retirement counsellor may provide should be considered instead of the title that appears after her name.