Retirement Transition Planning

<strong>Are You Prepared for Retirement?</strong>

Are You Prepared for Retirement?

Retirement transition planning is the process of preparing for and managing the changes that come with transitioning from a full-time career into retirement. This includes financial planning, determining how to spend your time, maintaining your physical and mental health, and adjusting to new social dynamics. Employing The Financial Freedom Framework will lead you toward the freedom in retirement that you have worked so hard to achieve. 

Applying The Financial Freedom Framework™
Your Guide to Retirement Transition Planning

Income Plan 

Determining your preferences for generating retirement income is key to building a retirement income plan that produces financial freedom. In piecing together your income plan, we may be assisting with Social Security and Pension maximization, considering how strategies such as income investing, and annuities may fit into your plan, as well as an analysis of other income-generating assets such as real estate.

Investment Plan

A well-thought-out investment plan provides a structured approach to managing your finances during your post-work years. Careful investment planning helps you ensure that you will have sufficient funds to cover your living expenses, medical costs, and other essential needs without having to rely solely on a fixed income. What to do with your prior employer’s retirement accounts, consolidating your investments for both efficiency and simplicity, planning for your liquidity needs and risk mitigation are keys aspects to consider. Your Investment Plan should provide you with financial independence, allowing you the freedom to truly enjoy your retirement.

Tax Plan

Your Tax Plan is key to potentially optimizing both your income and investments. Strategically managing your withdrawals from various retirement accounts, such as a 401(k) or a Roth IRA, can help you reduce your tax responsibilities and help you keep more of your money for retirement. A well-executed tax plan can provide you with financial stability during retirement and help you make the most of your savings.

Healthcare Plan

Planning for your healthcare post-retirement can have a major impact not just on yourself, but also on your loved ones. Considering topics such as pre-Medicare health insurance, Medicare, long-term care, assisted living, planning for out-of-pocket medical expenses, your healthcare directive and possibly electing a power of attorney for healthcare decisions are key ingredients to a well thought out Healthcare Plan.  When you plan for your healthcare decisions and final expenses, the weight of uncertainty is lifted both for yourself and for those around you. Having a plan for your healthcare also affords you a sense of security and dignity as you move into the future.

Legacy Plan

Who will benefit from your life’s work once you are gone? Will your wealth be distributed to relatives? Will it go toward your favorite charities? Do you plan on creating an endowment fund at your alma mater? These are a few of the questions that Elevánt is here to help you answer and plan for. In collaboration with your estate planning attorney, your estate documents can be drafted in a way that ensures your wishes will be carried out. The goal of your Legacy Plan is to minimize the administrative and legal headaches in the settlement of your estate for your heirs and maximize the impact of your legacy per your wishes.

Investing involves risk including the potential loss of principal.