As longevity has been on the rise in the last several decades, Americans are living longer past retirement, which has increased the need for robust financial planning to ensure that they have enough money to live decades past retirement. As a result, the conventional wisdom of yesterday may no longer be adequate for most investors. Many people will go on to have second careers, or active leisure lifestyles past retirement. There is no longer a “one size fits all” approach to retirement investing, which is why professional investment firms need to craft a more personalized approach to empower clients to achieve their unique financial goals.
At Prime Wealth Advisors, we empower our clients to answer the most pertinent questions when it comes to retirement, personalized for their unique needs. These include:
Can I afford to retire? The answer may not be obvious. Many people underestimate the cost of living post-retirement, and a professional financial services firm like PWA can help you evaluate your assets to see if they are sufficient for retirement.
How much can I afford to spend during retirement? Retirement funds need to match your needs if you’re planning an active lifestyle after retirement. It’s important to outline income and expenses so you can calculate realistically what you will and won’t be able to do after you stop working. You’ll also have a customized budget to follow when you do leave work for the last time.
Will I run out of money late in life? No one can predict how long they will live, but it’s reasonable to presume that post-retirement life will last for decades. There are many ways to extend retirement income to ensure that you have enough to live on, and even leave some assets for your heirs.
How do I protect my assets from the volatility of the stock market? Asset protection is a critical element of retirement planning. If you’re hoping to retire in the near future, it’s critical that you adopt a more conservative risk approach to financial planning. At PWA, we can evaluate your existing assets’ risk and recommend better ways to protect your funds against the unknowns of the market.
What happens if interest rates stay near their historic lows? Many soon-to-be retirees presume that their assets will serve them in low-risk products such as CDs or bonds, but with interest rates currently very low on these vehicles, they may not generate enough income to live in the way investors had planned. PWA can help you with alternatives that will generate more income to live on, including tax structures, safer stocks, and estate planning to shield assets from creditors.
How will I pay for specialized healthcare later in life? When it comes to underestimating the cost of life post-retirement, healthcare is usually at the top of the problem list. Medicare doesn’t cover everything, and supplemental insurance can be pricey and still not cover all the bills. At PWA, our investment specialists can help you understand how a serious or chronic illness will drain your funds, and help you take steps to ensure that you won’t be left without income.
Choose a Risk Management Professional That Caters to Diverse Needs
Arizona-based Prime Wealth Advisors is a full-service investment, tax, retirement planning, estate, and wealth management firm that can craft a robust investment plan for you, your business, and your heirs. We are passionate about helping you protect your wealth and structure a secure income stream in retirement. Our experienced team of financial planners, investment managers, tax accountants, and attorneys work together to develop a customized, personalized plan to help you minimize worries and maximize results.
Call 623.77.PRIME or visit our website for more information.