So, you’re considering retiring, and maybe you’re wondering how to go about ensuring you have your ducks in a row. I’ll share some actionable tips for how you can make informed decisions about how to begin the retirement planning process. I’ll share with you part one of the steps we walk through with our clients and next week I’ll share the second half of our process.
Senator Portman stated a few years ago that 10k Baby Boomers retire every day in a Wall Street Journal article. The goal with any financial planning in retirement should start with attempting to help you avoid common pitfalls that you may encounter along the way. With our clients we start with the question, “How much money does it take to pay your bills each month?” If you don’t know this number, this is step one. The next area we help our clients with is determining how to get the most out of their Social Security Benefits. This decision can result in a difference of literally hundreds of thousands of dollars.
We then consider our client’s healthcare needs. Then we consider long-term care. The government states that 70% of us will need long-term care but what we find is most long-term care products are not palatable because they are “use or lose it” type scenarios.
The other topics we discuss with our clients include what we can do to lessen the risk of a sequence of returns issue. If you experience a significant loss right before you retire or right after you retire it may be a problem.
Economist Tom Hegna states that longevity is a risk multiplier. If we pass away four or five years into retirement it does not matter when we take Social Security or how much of our investment portfolio we are withdrawing because we only had a few years to plan for.
We then look for ways to ultimately lessen their taxes in retirement. Most people today have used tax-deferred savings vehicles like 401Ks or 403Bs to save for retirement. Finally, we believe in the power of diversity. If we are only using equities, bonds or insurance products, we may be disappointed when the economy experiences a hardship. We don’t use one financial product at the exclusion of others. We seek to be holistic and comprehensive in our approach. If you’ve found this guide helpful, please let me know.
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Investing involves risk, including potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of podcast hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.
So, you’re considering retiring, and maybe you’re wondering how to go about ensuring you have your ducks in a row. I’ll share some actionable tips for how you can make informed decisions about how to begin the retirement planning process. I’ll share with you part one of the steps we walk through with our clients and next week I’ll share the second half of our process.
Senator Portman stated a few years ago that 10k Baby Boomers retire every day in a Wall Street Journal article. The goal with any financial planning in retirement should start with attempting to help you avoid common pitfalls that you may encounter along the way. With our clients we start with the question, “How much money does it take to pay your bills each month?” If you don’t know this number, this is step one. The next area we help our clients with is determining how to get the most out of their Social Security Benefits. This decision can result in a difference of literally hundreds of thousands of dollars.
We then consider our client’s healthcare needs. Then we consider long-term care. The government states that 70% of us will need long-term care but what we find is most long-term care products are not palatable because they are “use or lose it” type scenarios.
The other topics we discuss with our clients include what we can do to lessen the risk of a sequence of returns issue. If you experience a significant loss right before you retire or right after you retire it may be a problem.
Economist Tom Hegna states that longevity is a risk multiplier. If we pass away four or five years into retirement it does not matter when we take Social Security or how much of our investment portfolio we are withdrawing because we only had a few years to plan for.
We then look for ways to ultimately lessen their taxes in retirement. Most people today have used tax-deferred savings vehicles like 401Ks or 403Bs to save for retirement. Finally, we believe in the power of diversity. If we are only using equities, bonds or insurance products, we may be disappointed when the economy experiences a hardship. We don’t use one financial product at the exclusion of others. We seek to be holistic and comprehensive in our approach. If you’ve found this guide helpful, please let me know.
Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Clients Excel, LLC are not affiliated companies. Investing involves risk, including potential loss of principal. Any references to protection, safety, or lifetime income, generally refer to fixed insurance products, never securities or investments. Insurance guarantees are backed by the financial strength and claims paying abilities of the insuring carrier. This podcast is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet particular needs of an individual’s situation. Clients Excel is not permitted to offer and no statement made during this show shall constitute tax or legal advice. Our firm is not affiliated with or endorsed by the U.S. Government or any governmental agency. The information and opinions contained herein provided by third parties have been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed by Clients Excel. The use of logos and/or trademarks of podcast hosting sites are the property of their respective owners and are not an endorsement by those owners of our firm or our program.