Retirees
Transitioning into retirement comes with all sorts of questions and opportunities to maximize your financial situation. Common strategies we often help answer and implement with clients include:
Education
We focus on educating you on topics that apply specifically to retirees, this includes:
- Maximizing Social Security
- How to replace your paycheck with your retirement savings
- Medicare Education & Resources
- Estate Planning for Retirement
- Long Term Care Options
- Planning for Healthcare Expenses in Retirement
- Tax Minimization Strategies
Financial Plan
We help to coordinate your financial plan:
- Help determine your financial goals & how much you can spend in retirement
- Implement account withdrawals to replace your paycheck
- Cash Flow Strategy (what account to withdrawal from first)
- Monitor wealth accumulation & coordinate it with your estate plan.
Investment Strategy
Investing in retirement is different than investing in your younger years. You are going from a phase of accumulation to a phase of distribution and this takes a different investment approach:
- Risk Assessment: We will start by actively discussing your investment objectives, risk tolerance and time horizons to determine an investment strategy that is appropriate for you. Much of which we cover in your financial plan.
- Four Step Process: Once we have completed your risk assessment we will implement our four-step investment process. Historically institutions have been able to outperform the average investor. As such, we take an institutional approach when is comes to managing your investments.
- Investment Expenses: We look to keep investment costs low while also maximizing your investment returns.
Financial Planning for Retirees
Retirement planning doesn’t end when your retirement starts. You’ve now moved on from the accumulation phase to the distribution phase, which means you need to plan for your income needs carefully. Our retirement planner can assist you with maximizing your retirement income, managing your tax burden, and even setting you up with a fixed income stream for your retirement years.
The Importance of Lifetime Income Planning
During retirement, the goal is to avoid outliving your wealth. If you withdraw money from your retirement accounts without a clear distribution plan, this may happen sooner than later. Our retirement specialist can help you with your lifetime income planning to ensure you can enjoy your retirement without worrying about your financial future.
FAQs for Retirees
How Can I Reduce Income Taxes in Retirement?
There are different options for maximizing your retirement income. For example, you can wait to file for Social Security benefits until you’re closer to age 70 to increase the benefit amount. It’s also important to plan your income in a way that reduces your tax burden. Talk to our financial advisor to create a personalized strategy to maximize your retirement income.
How Can I Maximize My Retirement Income?
There are different options for maximizing your retirement income. For example, you can wait to file for Social Security benefits until you’re closer to age 70 to increase the benefit amount. It’s also important to plan your income in a way that reduces your tax burden. Talk to our financial advisors to create a personalized strategy to maximize your retirement income.
Work with Our Financial Advisor
Retirement planning is just as complex for retirees as saving for the future to prepare for retirement. But you don’t have to tackle this complicated process alone. Our retirement specialist are here to help you manage your distributions, minimize your taxes, and live your best life. Call us today to schedule an appointment and talk about your retirement needs.