Retirement planning is about preparing yourself financially for leaving the workforce. You want to make sure you set up retirement accounts that help you build wealth for your financial future. The best retirement plans also include an estate and legacy plan. With generational wealth, you want to be intentional about succession planning and charitable giving. Our retirement planners can help you with all of it.
The first step in creating a retirement plan is to figure out what your income will look like. You may receive income from different sources, including:
In most cases, Social Security income is not enough to cover your living expenses. Social Security recipients often have other sources of income, such as the income of a partner, wages from a part-time job, or other retirement accounts. Our retirement planners can work with you to determine how much income you need during retirement and help you plan accordingly.
Employer-sponsored and individual retirement accounts include various assets, such as stocks, bonds, mutual funds, and options. Professional wealth management can help you optimize your portfolio performance. Our financial planners analyze your retirement accounts and select the investments that will help you meet your financial goals. We consider your risk tolerance, timelines, and financial objectives to create the best investment strategy for you.
When your wealth-building efforts pay off, you need to get intentional about your legacy planning. Legacy planning allows you to decide what exactly happens to your wealth after your death. Without a plan, someone else decides what happens to your wealth, and your heirs will pay more in taxes, too.
There are different ways to pass down income that minimize taxes. You can even set up trust funds to limit access to the wealth, allowing future generations to receive an income without managing the investments. If you’re a business owner, you also need to include succession planning as part of your retirement plan. When you’ve built a fortune, you deserve a comprehensive plan for your legacy.
While it would have been nice to start your retirement plan two decades ago, starting now is better than never. Even if you don’t have much time before retirement, it’s a good idea to talk with one of our financial advisors. We will give you specific advice for your situation. There’s always something you can do to improve your financial future.
Your retirement plan is not just about securing an income after you no longer receive a paycheck. You also want to make sure you have a will and an estate plan. If you’ve amassed a fortune, it’s vital to create a legacy plan that helps you manage generational wealth. This can involve setting up trust funds and planning charitable giving on a large scale.
Probably not. You can receive Social Security benefits as early as age 62, but they’re often not enough to cover basic living expenses. You’ll likely need other income sources, such as a part-time job or income from a retirement account. We can help you calculate your retirement income needs based on your expenses and devise a plan to reach that goal.
With saving for retirement, there’s no magic number that works for everyone. How much money you need to save largely depends on your income needs, but your life expectancy also plays a role. If longevity runs in your family, you want to be prepared for a long retirement. We can help you calculate how much you need to save by analyzing your current income and expenses.
Don’t delay retirement and legacy planning any longer. We take care of wealth management for retirement and legacy planning for you, allowing you to enjoy your retirement. Call us today to schedule an appointment with our financial advisors.
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