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If you’re within 1-5 years of walking out the door after getting the last paycheck you’re ever going to get, then you’re probably a little curious about what the retirement planning process looks like, and have even given a little consideration as to whether this process would benefit you. With 10,000 Baby Boomers retiring every day, we’re doing our part to help them navigate the transition with confidence. We’ll unpack it for you here.
One object of thought that has made its way to the forefront for many people during the pandemic is the importance of financial planning and the impact it can have on your future.
How We Help Change and Improve Your Life
There’s been a lot of buzz of late around the concept of creating a written plan for retirement. This is exactly what we specialize in and how we aim to change peoples’ lives. If you’re within 1-5 years of walking out the door after getting your last paycheck, then you’re probably a little curious about what this planning process looks like, and have even given a little consideration as to whether this process would benefit you.
When someone initially comes to see us, our number one goal is to improve their life. People coming to meet with us are typically approaching a post-career transition and preparing for retirement. Most of the time they are wanting to know when they can retire, and whether they’ll have the income they want and need to support and sustain the lifestyle they’ve dreamed about.
The process is actually quite simple, yet most people find the act of getting started a little intimidating. We’ll unpack the process for you here.
Breaking Down the Planning Process
We start by taking a look at your current situation and identifying what it is that you’re trying to accomplish. How much income do you need on a monthly basis for the rest of your life? What are the assets that you’ve accumulated over the course of your lifetime? What are your biggest financial fears? The answers to these questions are the pieces of your financial puzzle and allow us to say, “Based on the assets you’ve accumulated, income streams such as Social Security, your lifestyle, expenses, and hopes and dreams, here’s how much income you can draw every month of every year for the rest of your life and not run out.”
Based on this analysis, if your income is determined to be higher than what you’re actually spending right now, you can walk out the door today and not have to go back to work tomorrow. Some call this realization “their freedom date” — we like to call it “liberating.” On the flip side, if that number is smaller than the number you’re currently spending, then you probably need to work for a few more years to achieve that income number. It’s all about having the income you want and need for the rest of your life, so you can enjoy life more and worry less about your money.
An ideal TRS client is someone who is open to seeing things with a new perspective. Once you reach retirement and transition from the accumulation phase to distribution phase, we help you look at your money differently. Typically, a client between 55 – 75 that tends to be conservative in their approach to investing and risk tolerance is a great fit for us.
How We’re Different
If your experience with the financial industry has been meeting with an advisor whose first question is, “How much money do you have?”, and the second question is, “Do you have a pen?”, then you’ll see right away that we’re refreshingly different. How in the world do they know what’s best for you if they just met you? We often find that people coming to us have various investment products that they’ve purchased over the course of their lifetime, but have no idea what they actually do, what they’re for, and if they are what they really need. And so, the process for us starts on the opposite end of the spectrum.
While working together through our four-to-six-month process, we’re able to craft a tailored one-page written plan that clearly identifies where your income is coming from every month of every year, taking the youngest spouse through age 100. This blueprint also takes into account inflation, healthcare costs, taxes, and other unexpected events that life often brings. This plan can help keep you accountable because it is easy to understand and articulate. Additionally, it has safeguards in place to protect your hard-earned money from any disaster that could send the stock market plummeting.
Your plan continues to change, improve and evolve until it fits your needs exactly, aligning with your goals and objectives. You can walk away at any time during the planning process and owe us nothing for our time, however when your final plan is accepted and delivered, you may experience a sense of calm unlike you’ve ever felt before.
Once your plan is complete, we will check in with you annually to gauge your progress and make any adjustments. This is also an ideal time to review beneficiary designations and consider proactive tax strategies.
Here’s the Rub About Financial Fees
Can you imagine buying a house or car without knowing how much it costs? Sounds crazy, but millions of people are paying fees on their managed investment money and they simply have no idea how much – and it’s in your broker’s best interest not to have you ever find out. Let’s face it, if you’re like most, you probably can’t say with absolute certainty the amount you’re paying in financial management fees. But we can tell you that fees do matter, and if you don’t know what you’re paying, there’s a good chance you’d either be upset or embarrassed when you found out just how much they’re costing you.
Not only can fees charged on your investments take a major bite out of how much you earn, but you’d be shocked by how even tiny differences can have a huge impact on your retirement savings. When you choose a fee for service arrangement with The Retirement Solution, you can feel at ease knowing exactly what you’re paying every month and exactly the services you can expect to receive. The average advisor charges over 1% in fees, which is a staggering $10,000 per year on $1 million of assets under management. If you’re paying more than $5,400 in fees annually, you may be throwing your hard-earned cash to the wind.
If you’re ready to take the first steps to controlling your financial future, The Retirement Solution is ready to help you get started. With offices in Redmond, Mill Creek, Kennewick, and Denver offering a variety of meeting options– in person, virtual Zoom, or the good ol’ fashioned telephone – we’re available to answer your questions and ultimately guide you through the post-career transition. We’ve helped hundreds of couples and individuals transition with confidence, and we’d like to do the same for you. Contact Us
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