Preparing For and Living in Retirement
Retirement has significantly changed over the years, especially since the last recession. Your parents likely relied on pensions, savings, and Social Security to build a stable income for retirement. Today, however, there is an increasing burden on individuals and families to ensure their assets last through their retirement. These changes demand a new way of planning.
Generally speaking, there are three phases of retirement planning: building assets ten or more years prior to retirement, transitioning into retirement, and maintaining assets through the years of retirement. At Renaissance Wealth Management Group of Texas, many of our clients are in the middle and final phases - transitioning into and living in retirement.
We believe the transition into retirement can often be the most stressful and complicated phase. While in this phase, which traditionally occurs in those five to eight years before retirement, it’s important to identify certain opportunities, including needs, objectives, and a clear vision of an independent retirement. As you prepare for retirement, you’re faced with a new set of decisions, including how to create a consistent stream of income that matches your lifestyle, and how to leave a legacy for your family and loved ones.
This can be overwhelming for many, which is why it’s critical to have a dynamic strategy that is customized to your unique situation. Our goal is to help clients use their assets to supplement their income during retirement while integrating risk management. We not only create a strategy for clients, but also provide ongoing support as they live in retirement, whether it’s adjusting their plan or offering guidance.
We understand the complications of retirement planning. It’s not uncommon for people to overlook their retirement planning until they retire. However, it’s crucial to prepare ahead of time. Our goal is to help clients avoid the common pitfalls people make and develop a comprehensive retirement strategy that addresses their unique needs and supports them through their retirement years.