Approaching Retirement?
Is Your Income Strategy Ready?
You've spent years building your savings. As retirement approaches, the focus shifts from accumulating wealth to understanding how your assets may support your income, lifestyle, and long-term goals.
Explore Your Retirement Income StrategyYou've Built Your Savings.
Now, Will They Support Your Retirement?
As retirement gets closer, the question changes. It's no longer simply about how much you've accumulated. It's about how your savings and other resources may work together to support the life you want in retirement.
Know Your Income Needs
Start by understanding what you'll need for essential expenses, lifestyle choices, healthcare and the things that matter most to you.
Understand Your Resources
Consider how Social Security, pensions, retirement accounts, investments and other assets may contribute to your overall retirement income picture.
Consider the Risks
Market volatility, inflation, longevity and unexpected expenses can all affect how long your retirement resources may need to last.
Plan for Two
If you're married, retirement planning should also consider your spouse's income needs, retirement timing and long-term financial goals.
The goal isn't to predict the future. It's to understand your financial picture and evaluate strategies that may help support your retirement objectives.
Retirement Income Is About More Than
One Account or One Number.
Your retirement may rely on several sources of income and assets. Understanding how they fit together can help you make more informed decisions about your next stage of life.
Social Security
When and how benefits are claimed can be an important part of your overall retirement income strategy.
Retirement Accounts
401(k)s, IRAs and other retirement accounts may become important sources of income once regular employment income changes.
Investments & Other Assets
Investments and other financial resources may serve different purposes for income, liquidity and long-term goals.
Expenses & Lifestyle
Understanding your expected expenses can help put your income needs into perspective.
A retirement strategy should consider the relationship between your income needs, available resources, risk considerations and long-term objectives.
Retirement Changes
How Your Money Is Used.
During your working years, your focus may have been on saving and growing your assets. In retirement, those assets may also need to provide income while supporting your longer-term objectives.
Withdrawals
How much you withdraw, when you withdraw it, and which accounts you draw from can all be important considerations in retirement.
Market Risk
Market declines can have a different impact when you're taking income from your portfolio than they did while you were saving.
Longevity
Retirement may last for many years. Planning should consider the possibility that your assets will need to support you for an extended period.
Flexibility
Your income needs may change over time. A thoughtful strategy can account for different stages of retirement and changing priorities.
The question isn't simply, “How much have I saved?”
It's also about how your savings, income sources, expenses and objectives may work together throughout retirement.
A Retirement Strategy Should
Reflect More Than Your Account Balance.
Retirement planning is personal. The approach that makes sense for one household may not make sense for another. Your income needs, resources, risk considerations and goals all matter.
Your Lifestyle
What do you want your retirement years to look like, and what expenses are important to maintaining that lifestyle?
Your Income Sources
Social Security, pensions, retirement accounts, investments and other resources may each play a different role.
Your Risk Considerations
Your comfort with market fluctuations and your need for accessible assets can influence how different resources are evaluated.
Your Family & Legacy
Spousal needs, beneficiaries and long-term objectives can also be part of the retirement conversation.
Start With
Your Goals.
Before evaluating financial strategies or products, it can be helpful to first understand what you want your retirement resources to accomplish.
There is no single approach that is appropriate for everyone.
Retirement Planning Should Begin With A Conversation.
As retirement approaches, financial decisions can become more interconnected. Income needs, investments, taxes, risk and family priorities may all play a role.
Dan Rosenberg takes an educational approach to helping clients understand their financial picture, consider their options and evaluate strategies based on their individual circumstances.
Ready to Take a Closer Look at Your Retirement?
Retirement can bring important financial decisions. A conversation can help you better understand your income needs, resources and options.
Tell us a little about yourself and your retirement goals. We'll be in touch to learn more about your situation.
Let's Start the Conversation
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