1. Lifestyle- Maintain Your Same Standard Of Living Clients often tell me, “Mike, we don’t necessarily want a more lavish lifestyle, we just want to continue to afford the one we already have!” There’s some truth to that, as the #1 goal of most retirees is to maintain the same standard of living which they enjoyed before retiring. Other lifestyle goals can include travel, gifting, hobbies, etc. To increase the odds of happiness and contentment in retirement, it’s also important to create a secure, predictable income to support that lifestyle. Especially an income that can increase with inflation yet will be unaffected by market downturns.
2. Longevity- Not Outlive Your MoneyIt’s no secret that we are all living longer than ever before and most of us underestimate our life expectancy- by a lot. Second to the goal of maintaining your lifestyle should be to do so regardless of how long you live. When you combine longer life spans with the uncertainty of future inflation you can see the challenge of creating a secure retirement income for life. This creates a real dilemma- if you’re concerned about living too long, you may spend too little and leave more behind than you intended. On the other hand, if you’re not worried about longevity and spend too much, you may run out of money. It’s a tough balancing act. But, thank goodness we specialize in strategies that can help you to take the guesswork out of your future.
3. Liquidity- Build Sufficient Funds For Emergencies And OpportunitiesSituations will always arise which require more money than what your income provides. It’s important to set aside enough money to cover these expenses which can include; health or family emergencies, opportunities, or other major purchases. Health care expenses beyond insurance can exceed $200,000+. Drawing down on these liquid funds needs to be done in a way that doesn’t negatively impact your other financial and retirement goals.
4. Legacy- Protect And Preserve ALL Your WealthMost clients agree they would rather see their hard-earned wealth pass to their family or charity instead of the IRS. The manner in which assets are passed to your loved ones can be complex and a living trust by itself may not be the only answer. We go beyond conventional living trust and estate planning to simplify your finances, reduce taxes, and increase your control over transferring your values as well as your valuables.
5. Long-Term Care- The Risk Of Depleting Assets Due To Extended Care
According to AARP, 70% of you over age 65 will need some type of care during your lifetimes. This is frankly one of the biggest expenses you could face during retirement. In our opinion, every retirement plan should include provisions for this possibility and if yours doesn’t we really need to talk! If you would like us to help you plan for this, or any other goal we’ve talked about, please give our office a call at 760-752-7848, email us here, or click on this calendar link to schedule a 10-15 minute “Get Acquainted” Phone Call so we can learn a little more about your situation and how we might best be of service to you.