Financial planning can seem like a scary undertaking, especially when the economy is unstable. However, there is really no better time to make plans for your finances. According to Personal Capital, many American households put saving for retirement on the back burner as a result of fallout from the COVID-19 pandemic. Their survey results show only half of those surveyed are contributing to their 401k, and 49% of them ensure they get the maximum matching available from their employer. A financial planner can help you plan safely for your financial future. Consider asking a financial planner these five questions.

1. What Are My Costs?

When you work with a financial planner, knowing what fees you will pay is essential. Of course, you will have to pay the advisor, but you should ask if there are any other fees. While a 1% fee may not seem like a lot now, think about how much it is as your money grows.

2. How Do You Get Paid?

Financial planners have varying fees. The easiest and more affordable plan to consider is a fee-only advisor. This type of financial planner does not get a commission for selling products.

3. What Are Your Qualifications?

There could be a list of initials after a financial planner's name that you may not recognize. You can check the Financial Industry Regulatory Authority's database to get all the details about the credentials for any financial planner.

4. Are There Tax Implications?

With this question, you can determine what your estimated net return could be. But, first, you want to have a basic understanding of how much of your money you get to keep after fees and taxes.

5. What Is Your Investment Philosophy?

It is crucial that any financial planner you select has the same investment philosophy as you. Being on the same page will ensure that any financial planner you choose will keep you focused on your goals, especially when the market is down or may not be going in the direction you want.

If you are interested in getting your finances in order and planning for your retirement, contact a financial planner today to see how they can help you.