Retirement Planning

Retirement should be a time for relaxation and enjoying your time in the way you see fit. However, in order for that to be a possibility, planning ahead—well ahead—is essential. Many details must be considered, and the process can be confusing and hard to understand if you go it alone. Working with an advisor to create a comprehensive plan for retirement will help you reach all of your goals. 

At Prevail Wealth Management, we put you in the position to bring your ideal retirement to life. We will help you create strategies to build wealth through savings, equity markets, and retirement accounts, then determine the best way to distribute those funds throughout the years after you retire.

An ideal retirement allows you to pay for basic living expenses, along with travel or other activities you may wish to pursue, without worrying about running out of money. Our five-step retirement planning process is designed to help you get there. The sooner you start planning the better, but it is never too late.

One: Determine retirement needs, wants, and wishes. We will meet with you to review when you would like to retire, your financial goals, your potential healthcare needs, and your current financial reality. We will document all of this information and begin to create a retirement lifestyle plan.

Two: Assess your gaps and address how to get on track. After we understand your goals and current financial reality, we will begin to identify the gaps that could stop you from achieving your goals. Examples might include not saving enough each month, wanting to retire earlier than is realistic, or perhaps having an income goal that is too high. Once we have identified these gaps, we will begin implementing strategies to address them.

Three: Monitor and review your retirement lifestyle plan. Over the years, we will monitor your retirement lifestyle plan and adjust it based on market conditions, new financial goals, and other changes. Knowing that your plan is evolving and keeping up with those external changes will help you feel confidence in your ability to retire.

Four: Retire! If you stay on track with your plan, you should be able to retire at your desired age and live your desired lifestyle. We will continue to support you by monitoring your goals and investment portfolio so you don’t have to worry about outliving your money.

Five: Implement wealth transfer and legacy strategies. Planning for the transfer of assets at death is a critical element of retirement planning, especially if there are survivors who are dependent upon the assets for their financial security. Estate transfers can be as simple as drafting a will, which is essential to ensure that assets are transferred according to your wishes.

Without proper planning, larger estates may be confronted with settlement costs and sizable estate taxes, which could reduce the amount of assets available for distribution to heirs. We will help you determine what the best estate option is for you and help create a plan, working with estate attorneys and other experts as necessary.