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Retirement Planning Overview

January 17, 2020 | By | No Comments

Nearly 60% of the inquiries for services that I receive through my website involve pre- and post-retirement planning. In most of these cases, individuals, like you and your family, are trying to determine whether you can afford to retire and if so, when?.

As a professional advisor, I believe this is one of the most stressful periods in life, when the uncertainty surrounding retirement very often ties the family up in knots. You may attempt to go through this on your own, and certainly you may be capable of doing so. On the other hand, you may be seeking assistance, and if so, you should seek out planners with experience and expertise in retirement planning and, most important, those who do not sell or promote products. 

This may sound self-serving, as I am a fee-only financial advisor: I have no licenses to sell any products, nor do I receive or share referral fees or commissions. What I provide is retirement advice to you for a fee. I quote you a fixed fee upfront and if you agree, we lock it in with a contract., You now becomes a client of Squam Lakes Financial. 

Squam Lakes Financial offers two levels of service. You may want a blueprint to move into the future on your own, which we can accommodate through a Financial Plan. It typically takes 3 to 8 months to complete, and it involves providing a significant amount of personal information, including details about each of your family members along with accurate financial data. Once  I have this information, I prepare your retirement plan, and we then move into the recommendation phase, including 3 to 4 meetings, either in my office or at your home or office. 

You may need product such as long-term care insurance, umbrella policies, etc. as part of the retirement planning process. But developing a retirement financial plan is the first step. Without the plan, how can you know how much, if any, product you will requirei?

The plan determines this, and you then chooses whether to implement the product recommendations If products are required, you may either choose to use your own sources, or I can supply recommendations from a group of trusted providers. 

 

If you are seeking a longer-term, retainer-based relationship, “Financial Planning” is an alternative. It is also based on a fixed fee. In addition to preparing a retirement plan and helping you implement the recommendations, the relationship extends to cover other issues that may arise. 

One point I emphasize: The single most important aspect of retirement planning is “cash flow.” You’ve probably been told that investment management, estate planning, and tax planning are vital to retirement planning. Each of these issues is important in completing a comprehensive financial plan, but when it comes to retirement planning, you either have the cash flow necessary to retire or you don’t.

It’s no tragedy not to have the necessary cash flow at the time we meet. My role is to make recommendations that will help you create the cash flow you need to sustain the lifestyle you hope to have. We can accomplish that goal, assuming we have adequate time to plan prior to your actual retirement date.

As an example, you may have a net worth of $1.5 million, but if it’s tied up in raw land or non-income-producing assets, it may not be an appropriate retirement asset unless it can be sold and converted to cash. We will work together to reposition your assets to develop an income stream.

In summary, retirement may be one of the most stressful events you will ever face. We can make the transition smoother by guiding you to ensure you have the cash flow you need to fund the retirement lifestyle you desire..

Whether you select the short-term financial plan, or the more comprehensive financial planning relationship, be assured my goal is aligned with yours: to make your retirement as financially comfortable and pleasant as possible. Feel free to email me at bob@squamlakesfinancial.com or call me at 603.968.2317.

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