Financial Planning for Retirees

For many of the Baby Boom Generation, retirement has arrived and many years of working, saving, and investing have resulted in the accumulation of substantial financial resources to support a comfortable lifestyle.   This may have been accomplished by personal attention to the details of financial planning and investing, or by working with a trusted financial advisor along the way.

Throughout retirement, financial planning needs change. The traditional goals of accumulating assets evolve into a new set of priorities, including:

• Preserving the asset base by assessing if the allocation, investment holdings, and risk profile remain appropriate.
• Ensuring the income streams keep pace with the rate of inflation.
• Planning for rising health care, assisted living, and possible continuing care retirement community (CCRC) costs.
• Understanding how income and expense profiles change when the first spouse passes.
• Planning for a possible role as executor to settle the estate when the first spouse passes.
• Ensuring financial and health care powers of attorney are in place for critical decisions later in life.
• Reviewing and updating wealth transfer plans for spouses and heirs, including wills and trusts.
• Evaluating the possible benefits of wealth transfer during your lifetime through gifting or other options.
• Helping your adult children and other family members that may stand to inherit wealth become more financially literate.
• Validating current beneficiary designations on investment accounts are up to date.
• Understanding the tax implications of Social Security, pension income, retirement distributions, insurance proceeds, and inheritances. 

With this extensive list of things to consider, the relationship with your financial advisor is more important than ever.  Proper financial planning should continue to support you for the rest of your life, giving you comfort that your hard-earned assets will be passed along to family, people, and organizations of your choosing. 

If you believe any of these issues are beginning to be of concern and would like to talk about your situation to see if our services might be of value to you, please contact us to set up a no-cost, no-obligation initial consultation.

SSB Wealth Management, Inc., d/b/a Rembert Pendleton Jackson (“RPJ”) offers investment advisory services and is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. You should carefully read and review all information provided by RPJ, including Form ADV Part 1A, Part 2A brochure and all supplements, and Form CRS.

This information is intended to be educational in nature, and not as a recommendation of any particular strategy, approach, product or concept. These materials are not intended as any form of substitute for individualized investment advice. The discussion is general in nature, and therefore not intended to recommend or endorse any asset class, security, or technical aspect of any security for the purpose of allowing a reader to use the approach on their own. You should not treat these materials as advice in relation to legal, taxation, or investment matters.