Retirees
Transform Your Olden Years Into Your Golden Years
Life Stage Priorities
Financial Growth
At or in the retirement stage of life, retirees focus on:
- Establishing a Will or Trust if needed or appropriate
- Implementing the income plan previously created
- Maintaining their pre-retirement lifestyle, when possible
- Preserving accumulated wealth
- Seeking modest growth of assets with minimal risk
Asset Protection
In retirement, asset protection involves:
- Establishing or revising a Will or Trust to ensure proper distribution of assets
- Maintaining appropriate insurance products
- Using appropriate asset allocation models to preserve investments
Retirement Planning
- 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
- Follow the guidelines in the plan that has been previously established to maintain a comfortable lifestyle
- The retirement plan has or will be implemented
Income Planning
- Monitoring should be on a regular basis and should ensure that products, vehicles and strategies being used are working to achieve financial goals
- Plan should remain flexible and adaptable to current needs
- Pre-established income plan is implemented
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
- At retirement there is often more time to focus on issues related to the estate plan
- Estate plan is the capstone of the financial plan
- Estate planning team may consist of:
- Financial advisor
- Investment specialist
- Specialized attorney
- Trust officer
- 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
Schedule your appointment with the Compass Financial Team today.
