• Accumulation
  • Pre-Retirement
  • Income Management
  • Legacy Planning

stage2Accumulation Stage

An individual or couple realizes they need a plan to help them save for their long-term goals. They are motivated to take action and seek guidance from a professional.

Questions You May Have:

  • How aggressive do I need to be for my investments to grow?
  • How should I balance investing for retirement with my short-term needs?
  • How can I maximize my company’s benefit plans?
  • Do I need a will?

Common Characteristics:

  • Looking for a financial plan and guidance
  • Missing out on long-term growth while trying to time the market
  • Increased income and the need to minimize tax liability

Results of Insufficient Planning:

  • Relying on Social Security benefits during retirement
  • Funding your children’s college education from retirement savings
  • Being unable to care for family should unexpected events occur
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stage1Pre-Retirement Stage

An individual or couple begins to form ideas about their upcoming retirement. They take a serious look at the standard of living they can sustain in retirement.

Questions You May Have:

  • Do I invest for growth or should I start thinking about capital preservation and income?
  • How can I lower my marginal tax bracket?
  • Should I save more for retirement?
  • How am I going to afford health insurance in retirement?

Common Characteristics:

  • Heavily invested in employer’s company stock
  • Parents begin having long-term care issues
  • Children inherit a large amount of money and may be unable to manage it

Results of Insufficient Planning:

  • Working longer than planned
  • Ending up in a higher tax bracket
  • Having a mortgage payment at retirement
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stage4Income Management Stage

An individual or couple leaves their full-time employment and no longer receives a paycheck. They rely on an income stream from investments, retirement accounts, social security and possibly part-time work.

Questions You May Have:

  • Can I afford to buy a second home?
  • Will I outlive my assets?
  • Why are long-term care costs so high?
  • Do I need a living trust?

Common Characteristics:

  • Wanting investment stability, but requiring more income than a fixed investment will provide
  • Travel and leisure expenses are higher than anticipated
  • Surprised by the tax withheld on retirement plan distributions

Results of Insufficient Planning:

  • May need to go back to work or depend on family for financial support
  • A large part of discretionary income is used to pay for prescription drug costs
  • A health care directive or power of attorney is not in place
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stage3Legacy Planning Stage

An individual or couple focuses on distributing assets. Interests may include gifts to children, funding college for grandchildren, or donating to a favorite charity.

Questions You May Have:

  • Should I consider consolidating all my accounts?
  • How can I minimize estate and IRA taxes?
  • How will I pay for assisted living costs?
  • How can my estate avoid probate?

Common Characteristics:

  • Start gifting discretionary income
  • Retirement Minimum Distributions are increasing
  • Funding grandchildren’s education
  • Attempting to buy long-term care insurance, but not qualifying

Results of Insufficient Planning:

  • Pay excess estate taxes
  • Life savings depleted due to nursing home costs
  • Leaving your executor a complicated duty
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"Prepare To Reach Your Goals"

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