You’re in retirement. Is it everything you expected?
If not, I’m here to offer you some hope.
Hi. I’m Jeff Rose, a CERTIFIED FINANCIAL PLANNER™ professional, and I’ve helped people in retirement just like you reach their goals.
The problem with most financial advice today is that it focuses on people who haven’t retired yet. What about you? What if you want to transform your finances in retirement?
So, whether you have a huge retirement nest egg or are now regretting your lack of preparedness, I have a plan for you.
A retirement plan has a number of important components, and I’d like to start by talking about two.
First, you have to ensure you have realistic investment return expectations. It’s not enough to look back at the history of the stock market and bank on an average return on investment – especially in retirement.
Second, you have to assume your expenses will go up; not only due to inflation, but due to rising consumption of medical services, etc.
My job is to help you set realistic expectations about the money you currently have and money coming in from sources like Social Security. Once you face these realities, it will be much, much easier to create a retirement plan that will work in the long run.
Below, you’ll find a few articles and key points I think you should pay attention to in retirement. If you have any questions – or would just like to say hi – contact me. I’d love to talk!
Let’s Do Some Risk Analysis
Now that you’re in retirement, you may not feel like taking too many risks when it comes to your investment portfolio. That’s normal, and in many situations, wise.
When I sit down with retired clients, I try my best to figure out how much risk tolerance they have and create a portfolio that balances that tolerance with their goals. But this is easier said than done.
The problem is, many of my retired clients don’t know their true risk tolerance – and I don’t blame them. Think about it. It’s difficult to accurately judge your risk tolerance on your own.
There are really only two ways to get a reasonably accurate estimate of your risk tolerance. First, you could be subjected to a risky situation. This is not a very practical method, although it certainly could work. Second, you could take a risk tolerance test based on research – this is much more practical.
Thankfully, I’ve found such a tool to help you discover your risk tolerance without putting you in a risky portfolio to test the waters. This is a powerful tool which can be used to identify if your portfolio is right for you and your tolerance of risk.
To learn more, please take a few moments to read through the following article – I trust it will be a huge help in determining what – if any – changes you should make to your investment portfolio:
Get An Estate Planning Checklist
Do you done estate planning recently? If not, it’s time to start.
So, where should you start? You probably know that you need to have a will, but is there anything else you should do? The problem isn’t just not knowing where to start, but not knowing what there is to start.
This is where an estate planning checklist can come in handy, and I’d like to provide you with a resource you can use to make that checklist.
You might be saying, “Come on Jeff, isn’t a will all you really need?”
Nope. I’m sorry, but it just isn’t enough.
Many people don’t know, for example, that beneficiary designations actually take priority over a will. That’s right, you can have in your will that a certain savings account should go toward your children, but because your ex-spouse is listed as the beneficiary at the bank, upon your death your children won’t get a penny.
That’s bad news.
Here’s another point: What will happen when you pass and don’t have a current list of your assets and liabilities? Will your children know everything going on? Probably not, and they’ll assume your will contains all the information they need to know.
That’s more bad news.
Instead of leaving your loved ones to those nightmares, make an estate planning checklist based on the following article and save them time and stress:
Figure Out What to Do with Annuities
Annuities are, well, complicated. There are many different types including but not limited to fixed, variable, indexed, immediate, and more.
To further complicate things, each type of annuity may have different conditions. There certainly isn’t a one-size-fits-all answer when it comes to questions regarding annuities.
However, if you discover you need out of a bad annuity, here’s some advice:
Review Your Beneficiaries
Just in case you missed it, it’s important to review your beneficiaries!
I can’t stress this enough.
Imagine writing a will, not knowing (or overlooking) who you wrote as the beneficiary on your financial accounts, and having your will trumped by a beneficiary decision you made years ago.
Time changes things, and you might not like who you find as the beneficiary on your financial accounts.
Do these nightmares actually happen? Yes, they do. Check out one such story here:
Many people remember to check their bank accounts to ensure they have listed the correct beneficiary, but they many times don’t remember to check their individual retirement accounts or life insurance policies.
It’s a great idea to brainstorm a list of accounts where you can designate beneficiaries. Take time to do this – the last thing you want to do is rush through it.
This is an important task to add to your estate planning checklist.
Get Ongoing Support
Many retirees make the mistake of not seeking ongoing financial help. If you have a large retirement portfolio, one little mistake can cost you dearly – don’t take your money for granted.
Besides, you’re busy enough as it is and probably don’t have time to pour over countless pages of financial lingo in order to have a better understanding to make a decision.
That’s where I come in. I live and breathe financial information, and can alert you to potential problems with your retirement plan as well as opportunities you might be interested in! And probably more importantly, I can make things clear and uncomplicated for you.
And did I mention that I provide a wide variety of financial services? Perhaps you need some financial planning, investment management, or estate planning done – I can help you out.
If there’s some way that I can help you, or even if you just have a few brief questions about retirement, contact me.
I’m so excited for you – retirement is a dream come true. And my hope is that I can make it brighter – much brighter!
Thank you for taking the time to read more about finances in retirement, and I look forward to hearing how I can help you. Remember, no question is too big or too small. Talk with you soon!