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— Tina Hurley, SVP and Head of Financial Planning, Citizens Wealth Management
As the world of work changes, retirement planning is evolving as well. Self-employed individuals, freelancers, and contract or gig workers may not have access to an employer-sponsored retirement plan or pension. Instead, they need to come up with their own investing strategy, Hurley says.
Business owners may also have special considerations in terms of determining how best to save for retirement as well as how to exit or pass along their business.
In nearly every case, though, planning begins with a conversation with a trusted advisor—the all important “discovery process,” as Hurley puts it. From there, you’ll often work through four key pillars: saving and investing, retirement income, managing risk and wealth transfer. Your advisor may bring in other specialists to help address specific pieces, like setting up trusts or working through business-transfer strategies.
Of course, a retirement plan doesn’t exist in a vacuum. There’s no telling what tomorrow brings, whether it’s economic uncertainty or an unanticipated life event. As Hurley explains, that’s why it’s essential to review and update your retirement plan at least once every couple of years to ensure you’re adequately prepared and still moving toward your goals—with an advisor helping you ask the right questions and address any new or changing concerns.
“It’s almost like having a personal accountability coach,” she says. “Ultimately, an advisor helps you build an all-important sense of confidence in your planning while, just as critically, keeping you focused and on track.”
Retirement planning generally begins with a relatively broad approach and becomes more detailed over time—often during your 40s or 50s. Even if you don’t have a crystal-clear vision quite yet, it’s worth connecting with an advisor who can help guide you through key questions and topics, Hurley says.
The planning process can help you flesh out your goals and vision and ensure you’re taking the right steps to fulfill them—while giving you the chance to fine-tune your approach over time. “Being able to break retirement planning into manageable, bite-sized pieces keeps it from becoming an overwhelming process,” she says.
Many affluent and high net worth couples and individuals have more complex planning needs, making it especially wise to meet with an advisor and start the planning process years before retirement begins. “For these clients, we tend to discuss things like tax-efficient investing strategies, Roth IRA conversions and estate planning,” Hurley adds.
Because no two people will have the same experiences, goals or financial picture, each retirement plan needs to be tailored to the individual. As Hurley notes, specific retirement lifestyle goals—such as traveling or pursuing a passion—need to be balanced with planning priorities, whether it’s supporting a child with special needs through adulthood or leaving a lasting legacy.
Still, one factor is a consideration for nearly everyone: how to draw down retirement savings and generate income in the most tax-efficient way, while ensuring those funds will continue to provide for years to come.
“We work closely with our clients to determine how they’re going to replace 70% to 100% of their income in retirement,” Hurley says. “We have to consider things like inflation, health care costs and all of those major expenses that may occur, and how you mitigate them.”
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s you move through your career—and sock away
money in a 401(k) or another savings tool—a few
nagging thoughts might begin to bubble up with
increasing frequency: Am I saving enough to retire? Is inflation going to sap my ability to create a nest egg? How will I take all I’ve accumulated and generate income while ensuring my other personal and financial priorities are met?
There’s no denying that saving and investing during your working years are critical steps. But having a plan—one that considers not just the financial aspects of retirement, but your underlying goals—could set you up for the most comfortable, secure and fulfilling future beyond your working years.
“The sooner you start thinking about your retirement, the better chance you have of meeting your objectives and living them out,” says Tina Hurley, senior vice president and head of financial planning for Citizens Wealth Management. In other words, retirement planning isn’t just about determining how much savings you’ll need to stop working. It’s just as crucial to look at the bigger picture—and by starting the process earlier, you’re better positioned to identify the strategies and solutions you need to help you achieve your goals.
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“It seems really easy to come up with a single concrete number,” she says. “But when you start to peel back the layers, it’s not quite so simple.”
Many affluent and high-net-worth couples and individuals have more complex planning needs, making it especially wise to meet with an advisor and start the planning process years before retirement begins. “For these clients, we tend to discuss things like tax-efficient investing strategies, Roth IRA conversions and estate planning,” Rahemtulla adds.
Because no two people will have the same experiences, goals or financial picture, each retirement plan needs to be tailored to the individual. As Rahemtulla notes, specific retirement lifestyle goals—such as traveling or pursuing a passion—need to be balanced with planning priorities, whether it’s supporting a child with special needs through adulthood or leaving a lasting legacy.
Still, one factor is a consideration for nearly everyone: how to draw down retirement savings and generate income in the most tax-efficient way, while ensuring those funds will continue to provide for years to come.
“We work closely with our clients to determine how they’re going to replace 70% to 100% of their income in retirement,” Hurley says. “We have to consider things like inflation, health care costs and all of those major expenses that may occur, and how you mitigate them.”
Citizens Wealth Management (in certain instances DBA Citizens Private Wealth) is a division of Citizens Bank, N.A. (“Citizens”). Securities, insurance, brokerage services, and investment advisory services offered by Citizens Securities, Inc. (“CSI”), a registered broker-dealer and SEC registered investment adviser - Member FINRA/SIPC. Investment advisory services may also be offered by Clarfeld Financial Advisors, LLC (“CFA”), an SEC registered investment adviser, or by unaffiliated members of FINRA and SIPC providing brokerage and custody services to CFA clients (see Form ADV for details). Insurance products may also be offered by Estate Preservation Services, LLC (“EPS”) or an unaffiliated party. CSI, CFA and EPS are affiliates of Citizens. Banking products and trust services offered by Citizens.
Securities, investments and insurance products are subject to risk, including principal amount invested, and are:
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NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
MAY LOSE VALUE
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