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John and Mary were excited to embark on their next adventure, retirement. They had enjoyed lengthy careers and the kids were grown, but now John and Mary were looking to accomplish some of those things they’d been postponing. For them, travel, philanthropy and hobbies were top of mind. They’d done a good job of contributing to their retirement accounts over the years and had saved a significant amount in their family trust as well.

But one question they couldn’t answer was, “Do we have enough?”

While we are all unique, some concerns are universal as evidenced by this headline, “Running out of money feared more than death!” This from the American Association of Retired Persons (AARP). AARP was reporting on a study performed by the insurance company Allianz dated June 17, 2010 in which it was found that more than six out of ten adult Americans feared running out of money more than death. If you’re retired, or soon to be, you may wonder if you have enough money to last a lifetime. While you were working, you were comfortable that your income would cover your living expenses and perhaps allow for some extras. Now that your employment income is coming to end, will your nest egg support you? Thanks to the increase in life expectancy, most retirees will spend decades in retirement.

There are many factors that must be considered.

  • How should my funds be invested?
  • How much risk can I afford to take?
  • Social security planning – more complex than it seems?
  • Retirement accounts – how to most efficiently take distributions?
  • Taxation – how to minimize taxation?
  • Fees – what’s reasonable?
  • Heirs – how can I be certain that my money goes to my chosen beneficiaries?

The list of questions that arise in retirement are endless and ever changing based on the current economic and tax climate.

You’ll only go through retirement once. We’ve helped hundreds of individuals and families navigate this financially challenging time. We’ve been there when important decisions needed to be made.

If you’d like to know what it means to work with a professional who can help guide you as you navigate these challenges, please call us. We’d love to talk to you about how we can help.