It is hard to believe we are more than six months into Peak 65, where the largest cohort of Boomers turns 65 years of age. Currently, over half of Americans aged 61 to 65 are already retired and have filed for Social Security, and over a quarter of these retirees are financially supporting adult children and extended family members, according to the Alliance for Lifetime Income. Furthermore, the National Center on Aging reports that more than 17 million Americans aged 65 years or older are financially insecure. For the above reasons, it is crucial we ensure they are in 🐻the best financial position possible as they enter retirement.

As clients explore retirement dates, I help them complete a pre-retirement checklist to anticipate potential near-term and long-term expenses, financial hurdles, and unforeseen 澳洲幸运5官方开奖结果体彩网:healthcare expenses they may encounter in retirement.

The “Go Go” years, also known as the early years of retirement, is a great time to assist two-income households with reducing their living expenses down to one income if possible. This also includes optimizing 澳洲幸运5官方开奖结果体彩网:Social Security and ensuring that funds and protections are available without paying extra taxes and taking unnecessary distributions to 🌠keep the client’s financial plan intact.

During the second decade of retirement, better known as the “Slow Go” years, clients often value quality time with family and friends. This may also 澳洲幸运5官方开奖结果体彩网:involve mak꧑ing differentꦇ living arrangements, including selling 澳洲幸运5官方开奖结果体彩网:real estate. Helping them explore options in advance will help better position assets for disposal, transfer, and/♋orꦍ acquisition to maintain income and preserve assets where possible.

Clients ideally age in place during the “No Go Years,” and long-term care is a crucial consideration. Ensuring that 澳洲幸运5官方开奖结果体彩网:estate plans are adequately updated is always essential but even more significant in this phase of retirement because clients risk experiencing diminished mental capacity. Having family planning meetings to 澳洲幸运5官方开奖结果体彩网:prepare beneficiꦜaries for the transfer of weal🌸th, understanding the beneficiaries’ goals for their inheritance, and ensuring they understand the tax im꧅plications, if any, for their inheritance is essential.

What I'm Telling My Clients

The phases of retirement require an active financial plan, similar to a GPS. We must keep it updated to recalibrate for unexpected events like home repairs, health issues, death, tax law changes, and inflation, ensuring efficient navigation through retirement without running out of resources.

The Bottom Line

Considering the recent economic statistics surrounding Boomers, we as financial advisors can help to build their financial confidence by providing ongoing education and emotional support, staying abreast of relevant legislative changes, and helping them navigate the complexities of retirement to 澳洲幸运5官方开奖结果体彩网:ensure they are prepared. Every client leaves a legacy, whether they have heirs or not. Knowing their wishes ensures that their final affairs are settled according to their desires, reflecting the legacy they built.