After decades of work, you’ve made it to a well-deserved stretch of freedom called retirement. Now the question is how to make your money last through this new phase of life. As your financial guide, we’ll help you figure out a withdrawal strategy that fits your situation and helps you pursue meaningful goals. After all, you’ve got a lot of living to do.
We’ve gathered some retiree profiles to help you think through what defines and inspires you. Take a look, then consider how you might pursue your passion – perhaps by moving to a niche retirement community?
The Thinker has a deep desire for lifelong learning. They are more likely to retire in a college town, take classes, read for pleasure and engage in contemplative activities.
The Giver is motivated by a desire to give back to their community or a worthy cause. They contribute time, talent and money.
The Entrepreneur seeks to start a business that's differentiated from a past career. They want time to explore something new or pursue a longtime passion.
The Explorer is willing to dedicate up to a quarter of their financial resources on travel. They seek to indulge their wanderlust while they have the health and energy.
The Part-Timer seeks a career change, either in the same field with reduced hours or in a new industry. They get satisfaction and a sense of identity from working.
Foodie retirees prefer quality dining, spending time enjoying the experience of the meal and their company. Foodies typically spend an hour and 20 minutes on a meal.
The Homebody enjoys spending time with loved ones, tending to gardens, watching television, reading, cooking and making home improvements.
The Athlete competes in triathlons, climbs mountains or plays tennis at age 60, 70 and beyond. They're inspired to keep in top form and enjoy training and competition.
Bringing Withdrawal Rates Back To Earth
Having newly transitioned to retirement, Hannah and Roy were excited to get started on big ticket items they had been putting off: home renovations as well as a long-awaited cruise, paid with money from their 401(k) accounts. In that first year of retirement, they ended up spending much more than they’d budgeted, including charitable donations they hadn’t planned for. We helped them get a handle on things by creating a spending policy statement. We also helped them maximize their philanthropy, using a donor advised fund to increase their charitable impact.
The hypothetical example above is for illustrative purposes and is not representative of any actual experience. Individual results will vary.
Your retirement might last three decades or more, so it’s crucial to take a long and fulfilling life into account when you create your financial plan. Our knowledgeable team can help guide you in exploring the possibilities.
You're finally free to pursue your passions and check items off your bucket list. We can help you:
Life has settled into a peaceful rhythm as you enjoy memorable moments in time. We can help you:
Turning Point Phase
As the honeymoon ends, a clearer vision of the rest of your life begins. We can help you: