Ultra-High Net Worth Retirement Planning Checklist Compile These 29 Pieces of Information Before You Start…
What Are You Most Looking Forward To Doing In Retirement?
Whatever you’re most excited about doing in retirement, powerful forces outside your control will be working against you. Those forces will try to break in, distract, and veer you off course from your plans. If you don’t remain vigilant about your finances and focused on your goals, you might find yourself ten years into retirement having accomplished almost nothing you had hoped.
Now is the time to act and prevent that future moment of regret from ever happening to you.
Proactive wealth management is about securing your dreams and making sure your retirement is everything you want it to be.
What are those forces outside your control? Here are a few.
5 Unbridled Forces That Threaten Your Retirement
- Your elderly parents will need increasing amounts of care, possibly including assisted living or nursing home facilities
- Your children and grandchildren will be buying homes and going to college, and might need your help
- The market will continue to be as unpredictable as ever, crashing and burning when you can least afford it
- Surprise taxes from required minimum distributions and other necessary financial moves will keep popping up and shrinking the size of your retirement income
- Unexpected medical needs for yourself
You never know what will happen. But it’s not hard to imagine what could happen.
In addition, many more retirement tasks do lie within your control, but are difficult to manage.
For instance, you probably have money in all sorts of places, like 401(k)s, IRAs, pensions, and other accounts from your storied and successful work history. You’ll have to start withdrawing from them once you reach certain ages. That’s difficult to manage while maintaining tax efficiency and being certain you’re not withdrawing too much. Plus, it would be much simpler if you could just keep getting a single check, like a paycheck.
And there’s more. You must implement a good estate plan. You must manage your investment risk so your money continues to fund your retirement lifestyle and doesn’t run out too early. You must ensure tax planning is in place to avoid losing too much of your hard-earned money to the government.
With all this in mind, one overarching question must be answered, and it is best answered with the help of determined wealth managers:
How Can I Maintain My Lifestyle Through All the Unpredictability of Retirement?