Building a Secure Retirement: Pre-Retirement Planning Considerations

Reviewed by Michael Landsberg, CIO, Landsberg Bennett Private Wealth Management.

Retirement often extends across several decades, with many experiencing this phase for 20 to 30 years or more. Initiating your financial preparation early is advantageous, taking full advantage of compound interest to bolster your savings growth substantially over time. Early planning not only helps in enhancing your savings approach but also in addressing financial shortcomings early on.

Beyond mere financial calculations, pre-retirement planning is crucial for laying a foundation for a future marked by reduced financial worries and increased security. It's about crafting a life stage filled with confidence, backed by the assurance that you're well-equipped to support your needs through the coming years.

Understanding Your Retirement Income

In preparing for retirement, knowing the sources of your future income is essential for stability. Here's a straightforward look at typical retirement income pillars:

• Social Security Benefits: For many in the U.S., Social Security forms a core part of retirement finances, offering consistent income influenced by your earnings record and the age you commence benefits. Deciding when to initiate Social Security impacts the cumulative benefits throughout retirement.

• Retirement Savings Plans: This includes vehicles like 401(k)s, 403(b)s, and IRAs, structured to foster tax-efficient savings growth. The management of these plans, encompassing how you contribute, invest, and make withdrawals, plays a critical role in their effectiveness as retirement income sources.

• Pension Plans: Though less common than in the past, pensions still represent a key income source for some retirees, providing set payments derived from your work tenure and salary history. Familiarity with your pension’s features and disbursement options is important.

• Non-Retirement Assets: Beyond formal retirement plans, other assets such as stocks, real estate, or business interests form part of the retirement income mosaic. These assets, while versatile, demand strategic handling to sustain financial support through retirement.

• Earnings from Continued Work or Entrepreneurship: Opting to remain partially employed or manage a business during retirement can supplement income and maintain personal fulfillment and social interaction.

Understanding how these income elements fit into your retirement strategy is key to developing a dependable financial plan that supports your retirement journey.

Read: Charting Your Retirement: Key Retirement Milestones You Need to Know

Pre-Retirement Planning Considerations

Moving from working life to retirement requires careful planning, beyond just saving money. It involves managing your finances well to have a secure and enjoyable retirement. Important areas to focus on include getting good financial advice, managing debt, understanding tax effects, and accurately predicting expenses. These elements are key to creating a strong and tailored retirement plan.

Exploring these areas helps understand their importance in preparing for retirement, leading to a better transition into this phase.

• Seek a professional Advice from a Fiduciary Financial Advisor
• Manage your debt
• Understand how different sources of retirement income are taxed
• Estimate retirement expenses
• Determine your desired retirement lifestyle and timeline
• Plan for legacy and estate planning
• Choose the optimal retirement savings accounts for you
• Consider retirement planning by your life stage
• Downsize your home as you prepare for retirement
• Take healthcare expenses into consideration

Now let’s take a look at each of them.

Seek Advice from a Fiduciary Financial Advisor

Choosing a fiduciary for retirement planning places you in the care of someone legally committed to your financial welfare. Unlike typical advisors driven by commissions, fiduciaries must provide advice that's optimal for you, not what's most profitable for them.

Here's the role a fiduciary can play in helping to secure your financial future:

• In-Depth Financial Analysis: They’ll dissect your financial life, scrutinizing income, expenditures, obligations, and investments to fully comprehend your fiscal health.
• Goal Crafting: In collaboration, you’ll pinpoint retirement milestones, including age of retirement and desired living standards.
• Enhancement of Savings: Advice on enriching your retirement pot, tapping into vehicles like IRAs or workplace retirement schemes, is part of their service.
• Tailored Investment Crafting: They will design a portfolio that mirrors your risk capacity and retirement countdown.
• Identifying and Mitigating Risks: Proactively addressing potential financial threats to your retirement, from healthcare costs to longevity risks, is a key focus.
• Designing Retirement Cash Flows: They’ll integrate various income elements, ensuring you have a reliable income stream throughout retirement.

