Starting your retirement planning early, with the guidance of a professional, is essential to ensuring a smooth and successful retirement. Yet, with so many advisors, specialists, and salespeople, it can be hard to determine who is the right fit for such an important role. Zynergy Retirement Planning is here to clarify what you need to know about financial planners and provide the necessary information to help you make an informed decision when selecting a retirement planning professional in Burlington County, NJ.

When Should You Start Retirement Planning?

The simple answer is as soon as possible. Ideally, you begin saving in your 20s when you first start working. The earlier you save, the more time your money has to grow through the power of compounding. This means each year’s gains build on the gains from the previous year, which is why starting your retirement planning early is so important.

Check out our blog for valuable insights and answers to your pressing retirement questions, including:

• What Does a Diversified Portfolio Look Like?
• Is NJ A Retirement Friendly State?
• Are CDs a Good Investment?
• What is Dividend Yield?

Types of Retirement Planning Professionals

One of the next big decisions is choosing the right type of retirement planning professional in Burlington County. Certified Financial Planners (CFPs) are the industry gold standard, but they can have different compensation models, which may impact your experience:

• Commission-Based Financial Planners earn all their income from commissions. Their focus is typically on selling products, rather than giving unbiased financial advice. Think of it like a car salesman trying to sell you an expensive sports car when you need an affordable, family-friendly option. Their interest may not align with yours.
• Fee-Based Financial Planners charge clients a small fee, but still receive commissions. While they might have more of a vested interest in your success, most of their income still comes from selling products, leading to potential conflicts of interest. Picture a car salesman pointing you to the right family car but upselling unnecessary extras.
• Fee-Only Financial Planners are solely paid by their clients and receive no commissions. With no product-based incentives, their advice is aligned with your success. In the car dealership analogy, this would be the salesperson guiding you to the best car for your needs, without unnecessary add-ons, and helping you find the best deal.

Why Choose a Fee-Only Financial Planner?

A fee-only CFP® has your best interests in mind. Here are three key reasons why choosing a fee-only financial planner in Burlington County is a wise decision:

1. Fewer conflicts of interest: Without the need to push specific products, a fee-only planner provides advice purely based on what’s best for you, free from hidden agendas.
2. Focus on financial advice: A fee-only planner is centered on offering sound advice, not product sales, which creates a win-win for both you and the planner.
3. Percentage-based payment options: Many fee-only planners charge a percentage of the assets they manage, giving them an incentive to grow your wealth as it benefits both parties.

Make Sure Your Planner Is a Fiduciary

Selecting a fee-only planner is an excellent first step, but ensure that they are also a fiduciary. A fiduciary is legally and ethically required to put your needs first, eliminating conflicts of interest. This provides you with the confidence that your investments are being managed with care and dedication to your goals.

When Do Most People Retire?

Retirement is a deeply personal decision. While the average person retires between 62 and 70, it’s not a one-size-fits-all approach. Your retirement timing should be based on your answers to these key questions:

• When can I afford to leave work?
• Am I physically able to keep working?
• Do I still enjoy my job?
• What will I do after I retire?
• Would I prefer to work longer for a more comfortable retirement, or retire earlier with a simpler lifestyle?

Your responses will help guide your retirement timeline. It’s not about when others retire; it’s about what works for you.

Connect with a Virtual Retirement Planning Expert

If you reside in Burlington County, NJ, and are approaching retirement, finding a trustworthy Certified Financial Planner is critical. Zynergy Retirement offers virtual retirement planning services to help Burlington County clients succeed in their financial journey. As a fee-only CFP® and fiduciary, we provide unbiased, client-focused advice. Contact us today to learn more!

Retiring in Burlington County, NJ

Burlington County offers a blend of factors to consider when planning your retirement. Here are some key considerations:

• Cost of Living: While not as high as other parts of New Jersey, the cost of living in Burlington County is above the national average, mainly due to housing and property taxes.
• Housing Options: The county provides a range of housing types, from single-family homes to retirement communities, with prices varying across towns.
• Healthcare Access: Burlington County offers several well-regarded healthcare facilities, including Virtua Memorial Hospital in Mount Holly and Virtua Marlton Hospital. Access to high-quality healthcare is an important consideration for retirees when planning their future.
• Outdoor Activities: The county is rich in outdoor spaces, with numerous parks, nature reserves, and recreational activities available. Whether you enjoy hiking, boating, fishing, or golfing, there are plenty of opportunities. Its proximity to the Pine Barrens and the Delaware River makes it especially attractive for nature lovers.
• Cultural and Social Scene: Burlington County has a deep historical heritage, with various museums, theaters, and cultural events to explore. Towns like Moorestown and Bordentown offer charming downtowns filled with shops, restaurants, and cultural attractions that enhance the social experience.
• Transportation Network: Strategically located in South Jersey, Burlington County provides easy access to major cities like Philadelphia and New York City. With New Jersey Transit services available, traveling and exploring the region is convenient for retirees.
• Tax Considerations: While New Jersey is known for its higher property taxes, there are property tax relief programs and exemptions for seniors that can help reduce the financial burden on those with fixed incomes.
• Senior Services: The county offers a range of senior-focused programs and services, such as senior centers, transportation assistance, and wellness initiatives. These resources help retirees remain active and engaged in their communities.
• Climate: Burlington County experiences all four seasons, from warm summers to cold winters. Some retirees enjoy the changing seasons, while others may prefer a warmer, more consistent climate for their retirement.
• Affordability: Although New Jersey is often associated with a high cost of living, Burlington County tends to be more affordable than the northern parts of the state. It’s essential to consider your financial situation and retirement budget when deciding if this area is right for you.

In the end, choosing to retire in Burlington County, NJ, should depend on your personal preferences, financial standing, and desired lifestyle. It’s a good idea to research specific towns and neighborhoods, consult with a financial advisor, and visit the area in person to ensure it’s the right fit for your retirement plans.