As you enter the twilight of your career, or perhaps you have already reached retirement, you reflect on how the time has passed so quickly.
It seems like only yesterday you began what has turned out to be a very successful career. With a degree of trepidation, you realize that you will now be drawing on your assets for the rest of your life; quite an adjustment after decades of accumulating wealth- you no longer have a paycheck.
What is most important to you is determining how all of your assets are going to be used to build that stable income you need in retirement. You’ve worked a lifetime to achieve a lifestyle; a lifestyle you want to continue in retirement. Some other important considerations include:
• Ensuring that your income will last a lifetime for both you and your spouse
• Protecting your capital
• Minimizing taxes during your lifetime
• Developing an estate plan which clearly defines how your estate will be distributed
• Implementing planning that will help to maximize the value of your estate for your family
We have enclosed a checklist that touches on a number of important planning considerations. The list is not necessarily inclusive; however, it does provide a framework that highlights critical areas of discussion.
You may also want to take our self-diagnostic test, which can provide even further insight into your overall state of planning.
Finally, if you own a business or have a professional practice, a significant part of your retirement planning will also include planning for the transfer or sale of the business. This is discussed in the exit strategy.
“Plans are nothing; planning is everything.” -Dwight D. Eisenhower