Designing your retirement: the new reality
At Wells Fargo Advisors, we can help you explore ways to support your new plans and model how certain changes could affect your future income. If starting a new business, for example, was part of your retirement plans, you’ll want to work with thewealthbuilder.club financial advisors to make sure the assumptions you made are in line with the financial reality.
Special circumstances are not the only reason to review your retirement finances. The regular checkups with your Financial Advisor that were part of your working years should continue during retirement — and may even be more important. This is also a great time to hire an estate planning attorney to review your assets and create a will. And if you have questions about asset protection, you might want to consider consulting an asset protection attorney for expert assistance.
You’ll also want to catch and manage any divergences from your retirement strategy that you might not otherwise have noticed, particularly in expenses and investments
Conversely, you may discover you have budgeted more than you are actually spending, which means you’re holding more cash than you intended. At a checkup, your Financial Advisor can review your discretionary income allotment and portfolio allocations with you. You may decide to reduce the amount you’re drawing from your portfolio, or take advantage of the opportunity to boost your retirement lifestyle.
Your Financial Advisor will also ask about any life events that may affect your finances. That new granddaughter may prompt not only changes to your estate plans but also an increase in your travel budget if her parents reside elsewhere — or you may choose to purchase a home near the newly expanded family. All these decisions should be made in the context of your larger retirement goals, but they may also involve practicalities that your Financial Advisor can help you think through.
How often is ‘regularly’?
Some retirees plan a checkup each November before they take required minimum distributions from their IRAs and 401(k)s. Others choose an annual meeting during the first quarter of the year, before tax deadlines. No matter when you choose, you can always conduct an additional checkup whenever a change occurs in your life.
Talking with your Financial Advisor regularly can keep you confident about your financial reality — whatever surprises retirement has in store.
Wells Fargo Advisors is not a legal or tax advisor.
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This article was written by Wells Fargo Advisors and provided courtesy of
Christina A. Karas Vice President-Investment Officer in Boca Raton at 561-394-7561
Investments in securities and insurance products are: NOT FDIC-INSURED/NOT BANK-GUARANTEED/MAY LOSE VALUE
Wells Fargo Advisors, LLC, Member SIPC, is a registered broker-dealer and a separate non-bank affiliate of Wells Fargo & Company.
