The need for investment planning is critical in the wealth accumulation stage.
Wealth accumulators usually range in age from their 20’s to their 60’s. In our experience, the younger the family the higher the challenge in systematically implementing a savings plan. (Please see our Young Investor page for investors between the ages of 20 and 40).
Usually what we see for pre-retirees are multiple goals that need to be met which could include meeting daily living expenses, saving for a child’s college education or putting a child through college, contributions to an employer retirement plan, creating an emergency savings fund, buying life insurance and other important circumstances. All of these goals must be met by fighting for the same earned dollar.
The need for investment planning is critical in the wealth accumulation stage. We assist our clients by finding the right balance for each family, creatively using single strategies that satisfy one or more of the goals with the same earnings dollar.
Our process for helping pre-retirees is our Family Wealth Planning process which takes families from prioritizing their general goals, to detailing their specific goals to running an analysis to find out their probability of success in meeting their goals long term. Once we know how to meet the family’s goals we will then recommend a custom investment strategy. The Family Wealth Planning strategy and investment strategy are monitored and updated as often as daily.
Retirement Checklist
- Spend three months calculating your living expenses so that you will have a clear picture of your current budget.
- Review your Financial Plan with Windsor Wealth to be sure that your planned retirement date is attainable given your retirement goals.
- Have a plan in place for health care insurance
- Will it be COBRA?
- Will it be a private insurance policy?
- Or, Medicare with a supplemental policy?
- Go online to www.ssa.gov to get your social security benefit.
- Talk to Windsor Wealth about the best time to start your social security benefit and potentially schedule a call with Cindy Lundquist through Windsor Wealth to discuss your options.
- If you have a pension, find out the following:
- When are you eligible to start taking your monthly benefit?
- What is your monthly benefit?
- When do you need to complete the necessary paperwork to get it started?
- How much do you need to withhold for taxes? Talk to your accountant for assistance in this area.
- Talk to Windsor Wealth about putting together an income plan in place to meet your retirement budget
- This may include an investment strategy change to provide you income in retirement.
- Talk to Windsor Wealth about your employer retirement plan and your options for your retirement plan account once you are retired.
- Keep it with the employer or rollover to IRA?
- Review your group life insurance with your employer and talk to Windsor Wealth about the need for life insurance in retirement.
- Review your PTO (Paid Time Off) time. If you have significant PTO find out if that will be paid to you when you retire.
- Once you are comfortable about a date to retire, talk to your HR department about your retirement plans and ask them for the necessary paperwork for your pension and for your retirement plan.