As You Approach Retirement

As You Approach Retirement

As you approach retirement, there are decisions that need to be made as part of an informed, strategic plan.  Regardless of the amount of your retirement assets, you must plan for how you will maximize the income  generated from these assets during all your retirement years.  Retirees with very similar retirement assets and income requirements can have significantly different outcomes.

Decisions like these will need to be made at the start of retirement, and continue to be monitored through your lifetime:

  • When should I retire?  when should I start to claim social security benefits?  

  • How much can I withdraw each year from my portfolio of investments?   

  • What investment decisions and asset allocations will serve me best post-retirement?

I specialize in Income Planning, helping you to build a flexible, to create a known income stream during all of your retirement years.

Income Planning Process

During the Income Planning process we will determine what is important to you and your family.  Key to the process is determining your particular risks to your retirement income and then developing a strategy to manage those risks.

How much Income will you need each year of retirement?

It is essential to determine how much income you will need for ALL of your retirement years.  We can work together to determine the impact of the following on your income needs:

  • Life expectancy:  what if you live into your nineties or later?

  • Do you plan to stay in your current home?  what about the remaining spouse when that time comes?

  • Rising medical costs:  we must also take into consideration concerns for debilitating diseases, increasing medical costs, caring for other family members

  • Inflation effects, many retirees underestimate the impact of rising costs on their income

  • Retirement Timing:

    • When should I retire?  When should my spouse?  How will my retirement income change if I wait a year, two years?

    • When to start claiming Social Security benefits?  This is a separate question from when you should retire.  Delaying claiming social security benefits may be worth considering.

Income Planning Results

The result of Income Planning should be a coordinated, strategic investment plan that 1) details how much income you will need in each of your retirement years and 2) a plan to generate that income.  

The plan should be consistently monitored closely throughout your retirement for market changes, unexpected expenses, illness, changes in family.   



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