Retirement planning today has taken on many new dimensions that never had to be considered by earlier generations. Some of these new dimensions include:
The first step in tackling retirement planning and its associated risk is to prepare. We utilize forecasting tools to help our clients model their retirement. When it comes to adjustments our focus is always on what you can control. Some of these adjustments may include:
These planning sessions are interactive and allow our clients to see in real-time how these adjustments affect their long-term success. With a plan established, we pride ourselves in working with our clients to ensure they implement what we have discuss. You will never be handed a plan and told "have at it". In fact, we often take on the role of being a coach to make sure our clients implement their plan. A financial plan is not static; it cannot be left on a shelf. We run our client's plans on an annual basis to ensure they remain on path.
In some cases, our clients are surprised to learn they are on path and can do more with their resources. This allows them to dream a little and live a more fruitful financial life. Retirement planning is all about marrying the things that matter to you and your resources. Creating an equilibrium between the two is paramount. If an imbalance exists, adjustments should be made.
Lastly, whether we like it or not, we must accept that we have a partner in life in the form of the United States Government. Taxes will likely rise and tax management will play a crucial role in a successful retirement. We work with our clients to create a diverse set of investment buckets (after-tax, tax-deferred, and tax-free). This allows us to manage your taxes in retirement by deciding which bucket to draw from.