Retired Individuals

Income Management and Distribution:

  • Develop a sustainable withdrawal strategy from their retirement accounts (401(k), IRAs) to help their savings last throughout their retirement.

  • Advise on optimizing Social Security benefits and integrating them with other income sources.

  • Help them manage pension distributions, if applicable.

Tax Optimization Strategies:

  • Develop strategies to help minimize taxes in retirement. This could involve Roth conversions or utilizing tax-efficient accounts like Health Savings Accounts (HSAs).

  • Help them understand tax implications of different retirement income sources and withdrawals.

Investment Management:

  • Review their current investment portfolio and risk tolerance.

  • Recommend adjustments to their asset allocation for a more income-focused and potentially conservative mix suitable for retirement.

  • Develop strategies to help manage investment risk and potential market fluctuations to protect their nest egg.

Healthcare Planning:

  • Help them navigate Medicare enrollment and explore supplemental insurance options (Medigap, Medicare Advantage) to cover potential medical expenses.

  • Factor potential healthcare costs into their overall retirement budget.

Estate Planning Strategies and Updates:

  • Ensure their estate plan (will, power of attorney) reflects their current wishes and beneficiary designations.

  • Discuss options for managing estate taxes and efficiently passing on wealth to beneficiaries, considering any changes in family circumstances.

Retirement Spending and Budgeting:

  • Create a realistic budget based on their desired lifestyle and projected expenses in retirement.

  • Advise on managing discretionary spending and potential adjustments as needs evolve.

  • Explore strategies to help maximize their retirement income by considering options like part-time work or downsizing.

Legacy Planning and Philanthropy:

  • Discuss their charitable giving goals and explore options for integrating them into their financial plan (donor-advised funds).

  • Help them develop a legacy plan that reflects their values and ensures their wishes are carried out after their lifetime.

Ongoing Support and Monitoring:

  • Regularly review their financial plan and make adjustments as necessary based on market changes, lifestyle adjustments, or unexpected events.

  • Provide ongoing guidance and address any questions or concerns that may arise throughout their retirement.

"Retire the way you deserve.”