10 Questions To Ask a Financial Advisor at 60 Staff Profile Picture
Written By:

When individuals reach the age of 60, it is a critical time to seek guidance regarding retirement finances. This is an excellent opportunity to address concerns and ensure a secure future. Generation X, born between 1965 and 1980, is currently reaching this significant stage of life. However, according to a study by the Insured Retirement Institute (IRI), only 55% of Gen Xers have any retirement savings, and many face a substantial retirement savings gap. In light of this, asking your advisor whether you're on track to meet your retirement goals and how to bridge any gaps is essential.

Additionally, the Stanford Center on Longevity has reported that Gen Xers are less likely to have purchased long-term care insurance compared to previous generations. Given the potential costs associated with long-term care, it's prudent to discuss this topic with your financial advisor. Explore potential long-term care expenses, strategies to protect your assets, and various insurance options that can help mitigate financial risks. You can better prepare for a secure and comfortable retirement by addressing these important considerations with your advisor.

10 Questions To Ask a Financial Advisor as a Gen Xer

As you reach 60 and strategize for your financial future, it becomes crucial to pose relevant and significant questions to your financial advisor. This will help you make well-informed decisions and navigate your financial journey effectively. Here are some essential inquiries you may consider:

Am I on track to meet my retirement goals? If not, what adjustments can be made?

At 60, retirement is approaching, and assessing whether your savings and investments align with your retirement goals is crucial. A financial advisor can review your current financial situation, projected expenses, and retirement income sources to determine if adjustments are necessary. They can recommend strategies such as increasing savings, adjusting investment allocations, or exploring additional income sources to help you reach your retirement goals.

Is my investment portfolio properly diversified for my age and risk tolerance?

As retirement nears, preserving wealth becomes a priority. A financial advisor can evaluate your investment portfolio to ensure it is appropriately diversified based on age and risk tolerance. They can help balance risk and return, potentially shifting towards more conservative investments to safeguard your accumulated wealth while still aiming for growth.

When should I start claiming Social Security benefits? What factors should I consider?

Determining the optimal time to claim Social Security benefits is critical. A financial advisor can help analyze your unique circumstances, such as life expectancy, financial needs, and spousal benefits. They can provide projections and strategies to maximize your Social Security benefits, potentially recommending waiting until full retirement age or even beyond to increase your monthly payments.

Do I have an up-to-date estate plan in place, including wills, trusts, and power of attorney?

At 60, estate planning becomes vital to ensure your assets are protected and distributed according to your wishes. A financial advisor can collaborate with estate planning professionals to review and update your estate plan. They can help create wills, trusts, and powers of attorney, minimizing potential estate taxes and ensuring your assets are transferred smoothly to your beneficiaries.

What are the potential costs of long-term care, and how can I prepare for them?

Long-term care costs can significantly impact retirement savings. A financial advisor can educate you about the potential expenses associated with long-term care and suggest strategies to prepare for them, such as long-term care insurance or setting aside funds specifically for this purpose. They can evaluate your financial capacity to bear such costs and recommend appropriate measures to protect your retirement nest egg.

Do I have adequate insurance coverage for life, health, and property?

As you age, reviewing your insurance coverage becomes crucial. A financial advisor can assess your existing policies, such as life, health, and property insurance, to ensure they provide adequate protection for your evolving needs. They can recommend adjustments or additional coverage to mitigate risks and safeguard your financial well-being.

What is the potential impact of market volatility on my portfolio, and how can it be mitigated?

Market volatility can pose risks to your investment portfolio, particularly as you near retirement. A financial advisor can stress-test your portfolio to evaluate its vulnerability to market fluctuations. They can then recommend strategies to mitigate risks, such as diversification, asset allocation adjustments, or the inclusion of more stable investment options.

How can I minimize estate taxes and ensure a smooth transfer of assets to my beneficiaries?

Estate taxes can erode the wealth you wish to pass on to your beneficiaries. A financial advisor can work with estate planning professionals to identify strategies to minimize estate taxes, such as gifting, charitable contributions, or establishing trusts. They can ensure your estate plan is structured optimally, considering both tax efficiency and your intentions for wealth transfer.

What is the best strategy to maximize my retirement income and minimize taxes?

Maximizing retirement income while minimizing taxes is a common concern at age 60. A financial advisor can evaluate your income sources, including retirement accounts, pensions, and Social Security, and develop a strategy to optimize your cash flow while minimizing tax implications. They can explore options such as Roth conversions, tax-efficient withdrawal strategies, or identifying opportunities for tax deductions.

How can I protect my assets from unexpected events or liabilities?

Protecting your assets from unforeseen events or liabilities becomes increasingly important as you near retirement. A financial advisor can review your insurance coverage, recommend appropriate liability protection, and advise on risk management strategies. They can help you explore options like umbrella insurance policies or structuring assets to safeguard them from potential creditors or legal claims.

How To Find a Financial Advisor

When evaluating potential financial advisors, consider looking for the following qualities, particularly relevant for individuals in their 60s:

Experience and Credentials 

Seek advisors with relevant experience and appropriate credentials, such as Certified Financial Planner (CFP) or Chartered Financial Analyst (CFA) designations. Verify their credentials and check if they have retirement planning and wealth management expertise.

Fiduciary Duty 

Look for advisors with a fiduciary duty, meaning they are legally obligated to act in your best interest. This ensures they prioritize your needs and goals over any potential conflicts of interest.

Specialization in Retirement Planning 

Consider advisors who specialize in retirement planning or have extensive experience working with clients in your age group. They should understand the unique financial challenges and goals that arise during this life stage.

Comprehensive Approach 

Look for advisors who take a holistic approach to financial planning, considering various aspects such as investments, retirement income strategies, estate planning, risk management, and tax optimization.

Clear Communication 

Choose an advisor who can explain complex financial concepts clearly and understandably. They should actively listen to your concerns, goals, and preferences, and communicate effectively throughout the planning process.

Transparent Fee Structure 

Understand how the advisor charges for their services. Look for transparency in fee structure, whether it's a fee-only model, hourly rate, or a percentage of assets under management. Avoid advisors who rely primarily on commissions, as it may create potential conflicts of interest.

Strong Ethics and Professionalism 

Seek advisors with a reputation for ethical behavior, professionalism, and adherence to industry standards. You can research any disciplinary actions or complaints against the advisor through regulatory organizations or professional associations.

Remember, it's essential to interview and meet potential advisors in person or via virtual consultations to assess their compatibility with your financial goals and personal preferences. This allows you to ask specific questions about their experience, services, and approach before deciding. Check out the financial advisor directory on to find the best local experts in your area.

Share Staff Profile Picture StaffAuthor

Step into the world of, your go-to hub for credible insights. We don't take accuracy lightly around here. Our squad of expert reviewers, each a maestro in their field, has given the green light to every single article you'll find. From rigorous fact-checking to meticulous evaluations of service providers, we've got it all covered. So feel free to dive in and explore. The information you'll uncover has been stamped with the seal of approval by our top-notch experts.