Millions of Americans in the baby boomer generation will be retiring in the next ten to twenty years while facing many new financial realities. Many from the generation before them spent their lives with one company and took pensions with them into retirement. Today countless retirees are given the keys to their own financial future upon leaving their employers and heading into retirement.
We help our soon-to-be retired as well as our retired clients through the financial maze that can at times be overwhelming. These needs, goals and concerns include the following:
- SOCIAL SECURITY AND MEDICARE
Regardless of income, Social Security will be a part of most retiree’s financial plan. Claiming Social Security is something that you will get to do only once, and it is beneficial to look at all of the options available to an individual or couple. These large government programs have many nuances, and the help of a retirement professional can sometimes make a world of difference in future benefits.
- LIFE EXPENCTANCY AND OUTLIVING YOUR RETIREMENT ASSETS
Do you have enough money saved to retire? How about enough saved for a thirty year retirement? As modern medicine continues to advance and Americans life expectancies rapidly increase, a sound comprehensive retirement plan must factor thirty plus years of increasing annual financial needs. We strive to help clients understand that they must not only plan for thirty years of needs but invest in a way as to not outlive their retirement assets.
- LOSS OF PURCHASING POWER
Some might also call this inflation. You probably remember the cost of your first car, the cost of gas at that time, the cost of a stamp thirty years ago and the increases in costs of groceries and heating and cooling your home over that same time period. The days of putting your retirement assets in interest bearing accounts and living off the interest for your retirement income is long behind us. We help our clients plan for these increases in costs by budgeting and investing with long-term horizons in mind.
- SETTING REALISTIC GOALS AND MONITORING THEM YEARLY
Retirement goals vary from person to person. Usually these goals include traveling, spending time with family, volunteering, pursuing hobbies or even working part-time. We help our clients plan to reach these goals by focusing on aspects they can control such as their monthly spending, how long they might choose to work, pre-retirement savings and distribution rates.
- HEALTH CARE COSTS
It is no secret that health care costs are increasing drastically year after year. A recent study showed that most American retirees will have a health care bill of $220,000* at some point in their lives, not including long-term care or nursing home costs. As these costs continue to rise, we help our clients plan accordingly and earmark funds for this need within their retirement plan.
Even though you are retired, that doesn’t mean that the government doesn’t want its share of your assets. We help our clients prepare for withdrawing their assets from their retirement accounts in a tax efficient manner.
- GIFTS, INHERITANCE AND ESTATE PLANNING
Many of our clients not only want to plan for their own retirement but in addition, also want to bless those in their lives with the wealth they’ve accumulated. We help our clients plan for leaving behind a legacy to their family members, congregations or alma maters.