Retirement Planning

If you are looking ahead to retirement, you need a financial planner you can trust. Let our family help your family. When you come in for your complimentary retirement plan assessment, we will guide you through each of our steps, which include:

  • We want to get to know you, so we’ll discuss your goals, needs, and wants.
  • Reviewing all of your accounts to discover what you have in place, and if you’re on the track you want to be on.
  • Review your Social Security options and create an income plan to maximize your benefit.
  • Project your retirement expenses to determine whether your retirement income will last.
  • Build a solid plan so you can retire with confidence.

A Comprehensive Approach to Your Retirement

At GCPA, we will evaluate every aspect of your finances to create solutions for your financial and retirement planning. We believe that we should not limit your financial goals with specific plans; but rather encompass all of your goals, see how they relate to one another, and create a plan that will grow with you.

Money is very personal to everyone and we all have different goals for our money and legacy. We understand this and have built GCPA to be a firm that creates connections with our clients to understand their most important challenges and design investment plans that will work for them.

Getting Your Ducks In A Row

Did you know that many Americans own two or more 401(k) or IRA accounts? If you are one of these people, have you considered consolidating your accounts? It can help you save time and may provide a more comprehensive view of your financial situation. When you have multiple accounts, it can be more difficult to understand how much money you have and where it is. Over time, you may even lose track of some older accounts. Determining which accounts to consolidate and handling retirement plan distributions can be complex and requires careful thought.

Generating Income in Retirement

Have you heard John ask: “Don’t run out of money, before you run out of timeTM.”? When it comes to having income in retirement you want to make sure that from all of your financial planning you do not outlive your money.

There are many things that can cause a depletion of your available funds, such as taxes, health care costs, unpredictable market losses, as well as inflation. Perhaps the biggest challenge is that you’ll need money for a long time. Take a Life Expectancy Calculator to see just how long you may live. Once you have figured that out, you’ll need a plan for generating cash flow while keeping some assets growing. We can show you how to provide income using three basic elements:

  • A cash account for daily expenses
  • A short-term reserve to cover emergencies and generate consistent income
  • Long-term assets for potential growth

Strategies to Reduce Expenses or Increase Income:

  • Find discretionary expenses that you can cut.
  • Keeping an expense diary can help you evaluate your current expenses.
  • Consider shifting money from low-interest checking or savings accounts into cd’s and annuities that pay higher interest rates and defer taxes.
  • Reduce your mortgage and living expenses.
  • Downsizing to a less expensive home or area can help you save on taxes, maintenance and other costs.
  • Go back to work, at least part-time, to earn extra income and enjoy the benefits of remaining active.

Using a variety of investments, GCPA can help you turn your assets into a stream of income. This includes choosing appropriate investments for your cash reserve and long-term assets, as well as setting up a central cash account for your day-to-day expenses.

We can help you evaluate what you already have to determine the financial solutions that best fit your situation. Together we’ll create a customized retirement plan to help you reach your goals so you can confidently save the date for one of the most important financial dates of your life, your retirement.

How Long Will Your Money Last?

With careful planning, your sources of income should be enough for a long, comfortable retirement. But if your expenses are more than you expected, or your investments haven’t performed well enough, you may need to bridge a gap between your costs and income.

Visit our Learning Center to access valuable financial tools, including a retirement calculator that can help you make a reasonable estimate of how long your money will last. If you find that your money might run out too soon, you may need to make some adjustments.

Contact Our Retirement Planning Team

Contact us for a complimentary retirement plan assessment. We will review your plan at no cost and make the appropriate suggestions with your retirement goals in mind.