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    Retirement Planning Services

    Moving into retirement is one of the most challenging transitions you face in life. Leaving your career at the top of your game isn’t easy. Nor is the transition from living off your high income to living off your savings. That’s where our retirement planning services come in.

    Being well-prepared for this transition is not only important financially, but emotionally as well. We work with you before your retirement to make sure you’re prepared for that next stage of life. You’ll feel better prepared knowing the “numbers” work. More than that, we can help you brainstorm answers to the unspoken question, “What are we going to do in retirement?”

    What is Retirement Planning

    At its core, retirement planning is about financial independence. Will you be able to sustain your lifestyle and goals into retirement without the benefit of a steady income? It’s a question of how much you’ve saved and what you expect to spend while you’re retired.

    There are two main variables to be aware of when planning for retirement:

    1) How much will you spend each year while in retirement?

    2) How long do you expect to be in retirement?

    Retirement planning services analyze your annual retirement spending need x number of years retired = "nest egg" needed for retirement

    The best place to start in answering the first question is to look at your current lifestyle and spending needs. Do you want your retirement spending pattern to look similar to what it is today? Most people nearing retirement do.

    But what if you want to make adjustments? Downsizing a home can reduce costs. Planning an annual travel budget can increase them. 

    Answering the second question is harder because we’re only in control of one of two variables: when we retire. The other variable – how long we’re going to live – is out of our control! 

    “Longevity risk” is the risk of out-living your retirement nest egg. We like to assume everyone lives a long life, so there are always resources to draw upon. If there’s one wish we often hear from clients, it’s that they don’t want to be a financial burden to their children. We help plan for that.

    Once you have a good idea of the size of your “nest egg” we look at what you currently have saved and assess whether it will be enough. If you’re still working, we may recommend you step up your savings to close any gap. Or we might advise you to invest differently, as there are different investment strategies at different phases of life.

    All this work gives you comfort and peace of mind as you approach this major life milestone.

    Who Needs Retirement Planning Services?

    The simple answer to this question is, “everyone.” But many people will live just fine off of Social Security and any pensions they have. So who really needs retirement planning?

    • High income earners wanting to sustain their lifestyle into retirement
    • Couples whose projected Social Security and pension payments cover less than 50% of their expected annual spending needs
    • Families who want to leave a financial legacy for their children and grandchildren

    In each of these cases, there’s a retirement funding gap that needs to be filled by savings. Social Security and pensions will only get you so far. You’re responsible for covering the remaining gap between your expected spending needs less Social Security and pensions.

    Benefits of Retirement Planning Services

    Our retirement planning service benefits your family in many ways. We describe these benefits in three words:

    • Intentionality
    • Spontaneity
    • Legacy

    When you’re intentional about doing something, you gain confidence in the future. Retirement planning is unique in that you have to be creative and “numbers-focused” at the same time. “Is what we want to do realistic?” Being intentional about your retirement plan gives you something to look forward to in the future.

    The best retirement plans are the ones that live and breathe. Meaning, you have the financial flexibility to spontaneously change course without having to worry too much about whether it’s financially workable. Life is fun when you can react positively to new scenarios, such as a new grandchild or supporting a new charitable endeavor.

    Finally, the benefit of retirement planning services is that it allows you space to create a legacy for your family. When most people hear the word “legacy,” they immediately think about leaving an inheritance. That’s certainly part of it. But we help clients to view that legacy in more tangible ways. That inheritance can be a grandchild’s college education, or helping your child start a new business. Real legacies are ones that last well beyond your time on earth.

    Areas of Retirement Planning

    There are several important planning areas that are addressed as part of your retirement plan. It’s critical to look at each of these areas together rather than in isolation, because decisions in one area will affect other parts of your retirement plan.

    Income & Tax Planning

    Tax planning is always important, but is especially important for your retirement. There are specific tax strategies, such as Roth Conversions, that can save you a lot on taxes and extend the life of your retirement savings. 

    Starting the retirement planning process ahead of your actual retirement date opens the door to many tax planning strategies. That’s why we advise Near Retirees to start their retirement plan 10 years before they expect to retire.

    Investment Management

    An often overlooked part of retirement planning is making sure your investments are well-diversified and appropriate for your life stage. As you’re saving for retirement year after year, it’s easy to get lulled into thinking you just keep investing the same way until the day you retire.

    Investing in retirement is trickier because you have both long-term and short-term time horizons. By long-term, we mean you may be retired for 20 years or more. But you’re also relying on your savings to sustain your short-term, annual spending needs.

    One of the biggest benefits our Investment Management services provides to retirees is that we work closely with you on your monthly cash flow needs. We make sure you have money available when you need it so you’re not left wondering which accounts to pull money from.

    Risk Management

    A comprehensive assessment of risks is important for every financial plan, including for retirement. You can’t avoid unexpected things from happening, but you can prepare for them.

    We help you understand what would happen in the event you or your spouse became disabled or passed away unexpectedly. No one likes to talk about these things, but ask anyone that’s had to sort out a messy estate after a relative passed away if they would’ve enjoyed having a Will and well-written estate plan instead.

    Particular to retirement planning, we stress-test plans to make sure you have the financial flexibility to handle a long-term care event. Not everyone will end up in a long-term care facility, but if you do, it will be expensive. 

    Estate & Legacy Planning

    A good estate plan acts both as a risk management tool and a legacy planning tool. After working and raising a family for decades, there’s a desire to see your hard work go towards the things that are important to you.

    As we put your retirement plan together with you, we’ll ask a lot of “how much?” and “to whom?” questions. You may or may not be prepared to answer every question definitively right now. But as we work together on an ongoing basis and ask these questions each year, it will help crystalize your desires for leaving a legacy.

    Getting Started With Retirement Planning Services 

    Retirement planning is an incredibly important process for anyone that will rely on their retirement savings to sustain their lifestyles in retirement. Our retirement planning service is comprehensive, looking at all aspects of your finances to arrive at recommendations that extend the life and vitality of your savings. 

    At the outset of working with us, we’ll gather data and put together a comprehensive financial plan for you with an emphasis on retirement. After that, we’ll work with clients on an ongoing basis to help implement their plan and manage their investments.

    As we continue to work together, we’ll have annual plan updates to make sure your retirement plan reflects your latest wishes and desires. And once you’re in retirement, we’re just a phone call away, so you’re always maximizing every financial decision you make.

    Ready to take the next step?

    Schedule a quick call with our financial advisors.