Retirement Income Advice & Management

A Primer

Upon being retained for advice regarding retirement income matters, I conduct an inquiry into pertinent health-related factors. Life expectancy is a key factor in the decision-making process. Components that must be discussed include, high blood pressure, high cholesterol, Type 1 and Type 2 diabetes, multiple sclerosis, current tobacco usage, mobility dependence, cardiovascular disease, and family history of diabetes or cardiovascular disease, as well as cancer.

Inquiries pertaining to an individual's health status are crucial in the determination of the optimal timing for the commencement of social security benefits, and, if applicable, the defined benefit pension plan. Additionally, overall familial health history and lifestyle choices are also considered during this assessment process.

When advising individuals on their retirement income strategies, it is essential to conduct an inquiry into their health status. A person's health can significantly affect the withdrawal sequencing and methodology, and one’s health must be truly understood to ensure the maximization of social security benefits and potential pension. If the individual has a defined benefit pension plan, their expected lifespan must be calculated on an individual basis.

Moreover, the assessment of the individual's health must consider their overall family history, which may indicate genetic predispositions to particular health issues. Lifestyle factors such as diet, exercise, and tobacco use are also evaluated as these can significantly affect health outcomes. For example, smoking can cause chronic diseases such as cardiovascular disease and cancer, leading to costly medical expenses that can impact the individual's financial resources during retirement. The more negative factors, the more I discuss asset protection tools and techniques.

By evaluating an individual's health status, including their family history and lifestyle choices, my investment advisors with Truesdell Wealth will customized recommendations and strategies that align with the individuals unique situation. The necessary resources to live a comfortable and fulfilling life in the golden years can easily be exhausted when blunt discussions are avoided.

Retirement income discussions heavily emphasize an individual's preferences for distribution control. The level of control that one wants over their retirement income is a critical factor in determining the most suitable retirement income strategy. Some individuals may prefer a guaranteed income stream, such as a private or commercial annuity, defined benefit pension, or charitable annuity or unitrust. The degree to which a stable and predictable retirement income is achieved is multifaceted. While some may favor more flexibility, such as withdrawing funds from their retirement accounts as needed, others are highly fearful of physical, emotional, or intellectual impairments and nursing home confinement, coupled with manipulation and abused by family and others.

Many clients over the past many decades, opt for an income stream combination. A portion of their retirement savings is used to secure a guaranteed income stream while leaving the rest invested for more flexibility. This approach provides our clients with both stability and the ability to respond to unexpected expenses or opportunities that may arise during retirement.

The retirement income development process also considers an individual's risk tolerance, investment objectives, and tax situation, as well as their long-term goals and legacy desires. By understanding the individual's preferences and unique circumstances, my advisors tailor a comprehensive retirement income strategy that aligns with their financial objectives and provides peace of mind during their golden years.

Based on my experience in retirement income planning, I have found that individuals who have spent their careers as employees and received a regular salary have a significantly different mindset than those who have been self-employed or business owners. This distinction is important to consider when creating a retirement income plan.

As a seasoned professional with experience spanning across different decades, including the 80s, 90s, 00s, 10s, and 20s, I have gained insights that are valuable in guiding individuals towards making reasonable decisions when it comes to retirement income. My experience working with a diverse range of clients, including those with employee and self-employment backgrounds, has enabled me to understand and address the unique challenges and opportunities that arise in all cases

My approach, and that which I teach to my staff and clients, involves tailoring income to match each client's individual circumstances. We consider one’s background, preferences, and goals. Regardless of who is directly involved, I provide guidance and support throughout the entire process, from start to finish.