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"Our mission is to empower people to make smart financial decisions. The right financial advisor can help you achieve your financial goals and prepare for retirement."

Michael Carvin, CEO

Get Smart with Your Assets

Investing involves risk and no situation is the same. This is in no way intended as a personal recommendation and investment decisions are solely those of the reader.

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5 Steps to Take Today If You Want to Retire in the Next 5 Years

Get Smart with Your Assets

SmartAsset is a personal finance technology company that features a financial advisor matching service. Financial Advisors who appear on SmartAsset are from companies with which SmartAsset receives compensation. SmartAsset takes into consideration wealth and location to determine how to match users with advisors. SmartAsset doesn't include the entire universe of Financial Advisors.

You’ve been saving for decades and plan to exit the workforce and settle into retirement in five years.

But are you ready? Are you sure you have enough saved?

A 2019 Northwestern Mutual study found that U.S. adults who work with a financial advisor report “substantially greater financial security, confidence and clarity than those who go it alone.”

The value of working with a financial advisor varies by person and advisors are legally prohibited from promising returns, but research suggests average additional investment returns can range from 1.5% to 4% more each year.

SmartAsset’s new tool makes it easy to find the right financial advisor near you in just a few minutes. Our exclusive, no-cost tool matches you with up to three local fiduciary financial advisors that have passed a rigorous screening process. We confirm each is registered with the U.S. Securities and Exchange Commission (SEC) or the appropriate state regulator, possess the proper licenses and have no pending or valid regulatory disclosures within the past 10 years.

As you close in on retirement, it’s time to start making sure everything is in place and to make any last-minute adjustments to your plan.

1. Get a Second Opinion From a Fiduciary

By definition, a fiduciary is an individual ethically bound to act in another person’s best interest. This obligation eliminates conflict of interest concerns and makes a financial advisor’s advice more trustworthy.

All of the financial advisors on SmartAsset’s matching platform are registered fiduciaries. If your advisor is not a fiduciary and constantly pushes investment products on you, use this no-cost tool to find an advisor who has your best interest in mind.

These financial experts can examine your current retirement plan and guide you through how to best allocate your assets, maximize your retirement account contributions in your final years of work and steer clear of unnecessary taxes and fees.

2. Move Liquid Assets to a High-Interest Account

A high-interest checking or savings account can help you earn over 2% interest on your liquid assets -- and you can still have unrestricted access to your savings. To put that into perspective, the national average savings account rate is 0.06%, according to the FDIC. By choosing an account that offers the highest rate, you can earn a lot more.

If you have $25,000 sitting in an account earning 0.06% interest, you’d earn about $75 after five years. An account with 2.4% interest would earn you $4,967.22 in interest alone.

3. Protect Your Savings From Scammers

Financial abuse costs older Americans over $2.6 billion annually, according to the National Center on Elder Abuse.

The FBI warns that senior citizens are common targets by con artists because they're most likely to have a “nest egg,” to own their home, and/or to have excellent credit.

There are numerous free and paid services available online that offer identity protection and will monitor your credit report and alert you of irregular activity.

4. Consider Downsizing Your Home

The national average housing costs per year in retirement are $8,819. Multiply that by 30 years and you’ll spend an average $264,570. A recent GoBankingRates study revealed that owning a home costs an average $1,204 per month in maintenance alone.

Certain perks come with owning a home, including key tax benefits. If you itemize your taxes, you can deduct property taxes and any mortgage interest you pay. You won’t get these breaks with a rental, but if you’re expecting your income and tax bracket to drop when you retire, these deductions may be considerably less valuable.

5. Work With a Financial Advisor

As mentioned above, it's imperative to ensure your retirement plan is sound as you reach the final years of preparation.

A fiduciary financial advisor can help assess and optimize your retirement plan. They can also help determine if there are additional steps you can take to reduce taxes and increase your savings before you leave the workforce.

Chances are, there are several highly qualified financial advisors in your town. However, it can seem daunting to choose one.

Our no-cost tool makes it easy to find the right financial advisor for you. Now you can get matched with up to three local fiduciary investment advisors that have been rigorously screened for regulatory disclosures and to confirm their licenses. The entire matching process takes just a few minutes.

Follow These Steps to Get Matched With the Right Advisor for You

1. Simply enter your ZIP code below.

2. After you enter your ZIP code and answer questions about your financial goals, you can compare up to three top advisors local to you and decide which to work with.

3. Enjoy a better financial future!

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