Retirement Income
Am I saving enough now to generate the income needed for the lifestyle I want in retirement? That is the burning question for most people—and one we help answer. We work with you today to make sure you are contributing enough to comfortably meet your retirement needs. Then when the time comes, we will help you select and execute the best funding strategy for your goals.
We help to establish current and retirement spending plans
NOT BUDGETS
Our detailed goals-based analysis software shows if current spending and savings will allow you to achieve your future goals. We create flexible “What-If” scenarios to determine the feasibility of buying a vacation home, changing jobs, giving a large gift, travelling, retiring sooner, etc.
We can also illustrate what changes you are willing to make to help ensure the probability of a more successful retirement either by reducing spending, changing the timing of goals, saving more and/or retiring later. Sound retirement planning will provide you with peace of mind that your assets will be sufficient. We also provide guidance on withdrawal strategies to minimize taxes, maximize earning potential and ensure that your funds will last your lifetime.
We are prepared with the tools, advice, and diverse services to help you get the most out of retirement, no matter what your circumstances are.
We offer more than current market investment advice; we are thinking about more than the next year or two. Rather, we are focused on helping you live your life on your financial terms, whether you are preparing for retirement, or helping your children prepare for their futures.
Items for consideration when we sit down with our clients to discuss retirement are:
- Financial Planning: Where are your priorities, what are you saving for now, and could you be saving more for retirement?
- Cost of Retirement: Where will you retire, and how much will it cost? Will your expenses increase or decrease as your lifestyle evolves?
- Timing of Retirement: When will you retire? Can you retire early, or do you need to work a few more years?
- Income and Distributions: Where will you draw money from, when should you tap into your IRAs or your savings accounts?
Getting to Retirement
Retirement planning is complex because getting to retirement is not easy. It takes discipline to save every year for something that could be years or even decades away. Deciding whether you should be paying down the house, paying off the credit cards, saving for retirement, or taking that vacation you skipped last year can be agonizing and confusing, but fortunately, we are here to help.
Our advisors will guide you through:
- Balancing Risk with Age
- Prioritizing retirement without sacrificing the present
- Timing your retirement
- Lifestyle challenges like helping aging parents, and more
Retirement Spending
You have made it to retirement, and you have some money put aside – but how much is okay to spend? Figuring out your income and expenses with complicating factors such as Social Security, pensions, part time work, and investments all in the mix can be difficult, as can figuring out the complex rules and requirements associated with your required distributions and rising healthcare costs. With years of experience on our side, we will walk you through strategies for spending your money, generating income in retirement, and living comfortably without running out of money!
With Flint Meadow Financial you can be confident we will be considering
- Social Security Benefits (link to Resources tab download report)
- Generating Sustainable Income
- Generating Risk Adjusted Returns
- The Potential Costs of Long-Term Care
- Your Beneficiaries and Inheritance Plans
- Your Required IRA Distributions
- Your Savings Accounts and Liquid Cash
- Your Pensions, Annuities, and Other Income Streams
Client Story
Kevin is a 62-year-old executive who would like to pursue recreational interests with his wife, Julie, in retirement. He has been working so hard for so long that he had not stopped to consider whether he would be able to retire with the resources he and his wife share: a pension, two 401k’s, home equity, and their social security. Due to Kevin and Julie’s health issues, their children have been gently pushing them to retire. At their urging, they decided to visit with financial advisors at different firms. To get better educated Kevin has been listening to financial focused radio programs. With a flood of differing information, he feels more confused than ever about what is the best plan and investment strategy for their unique situation. He wants to buy a new house. Julie is charitable and can push their budget if they are not careful.
At our second meeting, Kevin and Julie came to our office eagerly awaiting our presentation of when he could retire and what their income and investments would look like over the years. We were able to show them that by following a conservative investment strategy Kevin could retire within the next year and that he and Julie would be set for life. They left feeling relieved having answers to all their questions.
At our third meeting, we made conference calls to their HR departments on their pension options, got health insurance plans in place, and consolidated their retirement accounts by rolling them over to IRA’s. They now have an investment and spending plan that allows them to enjoy a retirement lifestyle they had only dreamed of.*
*Personal details, including names, have been modified to protect client confidentiality.