Retirement planning is a lifelong process — and it looks different depending on the stage of life you’re in. As you start your career, you’ll accumulate assets, develop and adjust investment strategies, and form an idea of how you’d like to retire. Then, as you progress, your goals, plans, circumstances, and risk tolerance may change. Retirement is all about figuring out what you want out of life and taking the steps to get there during each stage of your career. Key Wealth can help guide you through the entire process, so you can stay on track and retire on your terms.
Four Phases of Retirement
Key Wealth has divided the retirement process into four phases to highlight the considerations and priorities of each career stage. No matter what phase you’re in, we can help ensure you’re asking the right questions and making progress toward your goals.
Phase 1: Accumulation
Early on in your career, asset accumulation should be your principal goal. Together, we’ll review your investment strategy, establish your objectives, and assess other wealth issues to prioritize your retirement needs. As life events occur, we’ll help you adjust to stay on the path. We can help you balance competing priorities such as buying a home, building a family, and saving for college, in addition to planning for retirement. At this stage, you may want to explore investment options that can help build wealth and consider an ideal retirement age.
Phase 2: Pre-Retirement
If you’re about midway through your career, now is a crucial time to plan. Your earnings may be increasing substantially, and you’ll likely have a more accurate picture of personal and family needs. Your Key Wealth team will monitor your plan closely and fine-tune based on needed adjustments. We’ll also help you work toward a diversified source of retirement assets with different tax attributes. At this stage, you may want to establish primary retirement goals and consider things like where you’d like to live during your retirement.
Phase 3: Nearing Retirement
Once you’re in the latter stage of your career, or even 1-2 years away from retiring, you’ll need to identify specific needs and any unforeseen obligations that might affect your finances in the future. We’ll guide you through this often-emotional stage and make sure your careful planning is rewarded. At this stage, you’ll want to factor circumstances such as health issues or inheritance into your retirement plans and consider what activities will fill your retirement. You’ll also want to discuss your sources of income and begin to envision what your cash flow will look like during retirement.
Phase 4: During Retirement
Congratulations! You’ve made the leap into retirement — but financial planning doesn’t stop there. Your Key Wealth team will help you identify the most strategic assets to draw your income from. Plus, we’ll remain your partner, helping you balance that income and spending to ensure you’re living the life you’ve imagined. At this stage, you may want to consider whether you’re satisfied with your current plan and how to maintain a happy, healthy lifestyle.
Key Wealth Services & Solutions
We’re here for you every step of the way. Key Wealth can help set up the retirement plan that suits your vision — and we’ll stick by your side to keep you on course. Here are some of the retirement services and solutions we provide:
- Investment Planning and Review
- Cash Flow Analysis
- Qualified Plan/IRA Review
- Retirement Savings Planning, including Social Security Analysis
- Deferred Compensation Planning
- Retirement Distribution Planning
- Risk Management and Asset Protection Strategies, including Life Insurance Review
- Income Tax and Estate Tax Reduction Strategies
- Trust and Estate Planning
- Charitable Giving/Legacy Planning
Let’s create the retirement you envision together. To get started, connect with a Financial Professional at a Key Wealth office near you.
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