Using a financial adviser for your investing requirements is completely on brand, but what about the rest of your retirement life? According to a July 2022 research from health care consulting firm Sage Growth Partners, one-third of adults aged 64 and older had a financial adviser, but just 2% of them requested their advisor for help with their Medicare decisions.

However, Medicare and other non-portfolio items, such as vacation and long-term care, can have an impact on your budget.

"We are aggressively introducing these concepts to our customers," Crystal Cox, a certified financial planner in Madison, Wisconsin, explains. "They're still only concerned with investments and the portfolio."

Here are some questions to consider at your next meeting.

1. What Retirement Decisions Must I Consider?

Your retirement life may not continue as it has in the past. Do you intend to travel? Do you intend to relocate to another state or downsize? How frequently will you want to purchase a new vehicle?

"Most individuals just believe, 'I need a specific amount of money to live on,'" says Daniel Lash, a certified financial planner in Vienna, Virginia. "What about all the extraneous things that come with living? Everything you want to do?"

Mapping your retirement goals might help you and your adviser determine when and how much money you'll need.

"Do you know where you're planning to live, and how much real estate is available in that approximate area?" Lash states. "They've considered retirement, not 'What will I do when I retire?”

2. What Should I Understand About Medicare?

Although you can't usually sign up for Medicare until you're close to 65, your salary in the years prior will determine how much you pay for coverage. Both Medicare Part B and Medicare Part D base their premiums each year on your reported modified adjusted gross income from the previous two years. So, if you earned more than $91,000 as an individual or more than $182,000 as a couple, you'll have to pay extra each month.

"Because there is a lookback on wages for Medicare spending, we'll change plans accordingly, because they may be paying significantly more the first couple of years of retirement than later in retirement," Lash adds.

It's also a good idea to get advice about Medicare options in general, because you can't always change coverage later if your health status changes - and Medicare is confusing. "We have an annual meeting with a Medicare specialist," Lash explains. "All clients are cordially invited."

3. Can I Afford To Cover Myself For Long-Term Care?

A person reaching 65 today has a 70% likelihood of needing long-term care, and the expenditures are high: According to Genworth's 2021 Cost of Care Survey, an assisted living facility costs $54,000 per year and a shared room in a nursing home costs roughly $95,000.

"Some individuals are wealthy enough to feel comfortable self-insuring," says Kevin Brady, a certified financial planner in New York City. "Others have fewer resources."

Whatever the scenario, it is critical to examine future expenditures and if you have the necessary funds to manage them. If you don't, you should look into long-term care insurance or a hybrid policy that combines permanent life insurance with a long-term care rider.

"We're always doing predictions with an expert to see what makes sense," Brady explains.

4. Do I Have Enough Money To Enjoy Myself?

A prosperous retirement isn't necessarily about material possessions. It's a time for many people to fulfil their goals of travel and other adventures, but spending too little might get in the way.

"Often, customers are extremely conservative out of fear of running out of money, but they shortchange the retirement experience," says Kevin Lum, a CFP in Los Angeles. "By the time they realise they have a lot of money, they're too old to spend it."

Before you settle into calmer spending, talk to your adviser about your big-ticket desires and if you have the money to splurge a bit.

Lum claims that actual retirement spending resembles a grin rather than a straight line, with greater spending at the start on items like vacation and more spending at the end on long-term care requirements.

"I'm not advocating that people spend irrationally," Lum clarifies. "However, viewing retirement expenditure as a set figure that does not alter over the retired period is not a good concept."