Getting ready to retire? Use Our Ready-to-Retire Checklist

Getting ready to retire? Use Our Ready-to-Retire Checklist

Retiring is a momentous occasion for those who have achieved financial success. But, having enough savings today is not enough for a secure retirement. Inflation, increasing interest rates, and market volatility, combined with the possibility of a recession in 2023, can all put your retirement savings at risk if you’re not properly prepared. 

Planning for a comfortable retirement is no longer just about living a lavish lifestyle. It’s about making conscious and strategic preparations as you seek a stable financial future. At ViaWealth, we’ve developed a ready-to-retire checklist that’s specifically tailored for those who are financially independent. 

Our goal is to help you make informed, objective choices so that you can truly enjoy the fruits of your labor when you retire. Let us guide you toward a fulfilling retirement, so that you can truly savor your golden years.
These topics are discussed:

  • Retirement planning for high-net-worth individuals, explained
  • Financial and retirement advice for high-net-worth individuals
  • How to prepare a ready-to-retire checklist for solid planning
  • The big question to ask: Is now the right time to retire?

Retirement Planning for High-Net-Worth Individuals, Explained

Retirement planning is essential for anyone seeking to ensure healthy financial resources for their post-retirement life today. Especially for high-net-worth individuals, it’s critical: your financial situation is more complex than the average person’s. You have unique financial situations that require careful planning to safeguard your wealth. 

The term “high-net-worth individuals” can be defined as people having a net worth of over $1 million. This often entails more complex financial situations than the commonplace, including multiple income sources, investment portfolios, and assets. Similarly, there are other factors such as complex tax laws and estate planning to deal with, as well.

Without careful financial preparation, a retirement lifestyle that is both sustainable and aligned with your current lifestyle is not a sure thing. This is why you consider your current expenses and expected future expenses, including healthcare costs, travel, and other activities you might want to pursue later.

At ViaWealth, our retirement planning process begins with understanding where you are today, financially. Once we have that data, we can begin mapping out the best plan of action to get you from your working years through your retirement years. 

The sections below delve into these specifics, but the typical planning process, after a survey of your personal values and financial goals, may include rebalancing your portfolio, mitigating your taxes, estate, and legacy planning, and more. 

Not Sure if You Need Professional Wealth Management? This Article May Be Helpful.

Financial and Retirement Advice for High-Net-Worth Individuals

A comprehensive financial plan goes beyond just tracking your income and expenses. It takes into account your unique situation, including your risk tolerance, investment goals, tax considerations, and even charitable giving aspirations. 

By analyzing your assets and liabilities, you can identify areas for improvement and make informed decisions about your financial future. One of the most important principles of investing for high-net-worth individuals is diversification. Your retirement plan should include information about your risk tolerances during your working years, early retirement years, and later life years. 

By spreading your investments across a range of asset types, you can help reduce your risk. At the same time, you can, potentially, increase your returns. A typical sampling might include stocks, bonds, real estate, commodities, and alternative investments such as commercial real estate, private equity, or hedge funds.

Taxes can have another significant impact on your wealth, especially during retirement, so it’s essential to consider mitigation strategies as part of your financial and retirement planning. These are often measures such as maximizing your contributions to tax-advantaged retirement accounts such as 401(k)s or IRAs during your working years. Similarly, implementing tax-loss harvesting strategies and considering charitable giving strategies are often useful.

Estate planning is yet another critical consideration for high-net-worth individuals in the retirement planning process. It can help ensure that your assets are distributed according to your wishes and minimize potential estate tax liabilities. You should include a will, trusts, and powers of attorney, as well as provisions for any charitable giving goals.

Finally, working with a fiduciary wealth manager can be an essential component of both your financial and retirement planning strategies. The right professional can help you assess your financial situation, develop a comprehensive financial plan, and implement investment strategies that align with your goals and risk tolerance. They can also provide ongoing guidance and support to help you stay on track toward achieving your financial objectives.

How To Prepare a Ready-To-Retire Checklist for Solid Planning

Preparing for a comfortable retirement doesn’t have to be difficult or painful. Completing these steps should help:

  • Determine your retirement income needs. These will depend on your lifestyle, expenses, and other factors. 
  • Evaluate your insurance coverage. This should include health insurance, long-term care insurance, and other types for protecting your assets in the event of an unexpected expense.
  • Review your estate plan. This should be reviewed regularly, especially as you near retirement. In other words, you should periodically review your will, establish a trust if necessary, and make sure your beneficiaries are 100% up-to-date.
  • Consider your legacy. Finally, consider how you want to be remembered. This may involve creating a charitable giving plan or establishing a legacy fund to support causes that are important to you.

The Big Question To Ask: Is Now the Right Time To Retire?

One question that often comes up for those nearing retirement is whether now is the right time to retire. While there is no one-size-fits-all answer to this question, we believe that there are a few key factors worth considering.

First and foremost, it is important to review your overall financial situation and determine whether you have enough saved to easily support your desired lifestyle in retirement. It is also important to consider your health and any potential healthcare costs that may arise in your golden years: Our healthcare needs often increase with age.

Another factor to consider is your emotional readiness for retirement. Many people find that they struggle with the transition from working full-time to being retired, and it is important to have a plan for how you will spend your time and stay engaged in meaningful activities.

Finally, it is worth meeting with a wealth manager to consider the current state of the economy and the potential impacts of market fluctuations on your retirement portfolio. While it is impossible to predict exactly what will happen, holding diversified assets with a long-term investment strategy in place can help mitigate some of the risk.

ViaWealth LLC is a fiduciary registered investment advisor (RIA) firm with the high-net-worth experience you need. Schedule a free appointment to learn more.

ViaWealth, LLC is a Registered Investment Adviser. Information in this article is for educational purposes only and is not intended to be an offer or solicitation for the sale or purchase of any specific securities or other types of investments. Investing in the securities markets involve risk of principal and unless otherwise stated, returns are not guaranteed. Be sure to consult with a qualified financial adviser and/or tax professional before making any financial decisions. Past performance is not indicative of future performance.

More about the author: Lance Larson

Lance is the Managing Member and Founder of ViaWealth LLC.

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