Retirement Planning
A Successful Retirement Doesn’t Just Happen
The word "retirement" conjures up a range of emotions. It is inevitable, however, that you will stop working someday – voluntarily or otherwise – and you must financially prepare for it. Due to longevity advances, many folks will live as many years in retirement as they worked - what a planning challenge!
There’s no way to spin it: designing a comprehensive retirement plan is complicated. Balancing decisions about spending, travel, Social Security benefits, employer retirement plans, Medicare, IRA distributions, gifting, and custodial elder care – many of which are irrevocable - requires thoughtful pre-planning.
Effective income tax planning becomes especially important in your retirement years — as well as the 5-10 years preceding retirement — to preserve as much after-tax wealth as possible over your lifetime.
The first retirement planning priority is non-financial: finding new endeavors. In other words, have a plan to productively or enjoyable replace your workday time and to find new purpose in life.
The next priority is to map your financial course, developing a balanced spending and investment or retirement income plan to maximize your standard of living while not outliving your resources.
Elder care, one of life’s greatest financial risks, is an unpleasant but important retirement planning topic given the outsized future impact it can bear on your spouse and your family inheritance goals.
Our experience would have you consider your retirement in terms of two lifestyle stages: maximum spending during the first half when you will be most active, then decreasing in the second stage when you are likely to spend less. You define the stages, not us.
If you have questions or concerns about where your income will come from in retirement,s and are looking for a financial advisor near you, we'd love to connect.