Let's start with a conversation...
“What is it you believe I can do for you?” is usually the first question I ask during an introductory meeting.
The usual answers I get to this first question, blank stares or rambling replies, are rarely focused. Planning for retirement includes so many topics and concerns that prospective or new retirees are overwhelmed by the decisions that have to be made.
They don’t know where to start, so they decide to meet with me.
Retirement is more complex than thinking it’s just about money. Like everything else, each of us have different ideas when it comes to lifestyle, healthcare expenses, Social Security planning, Medicare, inheritance, final expense planning and the numerous issues that all retirees wrestle with.
My Retire Ready Method℠ is an organized process used with every client in trying to understand their specific situation.
Then, we create a plan…
Based on your retirement life “vision,” I’ll make recommendations and provide options that will “match up” with those issues that are important to you.
My goal with every plan is two-fold: provide for lifelong income and some peace of mind. There's much to see here. So, take your time, look around, and learn all there is to know about us. We hope you enjoy our site and take a moment to drop us a line.
My clients work with me because I help them do the same planning that I do for my wife and me. I'm in my 60s and I'm looking at how to optimize our Social Security benefits and fit that into our overall retirement income plan. Besides normal living expenses, I look at how health insurance, Medicare and possible long-term care could impact our plan.
Even though it can be uncomfortable to talk about, end-of -life planning is the final piece of the planning puzzle. It's your chance to let your family know your wishes and not be a burden to them at an emotional time.
Do you have a financial plan? Most people haven’t put together a financial plan or thought about estate planning because they don’t know where or how to begin.
I walk through the same systematic approach with every client. My goal is to address the “Big Questions.” By the time we cover these main questions and concerns the client’s financial plan is basically built.
Are you happy with your standard of living today?
By looking at your current cash flow we start your financial plan by understanding your present standard of living. What is cash flow? It’s your income vs your expenses…and it’s a critical first step in your retirement plan.
How will that cash flow change when you retire? What will be your sources of income? What expenses will stop, continue or start after you retire?
This is the top overall retirement planning concern of the people I meet with-even for high net worth individuals.
Monthly expenses consist of fixed (essential) needs or discretionary needs. The primary part of retirement income planning is to solve for essential needs like food, rent, healthcare expenses, and health insurance.
Many retirees, when having reliable sources of income that will cover their essential needs, gain some peace of mind when thinking about their date of retirement.
Do you know your optimal strategy for taking SS benefits?
Especially with couples, there can be a big difference between the best decision and a bad decision when deciding on how to claim your Social Security benefits.
On their website Social Security states that “Social Security retirement benefits will replace only about 40% of your pre-retirement earnings, if you have average earnings.”
These are the reasons I offer Social Security benefit planning as the foundation of a client’s financial plan. Knowing your claiming options is key to retirement planning.
Here are some of the risks with retirement income planning:
An average retiree can expect to endure between three and five bear markets during their retirement
Income replacement is the single largest item of life insurance need for most people. If you haven’t retired yet what percentage of your earnings are needed if you die prematurely? For retired couples, if one spouse dies the surviving spouse will receive the just one Social Security benefit…
You’ve probably heard people say, “It won’t happen to me.” Or perhaps they said, “Medicare and Medicaid have me covered” or “That’s what my savings are for” or “My family will take care of me.” Say if what they said was wrong?
I ask all clients what they would do if their health suddenly changed.
If you lead a healthy lifestyle your chances increase of living a long life, as well as your chances of needing long-term care at an older age.
Medicare does not cover long-term care and Medicaid only covers those with limited assets and income.
If your savings are to be used, how long will they last if you are in a facility or situation for a long time?
And if you think your family is going to take care of you, have you asked them yet?
You should meet with us to review your plans every five years, or before any major life transition.