Retirement planning requires so much more than saving up a heap of cash!
Whether you have just opened your first 401(k) account or your retirement is in sight, investing time to make a plan, and periodically review that plan with your advisor, is a smart thing to do.
During your working years, there are a myriad of factors that can impact the kind of retirement you’ll enjoy. Even a simple question, such as, “How should I take advantage of my employer-sponsored retirement plan?” does not have a simple answer.
Many plans offer multiple investment options across a wide range of asset classes and several different ways to save, such as Pre-Tax, After-Tax, and Roth. You could also be missing additional features that may be available to you, like a brokerage window and an in-service withdrawal.
Your EWM financial advisor will work to inform you about the implications surrounding the choices you need to make now. As you build your plan together, you will cover these and many areas of your financial picture through our retirement planning process.
Retirement Planning Process
When your advisor can get an accurate picture of where you are financially, and your goals for retirement, you can work together to build a custom plan that is sustainable and adaptable.
- Planning for Your Retirement:
With an understanding of your current financial situation and your retirement goals, your advisor will draft a retirement plan. It’s a comprehensive plan that works to bring all the pieces of your financial life together and align it with your retirement goals. Your plan considers your investments, taxes, proper insurance levels, income sources and factors that may impact your retirement goals.
Your advisor can address the nuances in your unique situation, like whether pay into a 401k and a Roth IRA in the same year, Roth IRA limits. IRA rollovers, and complexities around your employer-sponsored plan.
- Comprehensive Financial Planning:
Often, people are misguided by well-intentioned investment advice that can put them at risk of missing opportunities or jeopardizing their retirement dreams.
Many people have a retirement account, but they are missing an important part of the retirement picture that is found in an income plan (Read more about an income plan here)
Your advisor will take the time required to build a plan that considers your financial picture as a whole because your financial life doesn’t fit in a single retirement savings account.
- Retirement Planning Management:
Once your plan is in place, the EWM team continues to manage your portfolio. Working as your fiduciary, we can make adjustments to your portfolio with our disciplined Protactical© Process. During review meetings with your EWM advisor, together you will determine any changes that are needed to be made in your financial plan. Life’s journey can take turns for which we didn’t plan: a well-constructed retirement plan can be adapted to continue working towards your ideal retirement.
The retirement plan created and monitored for you, and with you, by your EWM advisor is built on a long-standing investment philosophy. The EWM team is passionate about guiding people through their legacy building journey. Building wealth requires a long-term plan with a focused and steady vision for each client’s unique situation and future.
Experience the EWM difference. Contact us today.