“Retirement” is being redefined every day. Most important, is what it means to you. I’m ready to listen. I don’t have any predetermined retirement plan for you, but I can help you develop one. Ask me “How much do I need?” and I’ll ask you, “What do you want to do?” “What is it that you will need to pay for?”
Some of us will remain more active in our careers for many more years than others and die with a full in-box. Some will want to cease all work effort and endlessly tour the world beyond age 50. Most will do something in between. Whatever is right for you, you need to be thinking about it long before it happens. The time to begin was yesterday.
Regardless of what your vision of retirement is, there is a time at which you will most likely have less income than expenses and some sort of reserves (savings) will be needed to cover the difference. If you have been thinking about your number of retirement years based on average life expectancy, think again. Average life expectancy is a calculation for all persons, for all years of life. Because people die at various ages due to a myriad of causes, illnesses, accidents, etc., the longer you live, the more “above average” you become. Therefore, if you are alive and reading this, there is a better chance, and increasing every day, that you will surpass “average” life expectancy. Given the cost of health care, our elder years can be some of the costliest years of our entire lives.
While saving for retirement is an often discussed topic, less attention is usually given to the distribution phase when you are no longer saving but spending your savings. I believe the distribution phase is equally as important as the accumulation phase of financial planning. Distribution strategies can help your savings continue to grow, minimize taxes and result in overall greater wealth lasting longer. “Planning” is still a relevant concept during your distribution phase which may last decades.
Planning for those additional years can be daunting. It need not be. By maximizing savings strategies, using tax advantages, and optimizing investment opportunities, you can put your money to work for you and not need to actually work for every dollar required for your retirement years. Let’s talk.