Living in retirement
After decades of work, you’ve made it to a well-deserved stretch of freedom called retirement. Now the question is how to make your money last through this new phase of life. As your financial guide, we’ll help you figure out a withdrawal strategy that fits your situation and helps you pursue meaningful goals. After all, you’ve got a lot of living to do.
What’s your retirement style?
We’ve gathered some retiree profiles to help you think through what defines and inspires you. Take a look, then consider how you might pursue your passion – perhaps by moving to a niche retirement community?Case study
Bringing withdrawal rates back to Earth
Having newly transitioned to retirement, Hannah and Roy were excited to get started on big ticket items they had been putting off: home renovations as well as a long-awaited cruise, paid with money from their 401(k) accounts. In that first year of retirement, they ended up spending much more than they’d budgeted, including charitable donations they hadn’t planned for. We helped them get a handle on things by creating a spending policy statement. We also helped them maximize their philanthropy, using a donor advised fund to increase their charitable impact.
The hypothetical example above is for illustrative purposes and is not representative of any actual experience. Individual results will vary.
Are you prepared for longevity?
Your retirement might last three decades or more, so it’s crucial to take a long and fulfilling life into account when you create your financial plan. Our knowledgeable team can help guide you in exploring the possibilities.
Milestones
Honeymoon phase
You’re finally free to pursue your passions and check items off your bucket list. We can help you:
- Plan to pursue lifelong goals, including travel and charitable endeavors
- Project healthcare costs and consider Medicare and long-term care coverage options
- Make the most of your income streams, such as Social Security
Reflection phase
Life has settled into a peaceful rhythm as you enjoy memorable moments in time. We can help you:
- Update your estate plan and check beneficiaries
- Set up a tax-efficient wealth transfer strategy
- Have meaningful legacy planning conversations with your family
Turning point phase
As the honeymoon ends, a clearer vision of the rest of your life begins. We can help you:
- Review housing options – aging in place versus downsizing
- Create a dynamic, efficient budget for healthcare costs
- Consider other longevity concerns as part of your financial plan
Related Resources
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Is a niche retirement community right for you?
Things to consider before joining a community of like-minded retirees.
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Navigating Medicare [INFOGRAPHIC]
Review this roadmap to help you navigate through the Medicare enrollment process.
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The psychological side of spending your retirement savings
Many investors worry about outliving their savings. As a result, they sometimes underestimate what they can comfortably spend in retirement.
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Retiree in training
Practice makes perfect when it comes to retirement.
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5 considerations for your Social Security strategy
As you prepare to start claiming benefits, be sure to ask yourself these questions.
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Making the most of a Roth IRA
Consider the benefits and limits associated with making post-tax contributions to an individual retirement account.
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Retirement & Longevity
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