By partnering with a fiduciary, you gain a committed ally in crafting a retirement plan that’s genuinely in tune with your long-term financial aspirations.

Fiduciary advisors are not just guides; they're strategists who can unearth financial opportunities and insights often overlooked:

• Tax Efficiency Insights: They excel in uncovering avenues to maximize your earnings through strategic tax planning, ensuring you benefit from tax-saving mechanisms.
• Clarifying Financial Complexities: By demystifying intricate financial principles, they fill in the knowledge blanks, presenting information in an understandable format.
• Goal-Focused Guidance: Acting as your financial coach, they keep you committed to your retirement objectives, ensuring you remain aligned with your financial path.
• Responsive Strategy: They tailor advice to adapt to both personal life changes and shifts in the economic environment, ensuring your retirement planning remains relevant and robust.

By tapping into the specialized skills of fiduciary advisors, you gain access to a wealth of knowledge and strategies that can significantly enhance your financial journey towards retirement.

Manage Your Debt

As retirement nears, the dream of liberated days is enticing, yet existing debt can loom large, threatening to undermine financial security. High-interest liabilities, such as credit card debt, can rapidly erode savings, posing a challenge to maintaining financial health in retirement. Proactively addressing debt is key to securing a more stable and enjoyable retirement.

Consider the implications of debt on retired life:

• Income Reallocation: With the cessation of regular employment income, any existing debt becomes a more prominent factor, claiming a share of your retirement funds that could impact your ability to cover daily expenses or enjoy leisure activities.
• Budgeting for the Unexpected: The retirement phase may include unforeseen financial needs, such as health care costs or emergency repairs. Pre-existing debt can complicate the management of these unexpected expenses, straining your financial resilience.
• Well-being and Debt: The weight of existing debts can also cast a shadow over your retirement experience, with the potential for ongoing financial stress to diminish the pleasure of your retirement years.

Entering retirement should be like sailing into a serene sunset, not steering through a storm of debt. Here’s a crafted guide to navigate out of debt's grip before you retire:

• Map Your Debt Terrain: Initiate with a clear-eyed inventory of your financial obligations. Chart out each debt’s landscape — noting the peaks (interest rates) and the distances (balances). Aim your resources at the steepest peaks first to prevent the interest from snowballing.
• Merge Your Financial Tracks: If your debt journey spans multiple high-interest routes, consider rerouting them into a single, lower-interest pathway. This consolidation can simplify your voyage and potentially reduce the amount of interest paid over time.
• Streamline Your Spending Voyage: Dive into your budget like a captain surveys their charts. Find areas where the waters can be calmed by cutting back, directing the surplus to quell the debt storm more swiftly.
• Fuel Your Financial Engines: Seek additional streams of revenue like a ship catching favorable winds. Whether it’s a side job or optimizing your current income, use this extra propulsion to speed up your debt-clearing journey.

Approaching debt elimination as a strategic expedition requires patience, planning, and the occasional celebration of milestones to keep spirits high.

By clearing the debt decks before retirement, you’ll set sail into this rewarding phase of life with a lighter financial load, ready to enjoy the peaceful waters of retirement.

Read: Retiring Early? Here's What You Need to Consider

Understand How Different Sources of Retirement Income Are Taxed

Retirement might be about relaxation, but taxes can add a layer of complexity.  Different sources of retirement income are taxed differently, impacting your overall financial picture.  Here's a breakdown of how common retirement income streams are taxed to help you develop a tax-efficient withdrawal strategy:

Social Security

Your Social Security benefits' taxability hinges on your provisional income, encompassing other taxable revenues like wages, and interest, along with half of your Social Security in come in certain situations, you could find up to 85% of your Social Security benefits taxable at your regular income tax rate.

However, a silver lining exists as many retirees face minimal or no taxation on Social Security benefits. 

