Retirement planning can involve many different products and solutions, sequenced over a great span of your working life. Planning early can certainly open you to more options and opportunity. But retirement planning—especially for this generation of retirees—is a living process, meaning that it should be subject to evaluation to ensure needs are still being met. Regular review is critical as you accumulate retirement income. Keep in mind that good retirement planning does not stop once you retire.

There are several reasons why you should work on developing a comprehensive retirement plan.

Your Needs May Change

Your needs may change during the accumulation phase of financial planning and they can change once you are in retirement. The difference between the two is that in the latter you have generally stopped working. Making sure you are financially prepared for these changes can be challenging. We are here to help you overcome those challenges.

Examples of changing needs:

  • Need to address new medical needs/costs
  • Want to leave a financial legacy
  • Want to finance a vacation, college education, or other high-expense items, but need to evaluate impact to your overall retirement plan
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You May Need to Preserve More

Preservation is a key phase of retirement planning (taking place after accumulation and before retirement). In the preservation phase, you will identify ways to ensure that assets are protected and structured to give you the most upon retirement. But preservation can (and should) be an activity you perform while in retirement. Why?

  • You may live longer than expected and need your retirement resources to stretch further.
  • A change in the tax-environment may take larger portions of your distributions
  • Inflation/increased cost of living

Are you in a situation where your retirement income to last longer? Call us today for a free consultation where we can show you the benefits of a sound preservation strategy.

A Key Retirement Account/Strategy Reach Maturation/Completes

Some retirement strategies and accounts are only structured to last for a certain period. This can be something that was selected when you first created your retirement plan. So - for example - if your annuity runs out, what do you now? Do your contingencies still protect you and give financial security in retirement?

It May Be Time to Trigger A Key Account/Strategy

Some retirement accounts/strategies may be delayed well into retirement. For instance, in may be to your advantage to delay Social Security benefits to full retirement age (66) or beyond. Or you may have an annuity that is ready to trigger. Consulting with your financial advisor as you trigger these accounts can help you understand next steps and highlight new opportunities.