How To Prepare For Retirement Ep. 123 Artwork

Excel in Retirement

Where financial planning becomes understandable. David brings interesting stories each week to listeners of his Excel in Retirement show along with actionable ideas that may help listeners avoid pitfalls that many people face in their retirement. David C. Treece began his career in the financial services industry in 2011. He is an independent financial adviser. He has passed the Series 65 securities exam, and he is health and life insurance licensed in several states. David’s financial advisory firm focuses on retirement income planning.David worked for two other financial advisors before founding his firm in 2018. David launched Clients Excel because he has a desire for his clients to have a second to none experience when it comes to their financial planning for retirement. David relentlessly strives to be the best at helping people prepare for retirement.The bedrock of David’s ethos is treating others as he would want to be treated.David works tirelessly to continually bring pertinent content to our clients and friends through our weekly newsletter and podcast. Through these, David brings informative content that may aid you in preparing for retirement. Through his financial planning work, David’s hope is that his clients are empowered to have a confident financial future.David and his wife, Mallory, have a daughter named Amelia and rescue dog named Oscar. They also have a backyard flock of chickens that Amelia loves to tend. David and his family are active in their church in Spartanburg. He is also a volunteer mentor with JumpStart, which is a ministry for people who have been recently released from prison.

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Excel in Retirement

How To Prepare For Retirement Ep. 123

July 24, 2024 • David C. Treece • Episode 123

People come to us for financial planning at different stages of life. Most of our clients are closing in on retirement or they’re in retirement, but that can be a 10- to 15-year window of when people generally become a client of our firm. I’ve gotten a bird’s-eye view into what works well and what doesn’t.

We normally recommend that people begin working on their financial plans for retirement when they are five years out from retirement. It makes sense to begin making the transition from an accumulation stage to an income and distribution stage five years out. Once we are closer to potentially using our funds, it makes sense to dial down our risk on some of our funds in order to figure out a way to increase our probability of being able to successfully take income out of our accounts. For that reason we are downside focused first because most of our clients are transitioning into retirement.

We also want to begin figuring out how much income you may be able to sustainably draw from your retirement accounts and make them last as long as possible. This may include tax planning strategies like converting tax-deferred 401k accounts to tax-free accounts and the implications around this. Healthcare planning and taking a crash course on Medicare is often helpful, as is figuring out your best Social Security claiming strategy.

We can do all this quickly, but when there is a window of time to work through these things, it allows for you to not feel like you have an exhausting summer of activities and you have time to rest in between mental exercises. It’s not easy planning the next 25 to 40 years of your life, and it’s best done methodically. If you’re like most of our clients, it took you 30 to 40 years to accumulate the funds you have. It definitely merits taking a few hours off work to figure how to make them last for the next 30 years.

Whenever you have questions about your financial plan, please reach out at 864.641.7955. Get David's book How To Excel in Retirement.

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