We are asked this question more often than any other. Your retirement plan will include the detailed analysis of lifestyle needs, goals, income sources and available resources which is required to confidently answer this question.
When simple rules of thumb will no longer suffice, it is time to answer this question with a detailed financial plan. We will help you set goals, milestones, and a plan to make it happen!
Social Security is a primary source of income for most retirees. And medical expenses are the largest expense item for most. Your plan will recommend the optimal claiming strategy, and will consider health care options in retirement.
Even as pension plans are eliminated by most employers, many of todays employees have vested pension benefits. If you are one of these, you may need to decide whether to take a lump sum distribution, or opt for lifetime payments. We can help you decide based on your overall financial situation.
Investing in retirement requires a certain balance. In an age of low interest rates, CD's may not provide the income or growth you need. But with the memory of the finnacial crisis still fresh, too much risk can be problematic too. Your plan will help find a proper balance between the need for growth, safety, and the need for retirement income.
Taxes and health care are two of the largest expenses faced by many of our retired clients. The good news is that smart tax planning may substantially reduce your income tax expense. Your retirement plan includes tax smart withdrawal and income strategies for your golden years.
Overspending in retirement is dangerous. Your financial plan, maintained over time, will make sure you do not spend more than your resources allow. Having trouble staying within the plan's spending guidelines? We can suggest budgeting techniques that actually work! We don't ever want to see a client run out of money in retirement!
Even though Medicare pays for most of your retirement health care needs, there are some pretty significant gaps in Medicare coverage. One of the biggest in long term care expenses - which are not paid for by Medicare at all! Your plan will offer suggestions for managing health expenses in retirement.
Your plan can look at the relative advantages of various housing scenarios. Are you thinking of moving out of state? Downsizing? Buying a second home? We can share our experience and run numbers - the results may not be what you expect!
Many of our clients don't want to spend their hard earned retirement years stressing over managing their finances. That is why many choose to hire us to implement their retirement plan as investment managers. We can take care of all the details, while you worry yourself about more important things. Like your golf game. Or the grandchildren. Or landing that trophy trout.