Understanding Retirement

Looking for answers? Let us help you ask the right questions.

It is useful to think about a successful retirement as a series of phases rather than a final destination. Depending on where you are in the retirement planning process, we can help you ask the important questions that will get you thinking about where you are, where you want to go and how to get there.

Accumulation

In the first phase, retirement planning strategies focus on accumulating wealth and structuring your assets to maximize growth. By developing healthy financial habits now when your earning potential is at its peak, you are making a smart investment in your financial future.

  1. What kind of retirement do I envision for myself and my family? How much should I be saving?
  2. Am I investing my savings in the right vehicles? Could I increase my growth potential?
  3. Does my investment plan suit my retirement objectives, time horizon and risk tolerance?

Transition

The second phase starts the transition from saving strategies to spending strategies, as you prepare to exit the workforce. You still have the leverage of an active earner, and your next steps will determine whether you maintain that leverage as you advance in age.

  1. What are my concerns about retirement? What challenges might I face? How will I manage risk?
  2. Am I on track to retire on schedule? Do I still have a mortgage or outstanding debts?
  3. How should I shift the allocation of my assets? Should I roll over my IRA into a Roth IRA?

Distribution

The third phase focuses on managing volatility and distributing your assets wisely to help you live comfortably in retirement. Reviewing your income and expense projections on a regular basis will ensure that your retirement plan continues to work for you and safeguards your financial independence.

  1. Am I spending too much? Will I run out of money?
  2. What kind of legacy would I like to leave? How vulnerable is my estate to taxation?
  3. Should I purchase long-term care insurance?