The IRS offers a calculator to help estimate the taxability of your Social Security benefits, facilitating better financial planning.

Understanding these taxation nuances enables more informed decisions in managing your retirement finances, paving the way for a tax-efficient strategy that optimizes your income in retirement. https://www.irs.gov/faqs/social-security-income.

Traditional IRAs and 401(k)s

These accounts are typically funded with pre-tax income, offering an immediate tax break by lowering your taxable income during the contribution year, acting as a tax postponement mechanism.

In retirement, the funds drawn from these accounts are subject to regular income tax, meaning the entirety of the withdrawal amount—your initial contributions plus any accrued earnings—is taxed.

Roth IRAs and Roth 401(k)s

Contributions to Roth accounts are made with income that's already been taxed, meaning there’s no tax benefit at the time of contribution.

The primary advantage? When you retire, the money you pull from Roth accounts, covering both your initial investment and the accumulated earnings, is generally tax-exempt.

To tap into these tax-exempt distributions, you need to be over 59 ½ years of age and have held the Roth account for a minimum of five years, helping to ensure the withdrawals are qualified.

Pensions

Income from private-sector pensions usually falls under ordinary income tax rates. Yet, public sector or government pensions can have distinct tax treatments based on the specific pension plan rules.

Investment Income:

• Interest earned on savings accounts and standard bonds is typically taxed according to ordinary income rates. Conversely, qualified dividends, earned from holding stocks for an extended period (over a year), often benefit from lower capital gains tax rates, providing a tax advantage over regular income taxes.

Developing Your Tax-Smart Strategy

To optimize your financial resources in retirement, it’s vital to comprehend the taxation of various income sources, guiding your withdrawal strategy.

• Initiate a Roth Conversion Ladder: Particularly useful if you currently possess a traditional IRA and foresee a higher tax rate in retirement. This tactic entails gradually converting your traditional IRA assets into a Roth IRA, potentially easing your tax load in the later years.
• Prioritize Accessing Tax-Advantaged Funds: Drawing from Roth accounts initially can be advantageous, allowing you to benefit from tax-exempt withdrawals and possibly extending the tax efficiency of your retirement funds.
• Engage with a Tax Professional: Given the intricacies of tax regulations, consulting with a tax specialist is crucial to tailor a withdrawal plan that effectively lowers your tax exposure.

Tax planning should be a dynamic activity, adapting to both personal financial shifts and evolving tax legislations. Through proactive and knowledgeable actions, you can adeptly steer through the complexities of tax planning, ensuring a more fruitful and sustainable retirement income.

Read: Strategies for Tax-Optimized Retirement Planning

Estimate Retirement Expenses

Retirement is envisioned as a period of ease and enjoyment, filled with leisure and exploration. Yet, realizing this dream requires a realistic appraisal of future costs. Calculating your upcoming expenses is less about curbing enthusiasm and more about ensuring lasting financial comfort.

Here's a roadmap to guide you through estimating your retirement expenses:

Analyzing Your Current Spending

Your current expenditures offer a baseline, but adjustments will reflect your retired lifestyle:

• Housing Considerations: With the potential for downsizing or mortgage fulfillment, your accommodation expenses could decrease.
• Healthcare Projections: Anticipate an increase in medical-related spending, including insurance premiums, deductibles, and other healthcare costs, as these often escalate with age.
• Allocating for Enjoyment: Consider the budget for travel and leisure, aligning it with your retirement aspirations.
• Debt Status: Aim for a retirement without debt, thus removing debt repayments from your future financial scenario.

Categorize Your Expenses

For a clear picture, break down your expenses into categories:

• Housing (rent/mortgage, utilities, property taxes)
• Food (groceries, dining out)
• Transportation (car payments, gas, insurance)
• Healthcare (premiums, deductibles, medications)
• Insurance (life, homeowners/renters)
• Leisure and Travel
• Debt Repayment (if applicable)
• Miscellaneous (personal care, clothing)

Track your spending for a few months to understand your average monthly expenditure in each category.

