Protecting and maximizing your retirement income
“Will I have enough for retirement?” is one of the key questions causing our clients to seek the help of a financial advisor. They’ve realized they need someone to help them stay on track to attain the retirement lifestyle they want. They’re often looking not only to get their questions answered, but for a guide who will point them in the right directions and change course when necessary.
Birchwood Financial Partners works with clients to uncover what they want their retirement to include and if there are changes they need to make now or in the future to create the retirement experiences they desire. Topics covered in our planning sessions may include:
- Paycheck replacement strategies
- Understanding how expenses may change in retirement
- Diversifying your retirement income
- Exploring tax advantages and requirements for various accounts
- Defending against market volatility
Retirement planning can also be one of those back-burner issues that you feel you really should look at but never seem to have the time. Or maybe you have a retirement plan through work and haven’t wanted to add any complexity to it. Often our clients find that retirement planning isn’t as simple as they thought, but also not as time-consuming as they feared.
You can think of your retirement plan as a bike wheel with spokes that include investment planning, tax planning, estate planning, an insurance review and other financial elements as needed. If one of those spokes is broken, the wheel won’t function properly. All of the spokes of the wheel work together to increase your income, reduce your tax liability and more effectively move toward your goals.
Our retirement plans are never boilerplate or one-size-fits-all. Every person is different and will have numerous significant changes happen during their lifetime such as starting or ending a marriage, having children, leaving a job or starting a job or business. We know that goals and priorities change, economies shift. We plan for the certainty of uncertainty. We’re with you along the way, nimble and able to adjust as your landscape changes.
Distribution strategies and accumulation
It often surprises our clients to learn that they shouldn’t necessarily change their portfolio at retirement. It’s common to have decades to enjoy life after you retire, so the time horizon of your investment portfolio may still be quite long.
When we manage your portfolio, we’re very cognizant about managing downside volatility, especially early in your retirement. These days, people are not only living longer, but they’re experiencing many healthy, robust retirement years. As a result, our strategy turns toward creating a long-term, sustainable portfolio, rather than moving heavily into income-producing assets as soon as retirement begins.
As you transition from accumulating wealth to living on your assets in retirement we look carefully at the different accounts you have and their tax implications. We regularly reevaluate and recommend the most advantageous way to derive income from your portfolio.