Transitioning to Retirement

What should you do before it arrives?

You’ve spent your career accumulating assets for retirement, but now you have to determine whether those assets will be sufficient to:

• Generate income for day-to-day expenses
• Fulfill the retirement dreams you hope to make a reality
• Keep pace with inflation
• Meet unforeseen healthcare costs
• Withstand downturns in the financial markets

That’s a lot to think about, at Fidelis Wealth Management we work closely with you to evaluate your various sources of retirement income, reposition assets when necessary, and identify the risks involved in pursuing your objectives.

At this stage, it is important to ensure that all your retirement assets are working together toward your goals. An important first step is to determine where your assets are. Many people change jobs and leave behind a trail of pensions, defined contribution plans such as 401(k)s, and IRAs.

Consider consolidating your assets as part of a coordinated, overall investment strategy. You can better assess whether all your assets are working toward your goals through simplified reporting and recordkeeping.

Planning for medical and long term care

Rising medical and long-term care expenses rank among the top concerns of retirees and people about to retire. The best way to address these concerns is to plan for them as you would any other retirement expenses.

Medicare is an important component of your overall retirement benefits - potentially as important as Social Security and the assets you’ve accumulated in your 401(k) or 403(b) plan. However, there are certain expenses that Medicare doesn’t cover, including long-term care.

We can help you factor unforeseen medical and long-term care costs into your overall retirement strategy. We will also help you understand the benefits of long-term care insurance and how it can protect you and your spouse from costs that may not be covered by Medicare or other supplemental medical insurance programs.

Addressing the risk of outliving your assets

Withdrawal rates need to be addressed to avoid depleting assets over time. But withdrawal rates are only part of the equation. The amount your assets are earning in investment returns is another. And yet another consideration is how much risk you´re willing to assume to generate those returns.

At Fidelis Wealth Management we can help you understand if you’ll have to adjust your lifestyle to sustain your assets. We can also help you reallocate assets to work toward your retirement income needs while taking into account your risk tolerance.