Our standard retirement plan includes the following work.
- Review current financial standing (net worth, income, spending, assets, liabilities).
- Use financial planning software to project possible retirement timeline, asset values, and safe spending level in retirement.
- Review and reallocate all investment accounts into a coordinated, diversified portfolio with an appropriate risk level while taking fees, tax consequences, future withdrawals, and ease of self-management into consideration.
- Look for opportunities to consolidate the number of accounts and simplify your investment holdings.
- Determine the best vehicle(s) for savings/ investing going forward.
- Analyze Social Security claiming strategies and integrate them with your plan.
- Provide high-level review of optimal account withdrawal strategy in retirement including benefit and optimal timing of implementing a Roth conversion strategy.
- Compare buying long term care insurance versus self-funding future LTC needs.
- Review life insurance coverages and needs.
- Write a report of findings, recommendations, and reasoning behind the recommendations.
- Meeting time to discuss the report, topics of concern, and answer questions.
- Answer follow-up questions on covered topics by email or phone call for 60 days.
More complex financial plans include additional items such as rental real estate, pension claiming choices, annuity decisions, testing various scenarios such as moving at retirement, and others.
Implementation of investment changes and other recommendations made in the report are the client’s responsibility.