If you are already retired or soon-to-be, there are several actions we can assist you with that can help maximize your savings.
Frank Galzarano and LPL Financial will work with you to:
ORGANIZE YOUR ACCOUNTS
Organizing your finances today is an important step for the future confidence of you and your beneficiaries.
- Organize your accounts
- Consider consolidating accounts
- Learn about your account options
- Inform a beneficiary of legal or financial records, PIN numbers, passwords and other information.
- Throw out old paper statements or bills. Shred the discarded documents to keep them out of the hands of identity thieves.
- Identify all your accounts by looking through the statements you receive, both on paper and online.
- Register for online accounts and automate transactions whenever you can.
MAXIMIZE YOUR SAVINGS
You may be living off your savings but there are still steps you can take to make the most of your current and future assets.
- Manage your taxes
- How to make your savings last
- Determine whether to work full- or part-time
- Become aware of any changes in tax laws — they may affect your portfolio if, for example, long-term capital gains rates rise or fall.
- Make sure you have adequate cash reserves
- Determine an appropriate withdrawal rate for your assets
- If you need additional income, consider working in retirement.
MANAGE YOUR INVESTMENTS
You have many choices to make about how your investments can continue to support you throughout a long retirement.
- Asset allocation, diversification and risk tolerance
- Stay invested for the long term
- Roth IRA conversion
- Review your beneficiaries
- Adjust your financial plan as needed
- Review your risk tolerance and asset allocation.
- Adjust your portfolio to ensure that it's still diversified.
- Contact your financial advisor to help you with your investments.
- Make sure your beneficiary designations reflect your wishes.
DEFINE YOUR EXPECTATIONS
It's important to continue to refine your goals and expectations after you retire.
- Review your retirement expectations
- Prepare for unexpected events
- Assess your family obligations
- Reflect on your retirement experience with a friend or in a journal.
- Write down goals that you have for the rest of your retirement and review it with your financial advisor.
- Plan to talk to your spouse or family members about how you might handle unexpected events.
BALANCE YOUR RETIREMENT INCOME AND EXPENSES
Managing your income sources and expenses in retirement can be tricky. How can you continue to sustain your lifestyle?
- Balance your income and expenses
- Income from retirement savings
- Income from Social Security
- Required Minimum Distributions (RMDs)
- Evaluate your expenses
- Health care costs
- Gifting opportunities