Pre-Retirees and Retirees

There is no one best solution for building a retirement income plan. Your goals, and comfort level will help determine what will work best for you. Our fee-based retirement plans will help identify your personal retirement income style as that will dictate your plans overall framework. Together, we will take the following steps when writing your retirement plan.

Optimize Your Retirement Date
Not everyone is lucky enough to set their own retirement date. Layoffs and/or health issues could potentially force you out of the workforce earlier than what you may consider ideal. However, if you're able, it's worthwhile to optimize your retirement date. We'll work with you to analyze certain factors such as the sustainability of your portfolio and your own quality of life considerations.

Assess You In-Retirement Income Needs
One of the common rules of thumb for retirement planning is the 70% to 80% rule. This states that you'll need roughly 70% to 80% of you working income in retirement. We feel this is a blunt assessment. Sure, some do fall into this category, but not everybody. Some retirees spend a smaller percentage while other spend more. Ultimately, your desired lifestyle will dictate a more accurate number. 
Many advisors tend to overlook a conversation centered around your desired lifestyle. Not us, as we feel that planning for your retirement is not just about the numbers, but it's about the quality of your life.

Quantify and Maximize Pension and Social Security Benefits
Guaranteed lifetime income is such a wonderful benefit since it allows you to rely less on your portfolio to pay the bills. That means it's only wise to make sure we analyze and maximize these benefits. A married working couple has 567 Social Security Claiming strategies available to them. We are here to help you determine how to optimize these benefits in relation to your goals.

Evaluate the Appropriateness of Annuities
Annuities can be another source of lifetime income, yet they are a sophisticated investment and can be very complicated. Before purchasing an annuity it's important that you thoroughly understand all its mechanics. We will educate you on different types of annuities and help determine which one, if any, fits your situation.

Determine Whether Your Planned Spending Rate Is Sustainable
Once you've determined your retirement income needs and how much of them will be covered by guaranteed lifetime income benefits you'll uncover your personal retirement income gap. That's where your portfolio comes into play, as that gap will be covered by it. It's crucial to make sure your spending rate is sustainable. We'll work with you to determine the risks and educate you on the different income strategies available to you.

Craft a Long-Term Portfolio Based on Your Anticipated Income Needs
When your spending plan has been determine, the next step is to structure your portfolio to support it. Retirement portfolios are not constructive in the same way as accumulation ones. We help you to build a sensible asset allocation for retirement income.

Pay Attention to Tax Management
Life provides us with very little certainties. Paying taxes, unfortunately, is one of those certainties. This accentuates the importance of tax management when creating retirement income. That means taking required minimum distributions, or RMDs, from tax-sheltered accounts on time, maximizing the benefits of tax-sheltered wrappers, and using strategies such as asset location and proper withdrawal sequencing. We'll educate you on certain tax-management techniques that could help you hold on to more of your portfolio's return.

Make Sure You're Adequately Insured
Everyone agrees that growing your assets is one of the most important aspects of planning for retirement. However, it's also crucial to protect those assets. The pyramid of financial strategies teaches us that the foundation of a sound financial plan starts with managing risk. Insurance comes in various forms; life, disability, auto, home, medical, and long term care. It's important to protect ourselves and our loved ones even during retirement

Attend to Your Estate, Portfolio Succession Plan
Another key aspect of retirement planning is to document your wishes in case you should die or become incapacitated. What do you want to happen to your financial assets? Who do you want to be able to make important financial and health care decisions on your behalf? What instructions do you want to give your spouse or other loved ones about your portfolio? Retirees and pre-retirees should ask and answer all of these questions when they're of sound mind and body.