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Retirees

Retirement planning goes hand in hand with both life planning and remaining financially secure in the post work life years. Planning begins a few years before making a final decision on the actual retirement date. Each individual has a different road map for their retirement.  Our financial life planning process entails discovering your vision of your life in your 60’s, 70’s 80’s and beyond. It is important for our advisors to learn about your desire or necessity to continue to work, need to care for a dependent while pursuing your other interests such as travelling, volunteering and maintaining a healthy social and family life. This discovery process allows our advisors to help you plan for a longer than 20/30 years of a financially independent and balanced post-retirement life.

Before Retirement

Several financial factors are taken into consideration before deciding on the actual retirement date.  Detailed analysis of factors such as living expenses during retirement, sources of fixed income such as company pension and social security, safe withdrawal rates from accumulated assets, expenses toward helping dependents such as elderly parents or an adult child with disability are extremely important in retirement planning.  Cash flow will need to take into account expenses in the earlier years of retirement such as travels, second home and increased health care costs in later years. Investment strategies will need to be customized depending upon each family’s unique needs and life plan. Our analysis specifically focuses on

  • Best way of taking the company pension if available
  • Social Security benefits and the best time to take it
  • Income needed from retirement and non-retirement assets at safe withdrawal rates
  • Medicare options.

During Retirement

While a pre-retirement analysis is critical in determining the retirement date, retirement planning is not a one-time event. An ongoing review and adjustments become necessary to accommodate changes in people’s lives as well as in the economy. A longer life expectancy, changes in life planning goals, increased health care and possible long-term care cost, increased dependent’s needs, inflation, tax law changes and market ups and downs do impact initial planning in place and require changes in planning strategies. Secure Planning advisors are experienced in dealing with these challenges and in providing counselling and solutions as changes take place.