Shockingly, some individuals who are seriously entertaining retiring, do not know what their true expenses are. Let me state the obvious, in order to StayRetired™ once you are, you must know what your expenses are.

To assist those who are not as meticulous, the Expense Model provides detailed templates and spreadsheets to assist in adding up your overall expenses. A client once told me this model was similar to a sewing machine as it helped to repair the “hole in his pocket.”  Once you are sure what all of your expenses will be during retirement, we move to the next step which is the Increasing Income Model.

Why focus on increasing income in retirement? Despite the expectation that expenses stabilize in retirement, recent trends show otherwise. We incorporate built-in increments, allowing for flexibility when extra funds are needed, emphasizing Social Security maximization without depleting assets. We assist in optimizing available pensions, considering options for all professionals. Whether it’s analyzing pension plans, exploring private options, or addressing the absence of a pension, our goal is to guarantee your retirement income doesn’t run out and has the potential to increase.

When the federal tax plan expires, we believe that tax rates will increase. Our goal for each of our clients is that they pay the lowest possible income taxes due to the IRS. How do we make this happen? Before retirement, we look closely at retirement plan contributions. Should they go to a Traditional 401(k) plan? Is a Roth a better option? We help our clients properly and mathematically position their assets. The goal is for you to pay the least possible amount of income tax.

Statistics tell us that 70% of all individuals who reach age 65 will need some type of long-term care during their lifetime. For long-term care, is self-funding an option? Or is allocating funds for traditional long-term care or asset-based long-term care the right solution? What are the most efficient and effective ways to use your assets to fund potential care, so you can have care provided where you want it? All of these questions are addressed in this stage.

This component is two-fold in planning for incapacity and emphasizing the importance of making decisions in advance to avoid potential legal complications. Working with local attorneys, we establish Powers of Attorney. The second piece addresses posthumous considerations, guiding individuals on final wishes. We help navigate the adequacy of a Will and the potential need for a Trust, offering insights into Revocable, Testamentary, or Irrevocable trusts. Serving as a catalyst, our aim is to assist individuals in taking care of these crucial steps.

How can one secure the financial well-being of their spouse and/or children? A strategic approach involves the utilization of life insurance. By establishing appropriate life insurance coverage, individuals can responsibly allocate a substantial portion of their assets for current expenditures, confident that life insurance serves as the designated funding mechanism to replenish the desired legacy amount.