Adjusting for Inflation

Account for the gradual rise in living expenses due to inflation when planning for retirement. Adopting a prudent estimate, like a 3% annual inflation rate, can help align your savings with future cost increases, preserving your purchasing power.

Accounting for the Unexpected

Also, life's unpredictability necessitates a financial cushion. Set aside funds for unforeseen costs, such as vehicle maintenance or home repairs, to avoid financial strain from these surprise expenditures.

View these projections as flexible guidelines rather than fixed figures. Your living situation and spending patterns will likely evolve during retirement, necessitating periodic budget reviews and adjustments.

By proactively estimating your retirement costs, you seize control over your financial destiny, laying the groundwork for a retirement that is not only financially secure but also rich in opportunities and experiences.

Determine Your Desired Retirement Lifestyle and Timeline

To lay the groundwork for effective retirement planning, it’s pivotal to envision the lifestyle you aspire to lead during these years. Picturing your life in retirement helps in shaping a plan that aligns with your personal aspirations. Here’s how to pinpoint your retirement dreams:

• Pursuits and Passions: Think about whether you want to globetrot, delve into arts or crafts, or give back to the community through volunteering. Pinpointing what makes you happiest will guide your activity planning.
• Home and Hearth: Assess whether you see yourself in your current dwelling, moving to a smaller place, or perhaps relocating to be near loved ones. Your living environment plays a crucial role in your retirement satisfaction.
• Community and Connections: Reflect on the value of familial ties and friendships. Consider whether you’ll seek active engagement in social groups or leisure clubs to maintain these vital connections.

Plan for Legacy and Estate Planning

Retirement planning is about ensuring your comfort in later life, but estate planning is about making sure your legacy endures and your assets are bequeathed as you desire, offering assurance and direction to your heirs.

The Cornerstones of Estate Planning

• Wills: Your will is the cornerstone legal directive that narrates your asset distribution wishes upon your demise. It serves to appoint inheritors for your estate, nominate guardians for minors, and specify an executor to manage estate affairs.
• Trusts: These legal arrangements provide a mechanism to manage your assets, often with advantages like control over distribution and potential tax relief. Trusts help ensure that assets are allocated to beneficiaries in a structured manner that you predefine.
• Direct Beneficiary Assignments: Assets like retirement savings and insurance policies can be directly assigned to beneficiaries, bypassing the more complex probate process and overriding will instructions if there are discrepancies.

Beyond Distribution

Estate planning transcends simple asset allocation; it's an art that involves shaping your enduring impact:

• Purpose-Driven Contributions: Utilize your estate for benevolent giving, channeling resources to favored causes, encapsulating your values and interests beyond your lifetime.
• Tax Navigation: Ingeniously architect your estate to curtail the fiscal load on your successors, optimizing the legacy they inherit.
• Health and Wealth Directives: Predetermine your medical and financial decision-making through specific directives, entrusting these critical choices to trusted individuals.

Taking Action:

• Seek Specialized Counsel: Partner with a legal professional specialized in estate planning to traverse the intricate legal landscape, sculpting a plan that genuinely mirrors your distinct life tapestry.
• Evolutionary Plan Dynamics: Life's inevitable changes call for your estate plan to be a living document, evolving in tandem with your life's chapters and asset dynamics.

By adopting this refined approach to estate planning, you're not just distributing assets but are thoughtfully curating a legacy that resonates with your personal saga, ensuring your intents are realized and cherished by those you hold dear.

