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RETIREMENT PLANNING
As retirement draws near, it's crucial to take a strategic approach to ensure a financially secure and fulfilling next chapter. Key areas to focus on include optimizing your asset allocation, implementing tax-efficient withdrawal strategies, securing guaranteed lifetime income, planning for healthcare costs, and aligning your resources with your desired lifestyle and legacy goals.
We help you develop a personalized roadmap that encompasses investment management, tax minimization, reliable income streams, healthcare funding, and estate planning. By proactively addressing these essential elements, you can transition into retirement with confidence and peace of mind, empowered to fully enjoy the meaningful next phase of your life.
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Retirement Planning Essentials for Near-Retirees
As you approach retirement, careful planning becomes more critical than ever to ensure a financially secure and fulfilling next chapter of life. Here are some key areas to focus on:
Strategic Asset Allocation
Gradually shift your portfolio to become more conservative as retirement nears
Consider increasing bond allocation for stability and income
Maintain some stock exposure for growth potential to combat inflation
Diversify across and within asset classes to manage risk
Tax-Efficient Withdrawal Strategies
Withdraw from taxable accounts first to allow tax-deferred accounts to keep growing
Take required minimum distributions (RMDs) from traditional IRAs and 401(k)s starting at age 72
Consider Roth IRA conversions in lower income years for tax-free withdrawals later
Utilize low capital gains rates and tax-loss harvesting in taxable accounts
Guaranteed Lifetime Income Options
Maximize Social Security benefits by delaying until age 70 if possible
Consider purchasing an immediate or deferred income annuity for reliable cash flow
Some deferred annuities offer tax deferral and lifetime withdrawal benefits
Traditional pensions provide guaranteed income if you have that benefit
Healthcare Planning
Get educated on Medicare coverage options and enrollment periods
Budget for out-of-pocket medical costs like copays, dental and vision
Consider long-term care insurance to protect against high care costs
Stay active and prioritize preventative care to reduce healthcare needs
Lifestyle and Legacy Goals
Envision your ideal retirement lifestyle and estimate associated costs
Downsize or relocate if it aligns with your goals and helps your budget
Plan for your legacy through estate planning tools like wills and trusts
Support causes you care about through charitable giving vehicles
Working with a financial advisor specializing in retirement can help you build a personalized plan that aligns your assets and goals. The right mix of strategic investment management, tax minimization, guaranteed income sources, and healthcare and legacy planning can provide confidence and financial peace of mind to truly enjoy your retirement years.
Proactive planning puts you in the driver's seat as you transition into this meaningful next phase.
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