Our ongoing retirement planning provides you comprehensive advice and recommendations about all aspects of your financial life whether you are nearing retirement or already living in retirement
What we offer
We provide you ongoing planning and advice about all aspects of your finances - income and expenses, investments, taxes, insurance and estate planning. This also includes management of your investments and ongoing tax minimization planning. Additionally, we can coordinate the preparation and filing of your income tax returns*.
What you get
The starting point of our ongoing service is the creation of a personalized comprehensive retirement financial plan.
As can be seen by clicking on the image of the "Sample Retirement Financial Plan," your plan will typically include:
- A detailed list of your retirement and financial goals
- The key assumptions used in the plan
- A summary of your net worth
- A summary of your total assets
- An overview of your current investment allocations
- Income & expense projections throughout all of retirement
- The probability of retirement plan success (aka Monte Carlo simulation)
- A detailed list of recommendations to help you achieve your goals
While the formal plan document is the foundation of our relationship, it's important to understand the plan is dynamic and will evolve as your life and financial circumstances change. We'll work with you on an ongoing basis to continually monitor, update and implement your plan accordingly.
We also provide ongoing management of your investments and ongoing tax planning. Additionally, we can coordinate the preparation and filing of your income tax returns*.
What's addressed in your financial plan
The "Sample Retirement Financial Plan" shows the items typically covered in a plan. However, the content of your financial plan will be specific to you and your goals. And your plan will change as your life changes. Even in retirement, financial planning is a moving target! Depending what stage of retirement planning you're in, your financial plan is likely to address questions such as:
Pre-Retirement (1-10 years before retirement)
- What do I want to do in retirement?
- Can I afford to retire?
- When can I retire?
- How much money will I need in retirement?
- Where will my income come from once I stop earning a paycheck?
- Am I saving enough? How can I save more?
- Where should I be investing - my 401(k)/403(b), an IRA, a Roth IRA or a regular brokerage account?
- How should I be investing now that retirement is getting closer?
- Should I pay off my mortgage before I retire?
- How much tax will I pay in retirement?
- How can I minimize my taxes?
- When should I start Social Security?
- How much money will I need for healthcare expenses in retirement?
- Should I be spending or investing my Health Savings Account?
- How much should I help my children pay for college?
- How do I provide financial assistance to my parents?
- What should I do with my cash value life insurance policy?
- How much life insurance should I have?
- Do I need disability insurance?
- Should I consider buying long-term care insurance?
- Is my estate plan up to date?
Beginning Retirement (0-1 year before retirement)
- What do I do with my 401(k)/403(b) after I stop working?
- When and how do I withdraw money from my 401(k)/403(b) and IRAs?
- How should my accounts be invested once I retire?
- How do I protect my savings against inflation?
- When should I start my pension, and what payment type should I choose?
- How do I start Social Security?
- When and how do I enroll in Medicare?
Living in Retirement
- How much can I spend on travel, hobbies and leisure activities?
- How should my money be invested?
- Should I consider purchasing an annuity?
- Can I afford to buy and maintain a second home?
- Should I rightsize to a smaller home?
- Should I help my children pay off their student loans?
- How do I help my grandchildren pay for college?
- Do I still need life insurance?
- How will I pay for long-term medical care, if necessary?
- What is the best way to gift money to my heirs or charities?
- What happens to my finances after the passing of a loved one?
- Does my estate plan properly reflect my wishes?
How we do financial planning
Financial planning is a process, not a product. It's a close ongoing relationship between us involving regular meetings, calls, e-mails, etc. The ultimate goal is for us to help you make the best possible decisions around your financial circumstances to allow you to maximize the potential of achieving your retirement and life goals.
Our financial planning process involves six steps:
Get to know you and gather information
If we mutually decide to work together, we'll then have a few in-person meetings or calls to learn more about you and your goals. We'll also gather all of your necessary financial info such as:
- detailed list of income and expenses
- tax return
- investment account statements
- bank account statements
- mortgage statements
- insurance policies
- estate planning documents
Present and discuss your plan
After completing your plan, we'll present it to you and address any questions you may have, walk through each recommendation and discuss how best to implement the recommendations.
Implement your plan
Once the recommendations are agreed upon, it will be time to implement them. Depending on the number and nature of items to address, it may take multiple months to fully implement your plan.
Typical implementation items include:
- transferring and/or consolidating investment accounts
- reallocating investment portfolios
- converting from traditional to Roth IRAs
- establishing when to claim Social Security
- changing income tax withholdings
- establishing a spending plan
- consolidating debt
- refinancing a mortgage
- buying or selling real estate
- amending insurance coverage
- updating estate documents and beneficiary forms
Monitor, update and manage your plan
You can reach out to us at any time, but we'll plan on having regularly scheduled meetings or calls - typically one to four times per year - to maintain a close relationship with you and your financial circumstances. The goal is to ensure your plan is always up to date and changes are made when appropriate.
It's impossible to know for sure what your life will look like in one year, let alone five years, ten years, etc. Therefore, your financial plan will be a dynamic ongoing process.
What it costs
|For a couple||typically $6,000 to $8,400** per year|
|For an individual||typically $3,600 to $7,200** per year|
Our fees are based on the complexity of your financial life and therefore the amount of resources necessary for us to provide our services throughout the year. The fees will be agreed upon prior to entering a formal engagement with us. The fee ranges shown above are representative for clients whose financial profiles do not have high levels of complexity**.
Unlike many advisors, our fees are not tied solely to the amount of your investable assets. The size of your investment accounts is generally a poor gauge of the complexity of your financial life. Therefore, we feel it is unfair to charge purely based on how much of your assets we manage.
Contact Us or schedule a free introductory call to further explore if we may be a good fit to help you with your retirement planning:
* We coordinate with Tenon Tax Preparation LLC ("Tenon Tax Prep") to provide income tax return services. Tenon Tax Prep and Tenon Financial are different companies that have common ownership.
** For clients whose financial profile has a lot of complexity, fees may be higher. For example, high complexity may include business owners, persons with highly structured legal estates, owners of private or illiquid investments, owners of multiple rental properties, etc.