Retirement income planning is very different from saving for retirement. The financial industry has preached for years that starting early is the key to planning a successful retirement, and the concept of compounding investment returns has been described as the eighth wonder of the world. But as you look ahead to retirement, how do you project your future spending and compare it to your financial resources? Once the regular paycheck ends, how can you go about converting your savings to a regular income stream?
For 25 years, the Liberty Wealth Advisors team have been helping clients make the transition from a lifetime of work to a successful retirement. Taking risk tolerance and income taxes into consideration, Liberty Wealth Advisors constructs income strategies that are tailored to meet each client’s unique needs. Starting with a careful evaluation of current spending, LWA’s CERTIFIED FINANCIAL PLANNER™ (CFP®) professionals make reasonable projections of clients’ future cash flow needs and help turn those calculations into a plan for retirement income that meets clients’ needs.
LWA advisors consider four fundamental issues in generating retirement income: essentials, lifestyle, unexpected expenses, and estate and legacy planning. First, we account for necessities such as food, utilities, taxes and medical expenses. Then, we consider each client’s lifestyle expenses, including travel and hobbies. Third, we help to prepare for the unexpected by creating insurance solutions including long-term care and medical expense coverage. Finally, we explore tax-efficient ways to pass a legacy to your heirs.
A retirement income plan combines sources of guaranteed retirement income with investments that offer growth potential. Such a strategy provides the potential for a retiree’s income to keep pace with inflation. We regularly assess portfolio withdrawal rates to determine whether changes need to be made, assist clients in evaluating the choices for collecting Social Security benefits, and we can also help a client evaluate the pros and cons of various pension options.
Each retiree’s financial situation is different. Only with a thorough evaluation of each unique situation can an appropriate strategy be formulated to transition from a working career to semi or full retirement. An experienced financial professional can help navigate through the myriad of choices that individuals must face at the end of a working career.
Your team at LWA can help turn unanswered questions into a customized plan.