Pre-Retirement and Retirees
We Go the Extra Mile To Ensure Your Needs are Fulfilled
The Blueprint for a Secure Retirement
Challenges and Goals
- Adequate Retirement Savings: Many individuals nearing retirement or already in retirement worry about outliving their savings.
- Solution: Consider strategies to maximize your savings, like increasing contributions to retirement accounts, delaying retirement, or even working part-time during retirement. It's also important to have a realistic withdrawal strategy to prevent draining your savings too quickly.
- Healthcare Costs: Healthcare often becomes a significant expense in retirement and can be unpredictable.
- Solution: Plan for healthcare costs as part of your retirement budget. Consider options like Medicare, long-term care insurance, and Health Savings Accounts (HSAs).
- Investment Risk: Retirees need their investments to be safe, but also to provide enough return to keep up with inflation.
- Solution: Diversify your investment portfolio and adjust the asset allocation as you age. It's essential to maintain a balance of conservative and growth-oriented investments.
- Inflation: The rising cost of living can erode the purchasing power of retirement savings.
- Solution: Include investments in your portfolio that have the potential to outpace inflation, like stocks or certain types of bonds. Adjust your withdrawal strategy to account for inflation.
- Estate Planning: Retirees often struggle with planning for the distribution of their assets after they pass away.
- Solution: Create a comprehensive estate plan, including a will and possibly trusts. Keep beneficiaries on retirement accounts and insurance policies updated.
Case Study
Strategic Retirement Planning for a Couples Dual-Residence Vision
A couple in their late 50s, with successful careers and a net worth of $2 million, planning to retire in three years and seeking to downsize their family home while maintaining two residences.
Challenge
The clients sought assistance in creating a comprehensive retirement plan that would provide a sustainable income, address healthcare and long-term care expenses, and minimize taxes on their investments and retirement income. They also needed guidance on selling their large family home, purchasing a condo in Florida for the winter months, and acquiring a smaller home in the Northeast to be near their children and grandchildren.
Solution
Our team worked closely with the clients to develop a tailored retirement plan that aligned with their financial goals and desired retirement lifestyle. We began by conducting a thorough review of their current financial situation, investment portfolio, and risk tolerance. We then created an asset allocation strategy focused on preserving capital and generating income, ensuring their investments were optimized for tax efficiency.
We guided the clients in developing a sustainable retirement income strategy, including Social Security and Medicare benefits optimization, and planning for potential healthcare and long-term care expenses. Additionally, we assessed their estate planning needs and provided guidance on wealth transfer strategies to ensure their legacy goals were met.
To help the clients achieve their housing goals, our team connected them with trusted real estate professionals in both Florida and the Northeast, who could advise on market trends and assist in finding suitable properties. We also helped the clients create a realistic budget for the purchase and maintenance of their new homes, factoring in property taxes, insurance, and other expenses.
By implementing these customized solutions, we helped the clients successfully transition to their dream retirement lifestyle within their desired timeframe, confident in their financial security and ability to enjoy their new homes near family and in a warmer climate during the winter months.
At Sullivan Investments Group we are dedicated to providing pre-retirees and recent retirees with the financial guidance and support they need to navigate the road to a secure and fulfilling retirement journey. If you're ready to take the next step in planning for your retirement, contact us today for a consultation.
THE RESULT
With the help of Sullivan Investments Group, the clients smoothly transitioned into a retirement lifestyle optimized for their needs. Our strategies, including sustainable income planning, asset allocation, and tax optimization, ensured their long-term financial security. Proactive measures addressed potential healthcare and long-term care costs, and they met their estate planning goals. Assistance in real estate transactions facilitated the selling and purchasing of properties in Florida and the Northeast within their budget. Consequently, they're now enjoying their dream retirement lifestyle, close to their family and in a desirable climate. At Sullivan Investments Group, we're committed to ensuring such fulfilling retirements for all our clients.
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Everyone deserves more than just a financial planner – they deserve a partner, one who truly understands and tailors solutions to individual aspirations. Reach out now for a complimentary consultation. It's more than a chat; it's your first stride towards fortified financial confidence, with us by your side.
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