"As you embark on the exciting journey into retirement, you will experience a transition that will be both thrilling and terrifying."
Olivia Greenwell, So You've Retired
Retirement is a transition where true financial independence can be experienced as income derived from your assets funds your lifestyle. Navigating the transition into retirement requires careful and strategic planning as you make decisions surrounding social security, health-care costs and generating income from your assets while considering taxes, increasing life expectancies and inflation. We believe considering the various risks and opportunities throughout the retirement transition can help you to have a more successful and happier retirement.
David (62) and Nancy (60) have a passion for two things, travel and their 8 grand-children. They were very excited to retire to spoil their grandchildren and enjoy traveling at their leisure. David and Nancy retired last year after a comprehensive financial plan illustrated the potential retirement value of their wealth accumulation efforts. David was an engineer and participated religiously in his employer sponsored 401(k). David and Nancy also saved throughout their lives to accumulate wealth via other investment vehicles. As they planned out their transition into retirement, they took into account their traveling as well as their efforts to spend time with their grandchildren. They also considered their health-care options as neither David or Nancy will qualify for Medicare until they attain age 65 and David would no longer qualify for group coverage through his employer. As David and Nancy are currently caring for Nancy’s mother they also wanted to make sure that their end of life care was planned for. Finally wrapping their social security strategy into their retirement plan allowed them to feel confident that their retirement plan would provide for their needs throughout retirement.
This is a hypothetical case study that is intended to illustrate products and services available through Waddell & Reed. It does not necessarily represent the experience of other clients. The information and strategies presented are not appropriate for every investor. Individual clients should review with their Financial Advisor the terms, conditions, and risks involved with specific products and services.
All investing involves risk, including the possible loss of principal, and there is no guarantee that any investment strategy will be successful.
At Elevánt Wealth, we help our clients create a comprehensive plan that considers multiple variables.
Having a plan in each of the following categories can lead to financial independence in retirement:
Income Plan: Pension review, social security planning, income investing, annuities, analysis of other income generating assets and expense planning.
Investment Plan: Customized asset allocation and portfolio construction, individual manager and strategy selection, due diligence and monitoring.
Health-Care Plan: Medicare and long-term care planning
Tax Strategies: Required minimum distribution management and retirement income and estate planning.
Legacy Plan: Final expense planning, gifting, charitable giving, estate design and estate tax management.
It's never too soon to start preparing for retirement. But do you know what to look out for? Download our free ebook, "Retire Happy: A Simple Guide to Your Next Big Adventure."