Retirement Planning

Client Centered

A process of designing and following a strategy that will provide a lifelong income for the retiree.

The five-step retirement plan process

  1. The discovery process: define goals and objectives

  2. Gather data and develop a retirement income plan

  3. Analyze the data and set the strategy

  4. Implement the plan

  5. Monitor and update the plan

The average American needs between 75% and 85% of their pre-retirement income, based on assumptions that spending declines in retirement. 

Sources of retirement income

  • Social Security

  • Systematic withdrawals from accumulated savings and investment earnings

  • Life annuity income from pension plans or insurance company products

  • Other income, including rental real estate, insurance products


  • IRAs have become the #1 retirement asset

  • Types of Individual Retirement Arrangements

  • Contribution Limits

          -$5,500 if under age 50

          -$6,500 if ago 50+                            

  • Contribution deadline

          -Generally, April 15 of following tax year

Role of Annuities

  • Provides a guaranteed stream of income. 

          -The only financial investment product that combines both an accumulation phase and distribution phase in one investment product

  • Shift the market risk and longevity risk to the insurance company

LTC in retirement

  • LTC is the most overlooked source of retirement healthcare expenses

          -Home Health Aide up to $45,760 annually

          -Adult Day Care up to $31,289 annually

           -Assisted Living Facility up to $68,430

  • Federal law defines "long-term" to mean care provided for 90 days or more

          -70% of consumers over the age of 65 will need some type of LTSS at some point in their life

  • Medicare and Medigap plans don't cover most expenses for custodial LTC