Successful retirement planning is about creating a realistic plan for two distinct phases of your life: your working years, when you’re accumulating wealth; and the years after your last paycheck, when your income depends on that accumulated wealth—in addition to other sources.
We work with you to analyze the various choices you can make in order to help ensure the standard of living you want during your working years and to provide for your financial future after you stop working. We’ll help you clarify your pre- and post-retirement goals; estimate the income stream you’ll probably require in the future; and help you make wise choices about employer-sponsored or other retirement plans, savings, and investment decisions you face.
The Accumulation Phase: Funding the retirement you anticipate
Together, we’ll evaluate your current financial standing and then create, or revise as necessary, an accumulation plan to help you both live well today and achieve the retirement lifestyle you hope to enjoy later.
Because retirement can span decades, planning for it should be a primary focus of your financial plan. And that plan must reflect your unique circumstances and the specific options available to you. An employee of a firm, someone who is self-employed, and the owner of a business each have different issues and options affecting their retirement planning. Employer-sponsored retirement plans, IRAs, self-employment pensions, personal savings, executive compensation—these are just some of the retirement planning vehicles that may be available to you and that we can help you make sense of as you plan for your own future.
The Income-Distribution Phase: After the last paycheck
The successful distribution plan is one that ensures your hard-earned assets last throughout your retirement and enables you to live the life you want.
It starts with a distribution analysis, in which we look at projected income from all work-related sources, such as any 401(k), 403(b), or self-employment pension plans to which you’ve been contributing, along with your anticipated social security payments. We then take an in-depth look at your projected investment-derived income from sources such as stocks, bonds, trusts, CDs, and dividends.
We’ll then work with you to outline a strategic distribution strategy that effectively manages your cash flow while taking into account projected post-retirement health care needs, including a discussion of Medicare and long-term care insurance, the projected rate of inflation, and the need to minimize your tax burden.