Choose the Optimal Retirement Savings Accounts for You

Navigating toward financial security in retirement means choosing the right savings mechanisms. Each account type comes with its benefits and considerations:

Understanding the Options

• Traditional IRAs: With these accounts, your contributions may reduce your current taxable income, thanks to potential tax deductions. Come retirement, though, distributions are taxed as ordinary income.
• Roth IRAs: These are fueled by after-tax contributions, meaning no immediate tax break. Yet, the perk lies in retirement: withdrawals, encompassing both your initial investment and accrued gains, are often tax-exempt, enhancing your retirement finances. Note, Roth IRAs have income eligibility caps.
• 401(k) Plans: Offered by many employers, these plans facilitate pre-tax contributions, thus lowering your current tax liability. Employer match programs can amplify your savings. Be mindful of the contribution ceilings and the possible tax and penalty implications for early withdrawals. Also, 401(k)s may have a narrower range of investment choices compared to IRAs.
• Other Employer-Sponsored Options: Like 403(b) plans, available mainly to those in non-profit or government sectors, each offering distinct tax advantages, contribution limits, and investment selections.

Choosing the Right Mix

Crafting an effective retirement portfolio is about finding the right balance that fits your individual financial and life situation:

• Tax Considerations: Assess your current tax status against expected retirement tax rates. Opt for a traditional IRA for immediate tax relief if you're currently in a high tax bracket, or a Roth IRA for income exempt from taxes later if you anticipate lower taxes in retirement.
• Employer Contributions: Don’t overlook the benefits of employer-matched 401(k) plans, essentially granting additional funds towards your retirement nest egg.
• Investment Diversity: Scrutinize the investment diversity each account type offers, aligning with your risk tolerance and long-term financial goals.

Diversification is Key

Mixing various retirement account types can offer a strategic advantage, allowing for tax flexibility and optimized growth potential. For example, balancing contributions between traditional and Roth IRAs can cater to shifting financial landscapes and tax scenarios.

Consulting a Financial Advisor

Consider consulting a financial advisor to navigate the intricate pathways of retirement savings. Tailored advice can be crucial in aligning your strategy with your financial blueprint and retirement aspirations.

Consider Retirement Planning by Your Life Stage

Retirement planning should be tailored to your life's journey, with strategies evolving to match your financial situation, family needs, and career growth. Here’s how to navigate retirement planning through different life phases:

Your 30s: Building the Foundation

• Early and Steady Saving: The power of compound interest means even small, regular savings now can grow significantly over time. Strive to save 10-15% of your income for retirement.
• Leverage Employer Retirement Plans: Engage fully in employer-sponsored plans like 401(k)s or 403(b)s, especially to the extent of employer matching, essentially augmenting your retirement fund without extra effort.
• Assess Investment Comfort Zone: Gauge your readiness to tackle investment risks versus preferring stability to shape your retirement portfolio appropriately.
• High-Interest Debt Strategy: Formulate a robust plan to tackle high-interest debts, preventing them from undermining your savings progress.

Begin financial planning in your 30s to establish a robust base for retirement.

In your 40s, consider the following actions:

• Boost Savings: Given the potential for increased income, it’s wise to enhance retirement savings to fortify your financial future.
• Investment Review: Periodically assess your investments to confirm they align with your evolving financial goals and risk level, adjusting accordingly.
• Maximize Contributions: If your retirement savings are not on track, use 'catch-up' contributions where possible to increase your savings.
• Adjust for Life Changes: Incorporate any significant personal or financial shifts into your retirement planning, ensuring it remains relevant to your current and future needs.

In your 50s, it's crucial to refine your retirement approach and address potential financial uncertainties:

• Adjusting Investment Strategies: With retirement on the horizon, it’s wise to transition investments toward safer options, reducing the chance of significant downturns impacting your nest egg as you near retirement.
• Refining Expense Projections: Get a clearer view of post-retirement living costs to verify that your savings trajectory aligns with expected needs, adjusting plans to close any gaps.
• Diversifying Income Streams: Investigate various retirement income sources, from Social Security to potential pension benefits and strategies for tapping into your accumulated retirement funds.
• Healthcare Planning: Anticipate increased healthcare expenditures as you age, integrating these anticipated costs into your financial planning to avoid surprises.

