Fiduciary Retirement Planning
A fiduciary is an individual who must act in the best interest of a particular person or beneficiary. Financial advisors who have a fiduciary duty must only buy and sell investments that are the best fit for their clients; they cannot, for example, base their decisions on what investments would provide them with the highest commission. Fiduciaries are held to a significant level of trust with their clients and must avoid conflicts of interest.
Approaching Retirement
Many people approach retirement with no idea whether they are on track to achieve their retirement goals, or what goals they should even be shooting for.
They have no idea how much they need to save, when they can retire, or what type of retirement lifestyle they are heading towards.
Transitioning into Retirement
Transitioning into life without a paycheck feels like a leap of faith to most people.
They have spent a lifetime saving and investing and now want to turn their savings into an income they cannot outlive. They want to know if their portfolio is invested correctly to fund multiple decades of retirement spending, what amount of spending their assets can provide, and how Social Security claiming strategies will play a part. At Inclinevest, every retiree has a customized Investment Policy Statement and Withdrawal Policy Statement for clarity around every aspect of income in retirement.
Currently Retired
Many people enjoy a couple months or even years of retirement before the lack of a paycheck and declining account balances start to make them worried about their finances.
These are people who have been withdrawing from their investment accounts to fund their retirement and aren’t sure if they have been withdrawing too much or too little, or if they are withdrawing from their accounts in the correct order to optimize taxes.
No matter what phase of retirement our clients are in, they have one thing in common. They know the importance of having a financial partner they can trust with the profound responsibility of protecting their retirement lifestyle. Most of them have sacrificed for decades to accumulate their savings. Having guidance from the experts at Inclinevest gives them the confidence to make smart financial decisions and create the best possible foundation for their golden years.
What Type of Retirement Advice Can Inclinevest Give Me? We offer advice on:
- When to take Social Security benefits in a way that is best for you
- What pension distribution choices are right for you
- Stress testing your portfolio
- If an annuity is a suitable investment for you
- Which accounts to take withdrawals from each year, and in what amounts, to minimize the retirement taxes you will pay
- The amount of retirement income you could reasonably expect to have
- What withdrawal rate is appropriate when taking money from a traditional portfolio
- How much of your money should be in guaranteed investments
- What types of taxable income your investments will generate
- How you can rearrange investments to reduce taxable income in retirement
- Whether you should leave your money in your company plan or roll it into an IRA account
- If you should pay off your mortgage before or during retirement
- If a reverse mortgage is a good option for you
- If you need long-term care insurance
- Whether you should keep your life insurance policies or not
- Creating a Withdrawal Policy and Investment Policy
We only make recommendations when we understand your expected time horizon, your level of experience with investments, your goals, and your tolerance for investment risk. We also want to understand your need for guaranteed income and get a thorough understanding of all your current resources such as assets, liabilities, and current and future sources of income.
Good retirement planners will want to know where all your investments are so that your portfolio, as a whole, will make sense and can be optimized to produce a steady stream of retirement income, optimized for your personal situation.