Retirees

Financial Growth

At or in the retirement stage of life, retirees focus on:

• Maintaining their pre-retirement lifestyle, when possible
• Preserving accumulated wealth
• Seeking modest growth of assets with minimal risk
• Establishing a Will or Trust if needed or appropriate
• Implementing the income plan previously created

Asset Protection

In retirement, asset protection involves:

• Maintaining appropriate insurance products
• Establishing or revising a Will or Trust to ensure proper distribution of assets
• Using appropriate asset allocation models to preserve investments

Retirement Planning

• The retirement plan has or will be implemented
• Follow the guidelines in the plan that has been previously established to maintain a comfortable lifestyle
• Assess pre-established guidelines to make sure they are appropriate
• Emphasis now shifts from asset growth and accumulation to asset protection
• Maintain a goal of modest growth, taking into consideration of taxes and inflation
• Retirement planning in this stage involves and requires constant monitoring of all assets and implementing change when needed

Income Planning

• Pre-established income plan is implemented
• Plan should remain flexible and adaptable to current needs
• Monitoring should be on a regular basis and should ensure that products, vehicles and strategies being used are working to achieve financial goals

The retiree(s) should meet with their financial advisor at least

annually

to determine if their financial plan continues to meet their needs.

Estate Planning

• Estate plan is the capstone of the financial plan
• If an estate plan is warranted, the ideal time to create is at retirement
• Retiree can focus more cleanly on how the estate can pass to surviving heirs
• At retirement there is often more time to focus on issues related to the estate plan
• Estate planning team may consist of:
• Specialized attorney
• Trust officer
• Financial advisor
• Investment specialist

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