Retirement plans serve as roadmaps that guide us toward our desired destination in an orderly fashion and within the appropriate timelines. At Breakwater Capital Group, our focus is to assist individuals with investable assets of $500K or more create comprehensive retirement plans to provide for a comfortable lifestyle throughout retirement. Whether in accumulation phase or nearing completion line there will be numerous decisions along the way that need to be made that impact each phase.
The accumulation phase of retirement planning typically begins three to five years prior to your desired retirement date and focuses on creating wealth through savings, investments and strategic financial decisions. At this stage it’s wise to also take into account potential long-term care costs as well as alternative sources of income beyond Social Security benefits, pension plans and personal investments.
As your retirement date nears, it is increasingly essential that your investments be protected against market fluctuations that could wipe out savings. At this stage, it may be wise to reduce exposure to risky investments and transition towards a more conservative portfolio that consists of high-quality bonds and dividend-paying blue chip stocks.
Not only should your financial future be taken into consideration, but so should legal and healthcare considerations. Review and update your estate plan including trusts and powers of attorney as necessary. Also determine your long-term care and Medicare options with an expert financial advisor assisting in their selection and costs.
Business retirement plans can be powerful tools in creating an engaged and committed workforce while offering employees a pathway towards financial security in later life. But the complexity of retirement planning can make things tricky; with various plan options, regulatory requirements and tax considerations that must be navigated. A Denver retirement planning consultant can assist with these issues and design a plan tailored specifically for your company’s needs.
Denver is an attractive option for retirees due to its cultural amenities, natural beauty and commitment to wellness. If you are planning to retire in Denver yourself or helping a loved one plan theirs, starting the planning process as early as possible is essential if you wish for a comfortable and fulfilling retirement experience. With knowledge and local resources at hand, preparing can become part of life again!