Financial Planning IN Retirement is Different—Here’s Why
Financial planning FOR retirement is the process of preparing your finances so you're ready to stop working. The core goals are accumulating wealth, reducing risks, and building a strong financial foundation.
Planning for Retirement Key Areas
- Accumulation Focus: The emphasis is on growing assets through saving and investing.
- Risk Management: Protecting income with life and disability insurance is crucial.
- Goal Setting: Planning for a target retirement age and required savings.
- Debt Reduction: Reducing or eliminating debt before retirement.
Financial planning IN retirement involves managing, protecting, and efficiently spending the assets you've accumulated. The focus shifts from growth to income, longevity, and legacy.
Planning for Retirement Key Areas
- Distribution Focus: Managing withdrawals to create sustainable retirement income.
- Tax Management: Minimizing taxes on distributions and Social Security.
- Healthcare Strategy: Planning for medical expenses, long-term care, and unexpected health costs.
- Lifestyle Adjustment: Adapting budgeting to new spending patterns without employment income.
- Legacy/Estate Planning: Ensuring assets can pass on to heirs efficiently if desired.
Has your financial plan adapted to your transition into retirement? Has your financial advisor changed their approach to your planning?
You can learn more about why financial planning in retirement is different than financial planning for retirement in our free information paper. And learn more about how an advisor focused on the different approach to planning can help you achieve retirement success.
Email us at Info@SafeHarborFinancialAdvisors.com or call 302-313-6644 for your copy.
And please join us for a Lunch & Learn on Monday, November 10th at Lefty’s Alley & Eats in Lewes for a free workshop on “Tax Traps and Opportunities for Retirees.” RSVPs are required so please call or email to reserve your spot and get more information.
