If you’re a union worker in Alaska nearing retirement, you’ve likely heard the term “fiduciary financial advisor” — but what does that really mean? And more importantly, how can a fiduciary help you make the most of your pension and retirement benefits?
In this article, we’ll break down what a fiduciary advisor does, why it matters, and how Alaska union employees can benefit from working with one during and after retirement.
1. What Is a Fiduciary Financial Advisor?
A fiduciary advisor is legally and ethically bound to act in your best interest, not theirs.
Unlike brokers or sales reps, fiduciaries don’t earn commissions for selling products. Instead, they typically work on a fee-only or fee-based model, which reduces conflicts of interest and increases transparency.
2. Why Fiduciary Matters for Union Retirees
As a union retiree, you’re likely making once-in-a-lifetime decisions about:
- When to retire
- How to claim your pension (monthly vs lump sum)
- What to do with your 401(k)
- When to claim Social Security
- How to cover healthcare until Medicare
A fiduciary helps you navigate these decisions with your best financial outcome in mind — not theirs.
3. What Can a Fiduciary Advisor Help With?
Here’s what you can expect from a fiduciary advisor:
Pension Optimization
- Help you choose between payment options
- Analyze spousal/survivor benefit strategies
- Maximize income based on life expectancy and inflation
Retirement Income Planning
- Build a monthly income stream from pension + savings
- Coordinate portfolio distributions, and Social Security timing
- Account for taxes and healthcare costs
Investment Strategy
- Create a personalized investment plan
- Align your investments with retirement goals, objectives and risk tolerance
Tax & Legacy Planning
- Reduce unnecessary taxes on pension and withdrawals
- Help with estate and beneficiary planning
4. How Are Fiduciary Advisors Paid?
Most fiduciary advisors use:
- Fee-only model: Flat fee or percentage of assets
- No commissions, which means no pressure to buy annuities or insurance you don’t need
5. How to Choose the Right Advisor in Alaska
Look for:
- Local knowledge of Alaska retirement systems
- Clear, upfront fee structure
- Advanced designations (CFP®, CPA, etc.)
Conclusion: Your Retirement Deserves the Right Guide
Choosing a fiduciary financial advisor could be one of the smartest moves you make as an Alaska union retiree. The right advisor will not only help you retire with confidence — they’ll make sure your money works for you every step of the way.
