Whether you’re still a decade or more away from retirement or already enjoying life after work, it’s worth asking an important question: Will your financial resources support you for as long as you need them? With people living longer and economic conditions constantly shifting, having a financial plan focused on longevity is essential. The following are strategies that can help you feel confident that your money will support you throughout your lifetime.
■ Create a sustainable withdrawal strategy.
After years of saving, it’s natural to feel excited about using your hard-earned money during retirement. Some retirees are quick to prioritize spending on the retirement dreams and hobbies they planned for, while others hesitate for fear of outliving their savings. A thoughtful withdrawal strategy can help you strike the right balance, allowing you to enjoy your retirement lifestyle today while protecting your financial wellbeing for the years ahead. Your financial advisor can help determine an appropriate withdrawal rate based on your assets, expected expenses and long-term outlook.
■ Build tax-efficient income streams.
Tax efficiency becomes increasingly important as you transition into retirement. A range of investment vehicles — such as Roth IRAs, Roth 401(k)s, Health Savings Accounts, municipal bonds, ETFs and index funds — offer varying degrees of tax advantages in retirement. Maximizing these opportunities can help you keep more of what you earn and stretch your income further. Because the options are diverse and each person’s circumstances are unique, an advisor can help you identify which combination best aligns with your goals.
■ Consider guaranteed income solutions.
Having at least one reliable, predictable income source in retirement can provide peace of mind. Guaranteed income solutions typically offer payments on a regular schedule and are not affected by market downturns. Options may include pensions provided by former employers, annuities purchased through insurance companies and Social Security benefits. Understanding which of these solutions are available to you — and how they fit within your broader retirement plan — can help create greater stability and confidence in your long-term cash flow. But it’s important to understand the associated fees, contract terms and trade-offs before making a decision.
■ Be strategic about Social Security timing.
Social Security is often a cornerstone of retirement income and deciding when to begin collecting benefits can have a significant financial impact. While you’re eligible to start receiving payments at age 62, benefits increase each year you delay — up to age 70.1 If you have other income sources to support your early retirement years, waiting may provide a higher lifetime benefit. Your financial advisor can model different scenarios and help you determine the timing that best supports your personal and financial goals.
■ Work with a financial advisor.
No one wants to reach the later chapters of life feeling financially vulnerable or uncertain about the future. Working with a financial advisor can help you create a plan designed to support longevity, adapt to life changes and inspire confidence that your money continues working for you.
MICHAEL W. K. YEE, CFP,® CFS,® CLTC, CRPC®
1585 Kapiolani Blvd., Ste. 1100, Honolulu, HI 96814
808-952-1240 | michael.w.yee@ampf.com
ameripriseadvisors.com/michael.w.yee
Michael W. K. Yee, CFP®, CFS®, CLTC®, CRPCTM, is a Private Wealth Advisor/Financial Advisor with Ameriprise Financial Services LLC in Honolulu, Hawai‘i. He specializes in fee-based financial planning and asset management strategies and has been in practice for 42 years. 1 Social Security Administration: “Starting Your Retirement Benefits Early.” ssa.gov/ benefits/retirement/planner/agereduction.html Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.
Ameriprise Financial Inc. and its affiliates do not offer tax or legal advice. Consumers should consult with their tax advisor or attorney regarding their specific situation. Ameriprise Financial cannot guarantee future financial results. Investment products are not insured by the FDIC, NCUA or any federal agency,
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