Transitioning To Retirement
Heading into retirement tends to be a stressful and often nervewracking time. It need not be if the retiree has done a good job saving. Howe & Rusling portfolio managers have a great deal of experience working with clients in reviewing their asset allocation and determining appropriate withdrawal rates based on clients’ various income sources. Another typical discussion topic is when to file for Social Security and how required minimum distributions work. Additionally, we work with clients to consolidate miscellaneous accounts in order to make their financial life simpler in retirement.
- If married, discuss key retirement goals/priorities.
- Plan for at least a 30 year retirement.
- Decide when to retire.
- Use an expense worksheet and start allocation of discretionary and non-discretionary expenses.
- Consider (w/ financial professional) reasonable withdrawal rate from portfolio.
- Taxes (on withdrawals)
- Social Security (taxes)
- Discuss sources of income (Social Security, portfolio, pension, part-time work, etc.).
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During the Transition Phase, we recommend a balanced portfolio of Equities and Fixed Income for most individuals
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