Create a plan to live comfortably, stay healthy and have adequate protection from potential unfortunate circumstances.
Create a plan to live comfortably,
stay healthy and have adequate protection from potential unfortunate circumstances.
Create a plan to live
comfortably, stay healthy
and have adequate
protection from potential
This may be your first time retiring, but it’s not ours!
This is our area of expertise. Since 2000, we have helped hundreds of families retire with confidence. Careful coordination is required to ensure your retirement income strategy is tax-efficient and sustainable. You will face many decisions when retiring. Let us guide you through your options and come up with a plan.
Retirement Events We Can Help With
We work closely with you to identify and prioritize your goals. We then develop a road map to help you consider your future options and optimize your financial security. Additionally, we quarterback with your advisory team – including accountants, attorneys, mortgage brokers and bankers – to ensure seamless execution of your plan.
As a whole, Americans work the longest week in the industrialized world. In fact, a look at the past 30 years shows a quickly rising rate of work. Since 1970, the number of hours worked by the average American has risen 20 percent, while the number of people working more than 60 hours a week is at a record high. Many would also argue that even though they may not be at their job, they spend much of their time thinking about or dealing with work-related issues. What does this all mean in the long run? Shorter hours with our families, lack of hobbies and personal interests, increased stress, less sleep, and possibly serious illnesses.
But what can we do about it? It is simple. Most business experts, government agencies, and healthcare representatives advocate that Americans learn to take a break. Many are taking their advice and choosing to simplify their work lives. This includes shortening their workweek, choosing work they love, and cutting out the non-essentials in their lives. Most find that they feel healthier and happier, as well as perform better on the job.
We can offer advice on changing current work habits, how to get organized, advise on ways to take more time off, how to possibly find a new job or passion, and then help you learn how to use your newfound free time with benefits for you and your health.
Using this option provides a number of benefits. You can keep working and continue making payments to your retirement accounts and savings plans. At the same time you can also begin enjoying some of the benefits of retirement. Cutting back hours and decreasing your work responsibilities at a slow pace can open time for personal activities, traveling, and family.
However, phasing into retirement is not something you should do on the spur of the moment or with little forethought. Planning is of the utmost importance as you negotiate this transition. You will need to calculate your ultimate retirement date, optimize your savings plan, and create a phasing schedule with your employer. Make this life transition the beginning of a new and rewarding stage of your life.
Our advisors can help check over your financial situation. We review your 401(k) plans, private pensions, savings, and any other investments in order to help you know how much money you have available to support you after retirement. Our goal is to help you determine how much you still need to save and to help you plan for the future to ensure your financial stability after you retire.
Beginning in 2011, every single day more than 10,000 baby boomers will reach the age of 65. That is going to happen every single day for the next 19 years. Even though most have fairly realistic goals for their retirement lifestyle, many don’t have enough money to support them. The Center for Retirement Research found that nearly half of today’s workers, at their current savings rate, will be unable to fund a comfortable retirement. According to surveys, 66 million workers between the ages of 24 and 64 don’t have any retirement savings. You read that right…nothing. According to the 2006 Retirement Confidence Survey, more than two-thirds (68 percent) of current workers report that they and their spouses have accumulated less than $50,000 in retirement savings.
Research shows that more than half of people age 65 or older receive half or more of their income from Social Security, and 15 percent have no other source of income. According to another recent survey, 24 percent of US workers admit they have postponed their planned retirement age at least once during the last year. However, on a more upbeat note, research from Rand points to the fact that people are choosing to work in retirement, and the future points to an increase in this trend. Here are some of their findings: 1) 44 percent of retirees worked for pay at some point after retirement; 2) 83 percent of baby boomers intend to keep working after retirement; and 3) 14 percent of those currently working say they’ll never retire.
Whether you someday choose to work for economic reasons, existential reasons, or an amalgam of the two, the most important thing, no matter what stage you are in, is to talk to a financial advisor now to design a plan that works for your current and future needs.
When envisioning your dream retirement, you need to think about what you’re doing to do, and also where you’re going to do it. Many people consider relocating the standard retirement option, but there are a lot of factors that go into changing your residence, especially if you’re going to move to another state.
Our advisors can help you categorize your spending and make real estate recommendations in order to ensure your spending is aligned with your goals. This will also help you understand how much you can safely spend without jeopardizing your long term financial security.
If Social Security is going to be your sole source of retirement income, you probably won’t have to pay taxes on it. You’ll also probably find yourself in a lower tax bracket than the one you were in while working.
Through our sophisticated software, we can analyze hundreds of different Social Security income strategies and determine which option will maximize your benefits the most.
You can take Social Security benefits starting at age 62. For Medicare, you’ll have to wait until age 65, unless you’re receiving Social Security Disability Insurance. If you’re able-bodied and do retire early, you’ll have to buy insurance on the marketplace, or pay the annual penalty.
We can help with a referral to a qualified Medicare Consultant who can explain all of your options and ensure you do not miss and important deadlines.
Many new retirees front-load their retirement withdrawals, because they plan on doing more at the start of their retirement years: travel, sports and recreation, more nights out for dining or entertainment, a new home purchase. As these retirees settle into old age, their spending settles in too.
Our advisors can help build your financial plan so that it accounts for any short-term and long-term experiences or purchases you want to make in retirement, and include a scheduled reduction in withdrawals so you are provided for later in life. We can also discuss tax considerations so that you can retire with peace of mind.