Retirement Plans

You deal with a lot of people that have retired or are going to be retiring soon. What advice do you have for those individual?

Thank you for asking. This is something I feel very strongly about. I normally tell these folks to consider dividing their planning into three categories.

First, there are short term financial plans. It has become fashionable in the last few years to talk about long term income planning. That’s important, but it isn’t the only financial need. It is equally important to have a plan to cover income shortfalls and money for financial emergencies. This money should have two goals. One goal is to be liquid so they can get it when you need it. The second goal is to have returns that will out run inflation. Any planner that ignores this need isn't doing them any favors.

Secondly, there are long term financial plans. Here again, they should have two goals. Security is paramount. If the market takes a severe correction, a person may not have time to make up the losses. An equally important goal is to keep up with inflation. Over a period of years inflation can eat away at the value of money. They may have the same amount, but it may only buy half as much. This can happen faster than you think!

Finally, there are forever assets. These are things a person wants to pass on to future generations. This is where their forever estate plan kicks in. Many people work a lifetime to see what they have accumulated eaten away by taxes and government fees like probate. This planning can help families avoid the nightmare of guardianship. With proper planning individuals can leave their most valuable assets, their life lessons, and their memories to those they love. A great plan should consider all the contingencies for a lifetime and beyond. We want our clients to know they have a great plan!


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