Retirement Planning

Retirement planning is the process of making smart decisions with your finances to achieve financial independence in retirement.

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Are you concerned about not having enough money to live comfortably in retirement? Of course you are. 

 

But, you're not alone. In fact, a 2017 investor study by Dimensional Fund Advisors identified this as the top concern for investors who had between $1 million to $5 million in investable assets.

 

That's where Covenant Wealth Advisors' retirement planning advice can help. We can help you identify steps to improve your retirement readiness. We can also give you the financial planning knowledge you need so you don't run out of money.

 

When you decide to retire, we can provide the financial security and peace of mind you want.

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WHY RETIREMENT PLANNING?

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I want to know when I can retire. 

Retirement planning can help you understand when you can retire. Our personalized retirement projections takes into account your total financial life including your income sources, taxes, assets, expenses, and retirement goals. You'll find out when you can retire with a high degree of confidence.

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I want to know how to retire. 

You have one chance to retire without running out of money. We'll provide a clear action plan to help you optimize your income in retirement, maximize social security benefits, pay for healthcare costs, preserve your assets, and help fund the lifestyle you want. Our financial advisors specialize in teaching individuals and families how to retire.

 

I want to know how much income I’ll have each year in retirement.

Your lifestyle partially depends on your ability to create income. When you retire, you'll need to transition from a work "paycheck" to a portfolio "paycheck." We'll help you visualize your cash-flow in retirement so you can know how much income you'll have. 

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I want to know how to pay for healthcare costs in retirement.

Healthcare costs and long-term care expenses are rising much faster than average inflation. Rising healthcare costs creates a big problem for retirees. We’ll incorporate the costs of healthcare in your retirement plan and develop strategies to pay for it.

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I want to avoid a significant investment loss during a market downturn in retirement.

Stock market downturns can have catastrophic consequences when they occur early in retirement. If you don't have a well-implemented investment plan, it's possible you won't recover. We'll design and manage a retirement portfolio personalized for your unique needs, income, tax bracket, and personal tolerance for risk.  ​

 

I want to know my sources of income in retirement.

Retirement income can come from many different sources.  Guaranteed sources of income can include social security, pensions, or even annuities. But, you may also need to generate income from tax-deferred retirement accounts like 401 k plans or traditional IRAs. We’ll analyze your sources of income and create personalized strategies to make your money last.

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I want to know when to take social security.

Identifying the right social security strategy may improve your lifetime income by over $100,000. We can help you determine the best social security strategy for you, so you don't leave money on the table.  

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I want to get the most out of my employer-sponsored benefits plan.

Employer-sponsored benefits can provide a boost to your retirement savings and income. We can help you make investment selections in your 401 k and evaluate catch up contributions and Health Savings Accounts.

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I want to know the return I need on my portfolio, so I don’t run out of money.

The return you get on your retirement nest egg is a significant factor when projecting your retirement income. We'll help you calculate the returns you need in retirement. Then, we'll design and manage an investment portfolio that gives you the highest probability of achieving the returns you need.  While no returns are guaranteed, we leverage Nobel Prize-winning economic research to provide you with the best chance at success.

 

I want to reduce taxes in retirement.

Unfortunately, when you retire, the government will want payback in the form of required minimum distributions. But determining when to take your distributions can either increase or decrease your lifetime tax liability. We’ll help reduce your tax obligations by analyzing tax-advantaged vehicles and tax-efficient income distribution strategies. Roth IRAs, Health Savings Accounts, and tax-managed investing can make a significant impact.

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Whether you are age 50, age 62, or any retirement age, Covenant Wealth Advisors can help.