When it comes to retirement, individuals often struggle with questions of how much should I be saving, when can I retire, and how long will my investments last? Whether you are just starting to save, already retired or somewhere in between, our advisors can help answer your questions and provide a plan to meet your retirement needs.
The Benefits of Retirement Planning
Ultimately, the focus of retirement planning is the determination of a strategy and time frame for financial independence. Whether you are just starting to save, in pre-retirement or already retired, careful planning provides the assurance and confidence of knowing you have a strategy in place. Maintaining an ongoing planning relationship further assures that your strategy is able to evolve over time, as it changes to your personal needs, desires and goals.
Working with Pacific Investment Advisors for your retirement needs means that you will have the peace of mind, confidence and security of knowing that your retirement strategy is in place and ready to meet the challenges ahead.
Accumulation Stage
The initial stage of retirement planning is focused on building wealth for future requirements and goals. Individuals in this stage are attempting to prioritize their savings objectives and plan for events such as purchasing a home, providing for a child’s education, funding eventual retirement and managing current cash flow needs.
We can help by putting these options in perspective and offering comprehensive strategies designed to meet long term objectives. We also realize that as time passes, goals may change and strategies require adjustment. By monitoring your progress and updating your plan, we can keep you on track for success.
Pre-Retirement
As individuals transition into the second stage, savings and investments typically become a greater concern. Individuals are focused on accumulating the assets they need for retirement. Asset location at this point becomes increasingly important. This is a process to determine the types of investments that should be held in retirement accounts versus taxable accounts. Investment and retirement accounts may be well funded, but, as retirement approaches, individuals often want assurance that they are adequately prepared for the challenges ahead.
As retirement nears, our strategy becomes increasingly focused on preparing for your transition to begin. We revisit your cash flow requirements for the initial retirement years and rerun projections for expenses and investment income. We also look for other financial gaps that may need to be addressed prior to retirement. Our goal is to provide you with the security and knowledge to make a confident transition.
Retirement and Beyond
As individuals enter retirement and begin to draw from their savings, strategies for preserving wealth and managing expenses become crucial as the risks include higher taxes, greater inflation and the potential of outliving one’s assets. Additionally, while the generation of income and preservation of capital are often primary goals during retirement, charitable giving, education funding for grandchildren and legacy planning are often areas of interest that benefit from prudent planning.
For individuals already in retirement, our planning focuses on the identification and management of risks to the client's retirement plan. As in the pre-retirement stage, we periodically review income and expense data to determine if your retirement strategy is aligned with your objectives. By keeping a close watch on investment assets, withdrawal rates and long term goals, we can anticipate future needs and prepare for them in advance.