The Retirement Navigator™
Confidence & Clarity to Live the Life That Matters
The New Retirement Plan
Retirement Income Planning is complex, overlaps many topics, and asks you to analyze many variables. Would you like the confidence of knowing that you’re on track? To make adjustments NOW while there is still time, and to reduce risk and potentially increase retirement income?
A Unique, Four Step Process
The Retirement Navigator™ is a unique planning process that guides individuals who are on the cusp of retirement. It helps them change their mindset from a retirement savings (accumulation) mindset to a retirement income planning mindset. Our process-based program is aimed at helping our clientele understand their unique challenges, opportunities and strengths and to answer the essential questions: “How much income will my resources produce when I retire?” and “How can we optimize that for a better financial future?”
Once we answer the essentials, we work with clients to create strategies and step-by-step coaching to address topics such as tax implications, social security, healthcare, inflation, asset-allocation, risk management and the 5 Risks of Retirement. We aim to create simplicity for our clients, where others see only complexity. Don’t live another day wondering if you are ready for retirement or if you will outlive your current next egg!
Discover the valuable benefits of the Retirement Navigator™ for yourself in our easy, complimentary Focus Builder consultation today.
The Focus Builder™
We begin by demystifying the retirement planning process and focusing your thinking on the essential question, “How much income will my resources produce when you retire?”
The Future Snapshot™
This step gives you a glimpse into the future and shows you the path you are on now and the potential outcomes you might experience when you retire. Provides income estimates for retirement at set ages such as 60, 65, & 70.
The Results Maximizer™
Here we show you the adjustments you can make now to potentially improve the quality of your financial life when you retire. We address the 5 Risks of Retirement.
The Step-By-Step Gameplan™
At this step it’s time to put your plan into action. You will be provided with personalized coaching and guidance on how to make appropriate adjustments.
Get, Ready, Set… Retire!
THE RETIRMENT NAVIGATOR™ DETAILS:
Retirement Income: Why It Matters & Why It Should Drive Your Thinking?
Once an individual nears retirement, their focus needs to switch from wealth creation to planning how to create a stable, and secure source of income that supports their lifestyle and needs in retirement. Retirees often face unexpected expenses besides their regular income needs. Further, some prefer to spend more if they can afford it or arrange for different goals such as leaving money to family members or charities.
1 Source: Cohn & Taylor (2010, December 29). Baby Boomers Retire: Pew Research Center. www.pewresearch.org.
Why Are the Stakes Higher with Retirement Income Planning than Retirement Savings?
The Retirement Income Planning phase still requires the individual to wisely invest their portfolio, but also demands that the individual withdrawal funds from their investments to satisfy their retirement needs and goals. A retirement income plan must also deal with potential retirement risks such as inflation, longevity, long-term care, and market risk. It is the compilation of all those elements and the requirement for careful monitoring, that make retirement income planning more complex and difficult than retirement savings. It is a different type of financial planning, and thus requires a different type of advisor.
The "Essential Question" How Much Income Will My Assets Produce When I Retire?
During our complimentary first meeting, The Focus Builder™ we begin by demystifying the retirement planning process and focusing your thinking on the “Essential Question.” Without knowing the black and white analysis of your current situation today, we cannot effectively plan for and optimize for tomorrow. You must know where you are now to know where you are headed.
What are the 5 Risks of Retirement?
The 5 Risks of Retirement include: Longevity, Inflation, Asset/Product Allocation, Excess Withdrawal, and Healthcare.
- Longevity: Will you outlive your money?
- Inflation: Inflation risk is purchasing power risk. It’s the chance that your investment income will not be worth as much in the future as it is today.
- Asset/Product Allocation: Are you using the right mix of investments and financial products to secure your financial future in retirement? The investments and products you used when you were building your wealth are often not the tools you need when you retire.
- Excess Withdrawal: When you retire you should be mindful of how much you withdraw from your accounts each year. A safe and sustainable withdrawal rate is the amount that can be taken from a portfolio with minimal probability of depleting the account.
- Healthcare: Longer life spans and rising medical costs make health care expenses a serious challenge for retirees.
Benefits & Value of the Retirement Navigator™ Process
Questions you may answer after completing our Retirement Navigator™ program include:
- What will my potential income look like if I retire at set ages such as 62, 65, or 70? (You determine the age benchmarks)
- What is the best age for me to retire?
- Am I saving enough?
- Am I properly invested?
- Am I using the correct investment products?
- Am I taking on too much risk/too little risk?
- When should I take Social Security benefits? Which way is best for me?
- What pension distribution choice is right for me?
- Is an annuity a suitable investment for me?
- Which accounts should I take withdrawals from each year? In what amounts?
- What withdrawal rate is appropriate when taking money from a traditional portfolio?
- How much money should I place in guaranteed investments?
- What type of taxable income will my investments generate?
- How can I rearrange investments to reduce taxable income in retirement?
- Should I pay off my mortgage prior to or during retirement?
- Do I need long-term care insurance?
- Should I keep my life insurance policies?
Some online Retirement Income Calculators can help to provide a purely numbers estimate of your income, but they don’t tell you which account to use, when, and how to do so. They don’t have the capability to know your unique situation or suggest ways to reduce risks that are pertinent to you. They also can’t help you put your plan into action. The math is the straightforward part, the Retirement Navigator’s™ real value comes from the strategy and plan it helps individuals develop and put into action.
Retirement Navigator™ Planning Steps
You bring as much or as little information as you like. The more information you bring, the more fruitful your consultation will be. Recommended things to bring with you include:
- Social Security Statements
- IRA / 401(k) Statements
- Pension Information
- Summary of Assets (Bank Accounts, Real Estate)
- Goals (Age you would like to retire).
- Current Income Needs
- Long-term Care Insurance Policies
2.) What if I decide the Retirement Navigator™ isn’t right for me?
The first step of The Retirement Navigator™ is a complimentary consultation called The Focus Builder™. There is no charge for this meeting.
We believe in our process, and happily stand by it 100%. If you don’t feel that you fully prepared for retirement (regarding your income) after completing the Retirement Navigator™ we will fully refund your planning fee.
3.) What if I have already retired? Will the Retirement Navigator™ still benefit me?
Many of our clients come to us after already retiring. These clients have usually retired without a plan and were not confident about their financial future. The Retirement Navigator™ works great for them because it gives them confidence and clarity about their financial future that they were looking for. They now know that they have a plan.
4.) What age should I start thinking about retirement?
The Retirement Navigator™ is specially designed for people within a 5-year window of retiring (5 years before-retirement and 5 years after-retirement). This is the transitional period where the most complexity exists and where the most difficult decisions are made.
We believe that financial advice and guidance is not just reserved for the wealthy, and our upfront fees are appropriate for mid-to-upper-middle class individuals. Schedule your Focus Builder™ consultation today to learn more about our Service Offerings.