Approaching Retirement

This is perhaps the most pivotal financial planning time for individuals. You have spent most of your life working and saving so that you can retire and now, it is time for your money to work for you. For that to be possible, there are several things to consider. 

  • How much can you spend and still have your money last longer than you do? This is the big question and we can help you answer it. Did you know that you'll need $1,060,751 in savings if you expect to draw $5,000 per month for 30 years, assuming 6% annual investment returns and 2% inflation? Planning ahead for 30 years is a big job and you must take into account several variables.

  • Have you considered healthcare in retirement? The average out of pocket medical costs for a 65-year-old couple will be $218,000 over the next 20 years. If you haven't considered this as an expense you are not accustomed to budgeting for, your plan isn't complete

  • What amount of risk can your portfolio take without negatively impacting your yearly income and can you achieve your goals with that level of risk? Now that your money is working for you, you cannot have the same amount of volatility that you used to have or you might not be able to keep withdrawing from it. It is important to make sure your allocation aligns with your goals so that you don't have any negative surprises. Our advisors can help.

Retirement Planning can be done at any time, but it helps to do at least some review 5-10 years prior to retiring so that there is time for course correction if needed. You certainly need to do some more in-depth planning the year approaching retirement to make sure you have answered some of the harder questions. If you are wondering where to start, you can see our brief retirement planning questionnaire HERE. We look forward to helping you accomplish your dreams. Our goal is to help you accomplish yours, whatever that may look like in your life. Just give us a call and let us help.