Retirement Planning


Here’s a simple yet unnerving question that you’ve probably asked yourself. When you retire, will you have enough money to last for the rest of your life? Of course, most people want to be able to do more than just pay the bills. You probably want to maintain a lifestyle you enjoy and leave something behind for your loved ones.


According to the Social Security Administration’s life expectancy calculator, a person who reaches the age of 65 will live an average of about 20 more years. If you retire early, you could easily spend 30-40 percent or more of your life in retirement.


What kind of lifestyle do you envision for your retirement? Do you hope to travel around the world? Spend winters in a second home where it’s warm? Visit the grandchildren as often as possible? Volunteer to support worthy causes? We can help you evaluate your current financial standing, calculate the cost of your desired lifestyle, and create a retirement planning strategy to guide your decision-making process while you’re working and after you retire.


Phase 1 of Retirement Planning: Accumulation


The first phase of retirement planning is accumulation. There are a number of ways to save and accumulate wealth, including qualified employer-sponsored plans such as 401(k)s and pension plans, as well as individual retirement accounts (IRAs). Business owners and executives may have access to nonqualified executive compensation, which provides retirement income and, in some cases, death benefits. All of these plans are popular because of their tax benefits.


Many individuals think they’re limited to saving the maximum allowed by these plans. That’s not true. If you want or need to save more to improve your financial standing in retirement, there are personal savings investment products that make it possible to save above and beyond the limits of your 401(k), pension, or IRA. These non-traditional savings plans typically don’t have the same tax advantages as qualified plans and nonqualified executive compensation.


In addition to retirement and personal savings plans, we’ll help you determine if life, long-term care, and disability insurance make sense based on your health, your retirement goals, and the cost of the policies.


Phase 2 of Retirement Planning: Distribution


A critical component of retirement planning is a distribution strategy that ensures you have access to your money when you need it. The key is to determine which assets to spend, in what order, and how to do so in a way that minimizes your tax obligations. In addition to providing stable monthly payments during retirement, we’ll explain premature distribution options that allow you to access your assets prior to retirement age in case you get sick, lose your job, or suffer some other financial hardship.


Contact us to schedule an appointment so we can help you make sound financial decisions and feel confident about your retirement.