Managing Finances in Retirement
Approaching or entering into retirement should be a cause for celebration. And while you should be free to enjoy your retirement however you choose, there will be changes to the normal cycle of income and expenses that may have become routine during working years.
Sources of income will change, and expenses may drastically reduce in some areas while growing in others. We work with you to lay out your personal financial landscape and build confidence that you are able to cover essential expenses while also using savings and alternate methods of income to fulfill your plans for retirement.
Services offered include:
Asset Protection Strategies
Planning for retirement is not just about accumulating wealth; it’s also about protecting your hard-earned assets from unforeseen risks. While growing your nest egg can be beneficial, nearing or entering retirement should shift your focus to ensuring that what has been built up will continue to provide for the lifestyle you have envisioned.
Life Insurance
Making an investment into life insurance is a sound protection strategy during working years to provide for you and your loved ones through unforeseen circumstances. But various life insurance can also provide living benefits that can aid you as retirement nears and there is less of a need to worry about covering large debts or providing for the livelihood of others. We work with you to find products and policies that optimize cost and benefits for you and your family.
Tax-Efficient Strategies
No matter your stage or walk of life, there are likely to be taxes along the way. Just as income tax affects you throughout your career, taxes on retirement accounts, investments, and even Social Security benefits can arise in retirement. Innovative Retirement Planning works with you to identify potential opportunities and liabilities and can help you avoid unnecessary taxes on money that could be better used for your own interests.
Long-Term Care Strategies
Currently, around 70 percent of people aged 65 or older can expect to encounter some sort of long-term care need in their lifetime. And for those who need these services, the average lifetime cost of this care can run well over $100,000. By considering future needs before they arise, we are able to help clients provide for the health care they might need and help prevent possible costs from interfering with retirement dreams and goals.
