For our retired and pre-retirees, I wanted to share some insights to the cost of healthcare in the...
Retirement Gets Real
Let’s Do Life: Stay Connected Through Every Stage With Virtus Wealth Management
Life Events
You may be:
- Navigating a new normal after retirement
- Growing your family with grandchildren and great-grandchildren
- Managing health concerns and expenses
- Coping with grief after the loss of your spouse or loved ones
- Preparing and executing transition plans for your business or estate
- Reinventing yourself or your career
- Monitoring market volatility and retirement income
- Utilizing Medicare and Social Security
Questions and Frustrations You May Relate To:
Am I emotionally prepared for retirement?
If I retire, who am I? Have I achieved everything I wanted to throughout my career? Can we afford those hobbies or the travel we’ve been dreaming of?
What about my legacy?
Am I leaving my loved ones enough? What is the best way to help my grandchildren pay for college? Am I gifting enough to charity?
Am I prepared to cover any potentially serious health-related costs that could occur in retirement?
Does one spouse or both need Long-Term Care and/or Disability Insurance? Does Medicare cover Long-Term Care expenses? What are the best options? What do I need to know about supplemental health insurance?
What is the best way to transition my business or wealth?
What are the tax implications on the sale of a business? Should I transfer my business to family or sell to a third party? What should I consider when negotiating a deal? What should I do with the cash from the sale? How will a career change impact my retirement income? Can I afford to launch a new business or passion project?
How do I retire without losing principle?
How can I minimize my tax liability in retirement? Is my portfolio and financial plan still aligned with my age and risk tolerance? When should I file for Social Security? I’m worried about market volatility impacting our retirement income.
What you need to know in this life stage:
Much of the conversion regarding retirement is frequently centered on your finances, and for years you’ve been preparing and planning with various strategies and what-if scenarios. The numbers might be all mapped out for you. However, there is more to consider before making the transition. What is often missing from the conversation is the emotional side of retiring. Your financial advisor should be a resource you can turn to with all of your questions and concerns – both financial or otherwise.
We understand that having enough saved for retirement income is not the only factor you must consider. Retirement isn’t what it used to be. Today, it’s less about transitioning out of your career and more about moving into something new. Whether you want to launch an encore career, dive into old passion projects, or dedicate yourself to nonprofits and volunteerism, envisioning your new normal and formulating a new structure to your day is essential for preparing yourself financially and emotionally.
Another thing to consider before retiring is your social network. Sometimes work relationships come to an end and more time is spent at home in retirement. Our Wealth Manager and Founding Partner Chuck Elhoff jokes that retirement is half the money and twice the spouse. We’ve heard retirees quip: “I married you for better or for worse, but not for lunch.” Not to worry though because numerous studies show that people report the highest degrees of happiness in their late teens/early twenties, and then again to similar degrees in retirement.1 And high-quality social interactions with other people is one of the biggest positive influences on happiness.2 Planning regular time spent with a social network that does not include your spouse or people that you currently work with can help you smoothly transition to a happy retirement.
At Virtus Wealth Management, we partner with you to get you from where you are today to where you want to be in the future. Our advisors work to ensure that you feel educated, empowered and involved in your future. We have a combined 120 years of experience helping clients successfully transition into and thrive in retirement. Call us today to learn more about how we can help you.
Myth Busters: The Baby Boomer Generation
What Happens When A Loved One Passes Away?
How We Can Help:
Update your plan. As your income and expenses change, our advisors will review your financial plan and make any adjustments to ensure you stay on track. The amount of risk you are taking in your portfolio can be adjusted to meet your new needs. We will look at your asset protection to ensure your coverage is still working efficiently for you. Our holistic approach to wealth management allows us to look at all the various pieces that affect your finances. We strive to coordinate and unify those pieces in order to maximize the efficiency of your wealth.
Solidify your succession plan. Whether it’s your business or personal estate, our advisors can review and make necessary recommendations to ensure that your finances transition as you intended for them to. We can advise you on tax planning strategies such as helping you to take advantage of yearly and lifetime gifting amounts or qualified charitable contributions. We understand that your life and your situation is unique, so your succession plan should be as well. Our advisors are here to listen to what is important to you, and do our best to ensure that your intentions are executed as you wish. Here are a few resources to get you started:
Ethical Wills – The Gift That Keeps Giving
List of Services:
- Preserving Wealth
- Asset Management
- Investment Strategy
- Market Perspective
- Playing Catch-Up
- Retirement Income
- Financially Prepare
- Mentally / Emotionally Prepare
- Working in Retirement
- Social Security Planning
- Taking Tax-Advantage Distributions
- Healthcare Considerations
- Medicare Planning
- Supplemental Insurance
- Long-Term Care
- Estate Planning
- Execute Intentions
- Preserve Wealth
- Gift to Charity
- Planning for Grandchildren
- Rollovers / Account Consolidation
- Adjusting Asset Protection
- Car Insurance
- Home Owners Insurance
- Individual Life Insurance
- Individual Disability Insurance
- Umbrella Policy
- Tax Planning
- Tax-Loss Harvesting
- Stock Options
- Tax Management Strategies
- Inheritance
- Manage & Invest
- Effective Incorporation Into Your Plan
- Divorce / Remarriage
- Financial Considerations
- Estate Planning & Asset Protection Recommendations
- Beneficiary Updates
- Merging Finances & Financial Plans
- Business Planning
- Corporate Structure
- Business Continuity & Succession Planning
- Second Opinion Service
- Stress Test Your Portfolio and Retirement Plan
Resources to get you started:
The 6 Biggest Mistakes You May Be Making With Your Wealth
Why Work With a Financial Advisor
