4 Areas of Focus for Retirement Planning

Retirement presents unique challenges to investors. Steve Tuttle highlights ways to help increase your chances of success in retirement.    

Investing during retirement can be a daunting task, but with a sound plan, your path to success is well within reach.  A quality plan for retirement focuses on these four areas:

Income Planning – You need to be sure you’ll have a sustainable income stream to pay expenses for the rest of your life.  This typically includes:

  • How to maximize Social Security benefits
  • Balance sources of income and living expenses
  • Protection against the negative effects of inflation
  • A plan for the surviving spouse
  • How to ensure you don’t outlive your assets

Investment Planning - Investing during retirement is different, with emphasis on managing risk to ensure your assets are available when you need them.  The approach should include:

  • Ways to reduce risk while still working towards your goals
  • Managing volatility and avoiding the emotional stress of watching the value of stock holdings shrink during market setbacks
  • Flexibility to adjust withdrawal rates from your portfolio
  • Comprehensive money management strategies

Health Care Planning - Retirees need a plan to address rising health care costs in an increasingly complex and ever-changing landscape.  Strategies should include:

  • Analyzing aspects of Medicare parts A, B and D
  • Considering options for long-term care

Tax Planning – Your retirement plan should consider ways to decrease tax liabilities.

  • Analyzing which investments to own in tax-deferred accounts and which to own in taxable accounts
  • Assessing when it make sense to convert or contribute to a tax-free Roth IRA
  • Determining what asset should be withdrawn from which accounts to potentially reduce your tax burden
  • Discussing ways to leave tax-free dollars to your heirs

Retirement is not easy to navigate.  There is more to investing in retirement than buying and holding a good mutual fund or picking good stocks.  You could spend decades in retirement and you need to be sure you have reliable income streams that last your lifetime.  This requires an integrated plan.  A trusted advisor can help set realistic expectations and determine the right retirement plan for you. 

IMPORTANT DISCLOSURE

Past performance may not be indicative of future results. Different types of investments and investment strategies involve varying degrees of risk, and there can be no assurance that their future performance will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. The statements made in this newsletter are, to the best of our ability and knowledge, accurate as of the date they were originally made. But due to various factors, including changing market conditions and/or applicable laws, the content may in the future no longer be reflective of current opinions or positions. Any forward-looking statements, information and opinions including descriptions of anticipated market changes and expectations of future activity contained in this newsletter are based upon reasonable estimates and assumptions. However, they are inherently uncertain and actual events or results may differ materially from those reflected in the newsletter. Nothing in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice. Please remember to contact Signet Financial Management, LLC, if there are any changes in your personal or financial situation or investment objectives for the purpose of reviewing our previous recommendations and/or services. No portion of the newsletter content should be construed as legal, tax, or accounting advice. A copy of Signet Financial Management, LLC’s current written disclosure statements discussing our advisory services, fees, investment advisory personnel and operations are available upon request.

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