David and Susan had both worked hard over the years, and they were looking forward to a comfortable retirement. However, they were concerned about making sure their money lasted for both of their lives and leaving something behind for their children and grandchildren. They recognized they faced several threats in retirement, including inflation, market volatility, taxes, longevity, long-term care, and increasing lifestyle costs.
Here are the benefits they experienced through comprehensive financial planning:
Creating a Retirement Income Plan: One of the biggest concerns for David and Susan was ensuring that they had enough retirement income to last for both of their lives. Through the financial planning process, they worked to create a comprehensive retirement income plan that took into account their assets, liabilities, and projected expenses. This plan helped them understand how much they could safely spend each year and how to optimize their retirement income sources, such as Social Security and their retirement accounts.
Managing Investment Risk: David and Susan were concerned about market volatility and the impact it could have on their retirement income. The planning process helped them create a diversified investment portfolio that balanced their risk tolerance with their long-term financial goals. They also established a plan for managing market volatility and rebalancing their portfolio as needed.
Addressing Long-Term Care Needs: David and Susan recognized that long-term care was a significant threat to their retirement income and assets. Engaging in financial planning helped them assess their long-term care needs and identify the right insurance policies to protect their assets in case of a long-term care event.
Legacy Planning: David and Susan wanted to leave a legacy for their children and grandchildren. In collaboration with their estate planning attorney and our advisory team, they were able to create a comprehensive estate plan that addressed their wishes and minimized the impact of taxes and other expenses that would put a drag on their estate.