Your 60s mark the pivotal shift into retirement, focusing on income management and lifestyle transition:

• Deciding on Retirement Timing: Choose when to retire by aligning your financial readiness with the lifestyle you aspire to maintain, ensuring your savings and income streams are robust enough to support you.
• Strategizing Fund Withdrawals: Craft a plan for drawing down your retirement assets, taking into account tax considerations and the necessity to make your savings last, particularly mindful of the risk of depleting funds prematurely.
• Healthcare Planning: With age comes greater healthcare needs; hence, integrating Medicare and additional health coverage into your financial planning is crucial.
• Active Retirement Living: Retirement is a new chapter for personal growth and enjoyment. Keep active with interests, volunteering, or learning pursuits that enrich your life and well-being.

Remember, this is a general guideline.  Your individual circumstances and financial goals may differ. Consulting with a financial advisor at each life stage can provide personalized guidance and help ensure your retirement plan stays on track.

By taking a proactive approach to retirement planning throughout your life stages, you're empowering yourself to achieve a secure and fulfilling future.

Read: How HSA Can be a Good Tool For Your Retirement Savings

Downsize Your Home as You Prepare for Retirement

Transitioning to retirement invites a reassessment of your living quarters, reflecting the shift in daily needs and priorities. Downsizing emerges as a strategic move with multifaceted benefits:

Financial Advantages of Downsizing:

• Trimmed Household Overheads: Shifting to a smaller abode typically results in reduced expenses across the board, from taxes and utilities to general upkeep, thereby augmenting your disposable income for retirement pursuits.
• Liquidity from Equity: Selling a larger property can unlock substantial home equity, offering a financial boost to clear existing debts, amplify retirement reserves, or cover emergency expenditures.

Lifestyle Benefits of Downsizing:

• Maintenance Ease: Less square footage equates to fewer homeowner responsibilities, granting you more leisure time to indulge in hobbies, travel, or simply unwind.
• Adaptability and Accessibility: Compact living spaces, especially single-level designs, cater to easier mobility, which becomes a considerate feature as physical agility changes.
• Community Engagement: Opting for a residence in a neighborhood or development geared towards retirees can facilitate social interaction and access to shared amenities, fostering a vibrant community life.

When contemplating a shift to a smaller living space as you approach retirement, several nuanced factors should guide your decision:

• Maintenance and Independence: Assess whether a hassle-free, secure residence or a home accommodating family visits aligns with your retirement vision.
• Geographical Preferences: Weigh the importance of being near loved ones, medical facilities, and amenities that will enhance your quality of life.
• Emotional Considerations: Recognize the sentimental journey of transitioning from a long-term home, bracing for the emotional aspect of downsizing.
• Anticipating Future Requirements: Contemplate the adaptability of a smaller home to your potential evolving health and mobility needs.

Making the Decision:

Downsizing shouldn't be solely driven by finances.  It should be a well-considered decision that aligns with your long-term goals and emotional well-being.  Here are some steps to help you navigate the process:

• Investigate Housing Alternatives: Delve into different living options, from retirement communities to condos, matching your lifestyle expectations and financial capacity.
• Family Engagement: Include family in the downsizing discourse to help ensure collective comfort and support with the change.
• Professional Insight: Leverage the knowledge of a real estate professional versed in downsizing to facilitate a smoother transition.

Downsizing in retirement is more than a financial maneuver; it’s a lifestyle re-calibration. By thoroughly assessing both the practical and emotional facets, you can make a decision that not only secures a financially stable retirement but also resonates with your personal aspirations and well-being.

Take Healthcare Expenses into Consideration

Healthcare spending often becomes a prominent feature of retirement financial planning, with costs typically escalating as one progresses in age. Here’s a nuanced approach to integrating healthcare considerations into your retirement framework:

The Rising Tide of Healthcare Costs:

• As you advance through retirement, expect an increase in healthcare expenses, spanning from regular doctor visits to chronic illness management.
• Medicare provides a foundation for healthcare in retirement but doesn't cover everything. Be ready for extra costs, including premiums for various Medicare parts and expenses not covered by it.
• Reflect on the financial impact of possibly needing long-term healthcare services, such as in-home support or assisted living, which can be expensive.

