Pre-Retirement Financial Planning
One Coherent Plan
After years of working you’ve likely accumulated a lot. This likely includes investment and insurance accounts from various sources, a home, cars, collectibles, your may own a business, and have other financial interests and obligations. All of these accounts contribute to your pre-retirement financial planning profile as you enter retirement either as a financial resource or to manage the risk to your financial resources.
How to Build a Retirement Portfolio
Social Security Guide: What You Need To Know Before Retirement
A Mutual Investment In Time
A worthwhile plan reflects the interests of the client, the knowledge and experience of the financial advisor, and includes your portfolio allocation, 401k or other retirement accounts, insurance policies, pensions, Social Security, income, expenses (such as mortgage payment or rental expenses, “what if” scenarios, and goals–among other things–into one plan. That takes time.
A thoughtfully created financial plan may take 5-7 hours of dedicated financial advisor time, plus client time. The advisor needs to gather and analyze financial documents from the client, listen and understand the client’s needs and goals, take the time to create the plan, adjust the plan (because there are likely going to be adjustments to make after presenting that first draft of the plan to the client), and then arriving at an accurate characterization of the client’s position and goals: a client-advisor mutual agreement that the plan “hits the mark”. Once that is achieved, the plan serves as a point of reference to which both the client and financial advisor can refer with confidence to help guide the client’s financial journey.
The plan is generally reviewed and updated annually.