Five Key Areas Of Any Retirement Plan | Estate Planning, Tax Planninng

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Financial advisors that are helping you holistically plan for your retirement should, at the very least, talk to you about your retirement needs within five key areas
1) Wills & Estate Planning; 2) Retirement Income & Cash Flow Planning; 3) Investment Planning; 4) Tax Planning; 5) Healthcare & Long-Term Care

Let’s discuss what each of these five retirement planning buckets could entail at a high level

Let’s discuss what each of these five retirement planning buckets could entail at a high level:

Wills & Estate Planning

Will/trusts
Advance Healthcare Directive (AHCD) – A document that combines a “living will” and a “medical power of attorney”
Financial power of attorney
Review of beneficiaries

Retirement Income & Cash Flow Planning

Analyzing cash flow needs during retirement
Budgeting retirement expenses
Portion of today’s income needing to be saved/invested
Sources of income & withdrawals during retirement
Social Security benefits
Insurance coverage
Debt & liabilities: Mortgage, credit cards, personal loans, etc.

Investment Planning

Minimum returns needed for preferred retirement lifestyle
Risk appetite today and over time
Risk of portfolio vs. potential returns of portfolio
Portfolio analysis and review
Tax efficiency (IRAs, Roth IRAs, 401Ks, annuities, etc.)
Upside & downside potential
Asset allocation and portfolio mix (i.e., how much in cash, bonds, stocks, etc.)
Review of investment-related expenses

Tax Planning

Income tax & property tax review
RMDs/Required Minimum Distributions
Roth IRA conversions
Charitable giving
Estate taxes

Healthcare

Healthcare expenses during retirement
Long-term care insurance needs
Life insurance needs
Medicare planning

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