The beginning of a new path
Getting to retirement is an achievement in itself, requiring dedication, perseverance, diligence, planning and patience. While many may think of Retirement as the end goal of financial planning, BrightPath Advisors look at it as the next step in life’s journey. Once you reach retirement, many aspect of your financial situation continue forward. Spending Plans and Goal Setting are just as important in retirement as they were on the approach to retirement. Shepherding your assets to ensure you can continue to live comfortably and enjoy retirement confidently is a key to a successful financial plan.
Spending down Retirement Accounts
Mostly gone are the days of working for a single employer for an entire career. While this flexibility is generally beneficial it can cloud the retirement picture. At the time most people reach retirement, they may find themselves with a variety of assets spread unevenly across several account types such as 401ks, Traditional-IRAs and Roth based accounts. With this type of variety it is important to pay close attention to the tax implications of withdrawing funds from these separate sources. With each different type of account there are specific rules which need to be consulted in order to stay in compliance. In addition there are RMDs, Required Minimum Distributions, which must be adhered to at specific ages. While the regulations can be daunting, BrightPath Financial Advisors will support you through these decisions to ensure Developing the optimization and longevity of your current assets.
Will I have enough?
Probably the most common question from those approaching Retirement. The answer to this is often more complex than reviewing a single number. Determining what is “enough” when it comes to retirement involves a deep analysis and understanding of each individual situation. Many factors a part of the analysis including market projections, required timeline for current assets, spending habits and legacy decisions. BrightPath Advisors also take the approach of evaluating the “Will I have enough” on an iterative basis. There is no expectation that a client’s situation remains static during retirement. Life events and market conditions continue to evolve, and so it is critical to revaluate our client’s financial situation and make the necessary adjustments to ensure their goals are being met.