6 Essential Elements to a Strong Retirement Plan
This guide was created to be a resource to our clients, but also anyone who has questions about retirement. Below are 6 core areas to review when preparing for retirement - and the focus of conversation when working with a new family or household on their financial planning.
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1 - Income Planning
A great starting point when planning for retirement is to understand how you will replace your income in retirement.
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2 - Investment Planning
Your financial plan maps out your retirement goals and pulls many various pieces of your financial life together. Your investments are a major piece of that puzzle and the strategy needs to be aligned with your goals.
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3 - Tax Planning
Nobody likes to pay more in taxes than they need to. In comparison to your working years, you may have more flexibility on how and when you take income from different sources in retirement.
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4 - Health and Long-Term Care Planning
One of the largest expenses retirees face is paying for healthcare, and the unknown risk of long-term care. For this reason, planning for these specific expenses is important.
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5 - Estate, Gift, and Legacy Planning
Many people think of Estate Planning as planning for their death and shy away from addressing it. Yet, many aspects of an effective estate plan provide living benefits too.
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6 - Planning for Uncertainty
The reality is that planning for your retirement has more variables than absolutes. Planning helps you make the best decision today given the current information available.
