Retirees

Your Concerns

  • Running Out of Money
  • Affording Travel
  • Rising Health Costs
  • When to Take Social Security
  • Controlling Taxes
  • Leaving a Legacy

Financial Planning Doesn't Stop at Retirement!

Financial Planning for Retirees

Have you been retired for some time? Or did you recently cross the retirement finish line?

You probably think financial planning stops here. But hang on before you do that victory lap. There are a few things to consider from a financial planning perspective.

1. Taking Money Out Can Be Harder Than Putting Money In

Many retirees find that taking money out of their investment portfolio is actually a lot more complicated than putting money in. You may be juggling multiple income sources and looking for advice on how to withdraw funds tax-efficiently.

The decisions you make here could be the difference between running out of money or not! In other words, there’s more risk at this stage of investing than there was when you were accumulating money.

2. Optimize Your Asset Allocation

As you get older, you’ll probably want to change your asset allocation.

That’s a fancy term for investing in different types of investments—stocks, bonds, and cash—to minimize your risk. Now that you’re retired, you want to preserve your capital—so emphasizing lower risk investments in your portfolio may make sense. Yet, you may find yourself with 30+ years in retirement so you also need your money to grow. Balancing safety and growth is vitally important as a retiree.

3. Review Your Insurance Needs

Your insurance needs are likely changing, too. With fewer debts and dependents, you likely won’t need as much life insurance, if any at all. In addition, you need to plan to protect yourself from rising health care costs along with future long-term care needs. Proper planning around insurance is necessary to protect your investments, your lifestyle, and your spouse.

4. Fine Tune Your Plan

Every year of your retirement will be different. You’ll likely need to make annual adjustments to your financial plan to ensure you maintain a successful and satisfying lifestyle. It’s always better to identify things that need to be changed sooner rather than later, which is why regular reviews are so important.

Enjoy Peace of Mind in Your Retirement

Just when you thought your financial worries were behind you, you have new questions in retirement.

To get the answers you need, consider booking a complimentary personal finance consultation with B.E.S.T. Wealth Management.

You’ll have the opportunity to ask a professional financial advisor about your situation, get input on critical gaps, and ask questions about our process, services, and pricing.

Improve Your Plan!

Contact us to learn
more about:
  • Reviewing Your Plan
  • Making Adjustments
  • Addressing Your Concerns
  • Achieving Your Goals