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Retirement Planning

We believe there are three distinct phases to retirement planning:

  • Accumulating assets for retirement
  • Transitioning into retirement
  • Creating and maintaining income in retirement

Each is important and comes with its own challenges and opportunities.

Accumulating Assets for Retirement

In the accumulation phase, you may have opportunities such as the ability to contribute to a 401(k) plan or other similar retirement plan at work; your employer may provide a match to your contributions. You may have bonuses or stock options that provide additional resources. You may have choices to make in your company benefit plan that are complex and confusing. You may also face challenges such as how to meet the financial needs of a growing family, funding education expenses, and creating memories through vacations. Retirement planning can provide solutions and help you balance the needs of today with the dreams for tomorrow.

Transitioning Into Retirement

Transitioning into retirement is the shortest phase. It can be exciting and scary all at the same time. It is important to capture certain opportunities during this time. For most people, the three to five years prior to retirement are high earning years and years where family expenses are less. Making the most of these years can make the difference in your retirement experience. You will face new decisions and challenges such as how to create a new income stream, determining how much you can spend, making pension and 401(k) elections, deciding when to take Social Security, and how to minimize taxes. Retirement planning can provide solutions.

Creating and Maintaining Income in Retirement

Income in retirement may be the toughest phase of all. You may have the opportunity to travel more, help your grandchildren with education costs, volunteer for a charity, pursue a favorite hobby, or explore new personal interests. The challenges in this phase of retirement may include maintaining a stable income over your lifetime, how to manage your wealth for both growth and income, how to transfer your wealth to your spouse or children, how to avoid unnecessary taxes, and how to protect your family from risks like rising heath care costs. Retirement planning can provide solutions.