Step 1: Visualize the lifestyle they want in retirement
I help them paint a picture of what their retirement will look like. What is the lifestyle that they want to live? Where do they want to live? How do they want to stay active? What type of legacy do they want to leave?
Step 2: Make a budget
The next step is as financial advisor is helping them determine their spending needs. This cash flow analysis helps them prepare what their monthly expenditures will be. A good online worksheet calculator can be found here.
Step 3: Determine how they are going to generate retirement income
This income typically includes Social Security, pensions, dividends, annuity flows, retirement account distributions, and general savings spend down. As a National Social Security Financial Advisor, I help them maximize their benefits. The Social Security website has online calculators if you want to do it yourself.
Step 4: Build & Construct an Asset Allocation
Proper wealth management and diversification are critical to staying retired once they are retired. The most common mistake I see is only considering stocks. The proper asset allocation may include real estate, stocks, bonds, life insurance policies and exchange-traded funds. It is critical that they understand that they can’t control market returns, inflation, taxation, and other government policies. However, I help them control portfolio risk and the income that is generated from their portfolio. As a Chartered Financial Analyst (CFA), I’m a qualified investment professional that can help you with this step.
Step 5: Monitor for changes
Markets change and so will their budget in retirement. I continuously monitor the first four steps and make adjustments accordingly.
These steps are a guide to provide my clients a more comfortable retirement. If you would like to work with a financial advisor that specializes in retirement planning and wealth management, please give me a call or schedule a meeting for a free consultation. I serve clients located in Massachusetts and Rhode Island.
Below are a current list of towns where I have helped individuals and families. I can also help you if you live in a surrounding community.
Attleboro, Bellingham, Boston, Bristol, Brookline, Canton, Dartmouth, Dedham, Dover, Fall River, Falmouth, Foxboro, Framingham, Franklin, Hingham, Lakeville, Mansfield, Middleboro, Milford, Millis, Milton, Needham, New Bedford, Newton, North Attleboro, Norton, Norwood, Plainville, Plymouth, Quincy, Raynham, Rehoboth, Sharon, Somerset, Southborough, Stoughton, Swansea, Taunton, Wakefield, Walpole, Wellesley
Cranston, Cumberland, Johnston, Lincoln, Pawtucket, Providence, Smithfield, Warwick, Westport