Financial Planning for Pre-Retirees

Planning for retirement can be very exciting as you envision the next phase of your life. It also can be filled with questions such as “Do I have enough money to last for the rest of my life?”. We work with you to answer your questions and guide you by creating a roadmap for this important life transition. Here is our process:

Step one: Getting to know you

  • What is important to you? Family, philanthropy, continuous learning, civic involvement, culture, a particular interest or passion?
  • How do you envision spending your time once you retire? Traveling, visiting family, volunteering, pursuing interests, spending time with friends?

Step two: Identify costs associated with your envisioned retirement life

  • How much will your regular ongoing monthly expenses be - home related expenses, auto, insurance, food, entertainment, club memberships, gifts, courses, etc.?
  • What major expenses do you foresee - travel, wedding for a child, charitable contributions, grandkids’ college funding, helping children or parents financially? When will these occur, how often and what might they cost?

Step Three: Identify risks and the costs associated with managing them

  • Property and casualty losses
  • Loss of investment principal and/or income
  • Substantial medical bills. Depending your age at retirement, you could have a gap in coverage between COBRA and Medicare
  • Potential needs for long term nursing home or home health care
  • Potential estate shrinkage from inadequate estate planning Once we have completed steps two and three, we will have an estimate of how much you will need on an out of pocket, after-tax basis.

Step four: Identify sources of income

  • What are your anticipated sources of regular monthly income - pensions, social security, consulting or part time work?
  • What about your investments – retirement plans, brokerage and savings accounts?
  • Are your income sources taxable or tax free?

At this point we’ve identified your needs and sources of money to pay for them.

Step Five: Create a road map for achieving your financial independence

  • We assess whether your current investment, estate planning and risk management strategies should be able to meet your retirement goals.
  • If your plan puts you on the right on track but could use a bit of tweaking, we offer additional investment and risk management strategies to maximize your after-tax returns while minimizing the various risks.
  • If your plan looks like you could fall short of your goals, we present alternatives that will be both comfortable for you and minimize the chance that you might outlive your money.
  • We take an active role in helping you to implement your plan in order to turn that plan into your new life.