Planning for the Unknown:

• Assessing Current Health: Understanding your current health status and any pre-existing conditions can provide a baseline for potential future needs.
• Family Health History: Consider your family's health history to gain insights into potential health risks you might face later in life.
• Estimating Costs: Research average healthcare costs for retirees in your area, including Medicare premiums, deductibles, and long-term care expenses.

Strategies for Managing Healthcare Costs:

To navigate the potential financial hurdles healthcare can present in retirement, consider these strategic approaches:

• Allocate a Healthcare Financial Reserve: Integrate a specific allocation within your retirement funds to address healthcare needs, offering a financial cushion for unforeseen medical expenses.
• In-depth Medicare Exploration: Beyond the foundational coverage of Medicare, investigate additional insurance like Medigap, which can alleviate costs not covered by standard Medicare plans.
• Assess Long-Term Care Insurance Viability: While premiums for long-term care insurance can be steep, this coverage might safeguard against the financial impact of extended care services. Balance the costs against your personal risk profile and financial capacity.
• Lifestyle as Preventative Strategy: A commitment to healthful living can diminish the likelihood of incurring diseases that require costly care, potentially easing future healthcare financial pressures.

Healthcare planning in retirement is a dynamic element of financial management, necessitating regular reviews and adjustments to align with your changing health landscape. Through thoughtful preparation and strategic financial structuring, you can mitigate the impact of healthcare costs on your retirement security.

Wrapping up

Planning for retirement is a multifaceted process that spans decades and involves meticulous financial preparation, understanding diverse income streams, and considering various life stages. Starting early with financial planning can significantly benefit from compound interest, enhancing savings growth and addressing potential financial gaps. Integrating Social Security, retirement savings plans, pensions, non-retirement assets, and potential income from work or entrepreneurship forms a robust foundation for future financial stability.

Pre-retirement planning is about more than accumulating savings; it's a holistic approach to securing a financially stable and fulfilling retirement. Engaging with a fiduciary financial advisor, managing debt, understanding tax implications of retirement income, estimating expenses, and planning for healthcare are critical steps. These actions, combined with personalized strategies at different life stages and considering downsizing or estate planning, help in crafting a comprehensive retirement plan that helps to ensure long-term security and fulfillment.

Disclaimer:

Landsberg Bennett is a group comprised of investment professionals registered with Hightower Advisors, LLC, an SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Advisory services are offered through Hightower Advisors, LLC. All information referenced herein is from sources believed to be reliable. Landsberg Bennett and Hightower Advisors, LLC have not independently verified the accuracy or completeness of the information contained in this document. Landsberg Bennett and Hightower Advisors, LLC or any of its affiliates make no representations or warranties, express or implied, as to the accuracy or completeness of the information or for statements or errors or omissions, or results obtained from the use of this information. Landsberg Bennett and Hightower Advisors, LLC or any of its affiliates assume no liability for any action made or taken in reliance on or relating in any way to the information. This document and the materials contained herein were created for informational purposes only; the opinions expressed are solely those of the author(s), and do not represent those of Hightower Advisors, LLC or any of its affiliates. Landsberg Bennett and Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material was not intended or written to be used or presented to any entity as tax or legal advice. Clients are urged to consult their tax and/or legal advisor for related questions.

Hightower Advisors, LLC is an SEC registered investment adviser. Securities are offered through Hightower Securities, LLC member FINRA and SIPC. Hightower Advisors, LLC or any of its affiliates do not provide tax or legal advice. This material is not intended or written to provide and should not be relied upon or used as a substitute for tax or legal advice. Information contained herein does not consider an individual’s or entity’s specific circumstances or applicable governing law, which may vary from jurisdiction to jurisdiction and be subject to change. Clients are urged to consult their tax or legal advisor for related questions.