Is Your Advisor Right for Retirement, or Just for Growing Money?

Retirement is supposed to be the best part of your life, but only if you’re prepared for it. In this episode of The Own Your Retirement Show, hosts Josh Bretl and Mark Elliott pull back the curtain on what really matters as you head into retirement. They cover the pitfalls of sticking with the wrong advisor, why understanding fees can actually save you money, and how overlooked risks like taxes and spending can make or break your golden years.

Do You Have the Right Advisor for Retirement?

Not all financial advisors are created equal. Some specialize in helping you grow your money during your working years, while others, like the team at FSR Wealth Strategies, focus on retirees who need strategies for income, taxes, healthcare, and legacy planning. Josh explains that it’s not about whether an advisor is good or bad; it’s about whether they’re the right fit for this stage of life.

Many people stick with their advisor simply because of a long-term relationship. That loyalty is understandable, but it can cost you if your advisor isn’t equipped to handle retirement’s unique challenges. Josh shares the example of clients who loved their advisor personally but needed someone with tax expertise and retirement planning skills. The solution? A thoughtful letter explaining the transition, helping them move forward without burning bridges.

Three Commonly Overlooked Retirement Risks

Even diligent savers often miss key risks when planning for retirement. Josh points to three in particular:

• Income Planning: Without a paycheck, where will your monthly spending money come from? Having a clear, written income plan for at least 12–36 months is critical.
• Investment Structure: Retirees can be too aggressive, or too conservative. Both extremes can hurt long-term success. The key is balance and flexibility.
• Taxes: This is the most overlooked risk of all. With most retirement assets held in tax-deferred accounts, a poor tax strategy could mean paying far more to Uncle Sam than necessary.

These risks aren’t just financial, they’re emotional. Worrying about whether your income will last, or whether the market will wipe out your savings, can weigh heavily. That’s why having a plan, written down and reviewed, offers peace of mind as much as it does financial clarity.

The Fee vs. Fine Debate

No one likes fees. But Josh reframes the conversation: are you paying a fee or a fine? A fee is like paying for admission to Disney World, you spend money but get a valuable experience in return. A fine is what happens when you ignore taxes or overpay unknowingly. Good advisors provide value far above their fee by helping you avoid costly mistakes. In fact, studies show working with the right advisor may add 3–4% to your returns annually.

Josh and Mark emphasize that retirees should focus less on avoiding all fees and more on whether the advisor they’re paying is delivering real value. In retirement, the wrong advisor, or no advisor at all, can cost you far more than a modest fee ever would.

Why Getting a Second Opinion Matters

If you’re wondering whether your advisor is right for you, trust your gut. Josh recommends seeking a second opinion, especially if something feels off. A fresh perspective can reveal blind spots in your tax strategy, investment allocation, or retirement income plan. Many retirees discover they’re taking more risk than they realized, or missing opportunities to lower taxes on their IRAs and 401(k)s.

Remember: this isn’t about firing your advisor on the spot. It’s about making sure you’re getting the advice you deserve. Retirement is too important to leave to chance.

Habits That Lead to a Comfortable Retirement

Josh also shares practical advice for those still a few years out from retirement: track your spending. Knowing how much you actually spend, not just what you think you spend, makes retirement planning far more accurate. He suggests living on one income, if possible, or saving aggressively in the years leading up to retirement. This builds not only savings but also discipline, making the transition smoother.

Ultimately, it’s not about how much you have, it’s about how much you spend. Those who know and control their spending are far more likely to enjoy a stress-free retirement.

Final Thoughts

This episode blends humor, practical advice, and real-life stories to help retirees and pre-retirees rethink their approach to money. From evaluating your advisor to planning income, taxes, and risk, Josh and Mark make complicated financial topics easy to understand. If you’ve ever wondered whether you’re on the right track, this conversation is a must-listen.

📞 Ready to talk? Call (630) 478-9599 to schedule your private 15-minute call with an FSR advisor.