In the legacy years of retirement, maintaining your health and independence become key priorities, all while you look to preserve retirement income and thoughtfully de-accumulate assets over the rest of your life.
After the mid-70s and beyond, retirees tend to focus on protecting retirement income, managing healthcare & long-term care expenses and updating their estate plan.
A spotlight on health and longevity may mean less energy spent on the financial aspects of life and more time on maintaining the lifestyle.
While you may not be as physically active as in earlier stages of retirement, many still experience a productive period of reflection, a joyful downsizing of assets, and aspirational planning of their legacy.
In the later years of retirement, it may be essential to ensure enough retirement income to cover living expenses and potential healthcare & long-term care costs. Retirement wealth management at this stage can involve reviewing and adjusting sources of income, such as by making RMDs or drawing down investments.
If you delay claiming SSI benefits until age 70, you can receive the maximum amount based on your earning history.
Reduce your taxable income and the size of your taxable estate with QCDs, while making a difference for a nonprofit organization.
Start drawing down income from the traditional IRAs and 401(k)s you’ve accumulated and avoid penalties.
In the later years of retirement, tax planning, comprehensive wealth planning and investment management trend toward thoughtful de-accumulation, which is a different than earlier retirement stages.
Here is just a sample of what you can expect when working with a retirement wealth advisor:
Talk to a financial advisor about what the later retirement stage or legacy years may look like for you. Get the tools & expertise you need to retire with confidence.
Life is full of financial milestones. We pay for college, we get married, we start businesses. But the most important financial decision we will ever make is when and how to retire. Milestone Money helps you map success to and through retirement.