Planning for Retirement

• Developing your retirement income strategy is part of the Envision® process.

• We can help you analyze possible expenses and sources of income.

• Checking on your strategy annually can help you maintain course.

It starts with a plan

Creating a plan can help you stay focused, plan for challenges ahead, and make choices that work for you.

Our Envision planning process is the foundation we use to develop your retirement income plan. It can help you make choices and tackle the following topics:

• When and how can I retire with confidence?

• How can I help make my money last as long as I’m retired?

• Where will my income come from?

• How do I prepare for and respond to events throughout retirement?

• When and how should I address my legacy goals?

7 common retirement planning moves

Will the money in your investment accounts last through retirement? Here are some steps that go beyond the basics of using tax-advantaged funds and making regular contributions.

1. Review your portfolio - Conduct regular investment checkups on your own and with us.

2. Maintain emergency savings - Wells Fargo Advisors recommends keeping an emergency fund with enough money to cover living expenses for three to six months. Keep emergency funds in a liquid account you can easily access if needed.

3. Set an appropriate asset allocation - Investments are fluid. Some are more volatile, but all can be affected by market fluctuations. Adjust your assets to align with your current goals and tolerance for risk.

4. Itemize your income plan - Understand where your retirement funds will come from. List out all sources, such as Social Security and pensions. For each item, list how it might generate income for your portfolio.

5. Clean up your accounts - Consider consolidating accounts. You’ll not only have less paperwork, you can help keep an eye on your asset allocation and overall investment strategy. We can talk about your choices and what might make the most sense for you. Before taking any action, speak with your current retirement plan administrator and tax professional.

6. Sell assets strategically - Selling assets can have tax implications. Proceeds could nudge you into a higher tax bracket. Balance the concern of minimizing taxes when you’re selling assets with your portfolio’s allocation strategy. Talk with us about the choices you have in this situation.

7. Talk with family - Partners and spouses should be on the same page regarding your financial portfolio. Cover some key financial details:

• Current total assets

• How much you have saved right now

• How much is in each account

• Where the funds are located

• Your budget

Part of your plan is how you spend your money – now and when you retire. Talk about it.

Common risks to address

While we develop your retirement plan, you’ll want to look at risks such as inflation, market events, health needs, withdrawal strategy, and how long you’re likely to live. Understanding the impact these challenges may have on your savings and planning for them can help you stay the course.

Have an ongoing process

Planning for retirement is not a “one and done” kind of activity. A good plan should be checked regularly and adjusted, as necessary. Keep an eye on your portfolio, talk about your expectations, and prepare for the unexpected.

Schedule an annual checkup with us to review your plans, your current circumstances, and your portfolio. We’ll work together to discuss your choices and what works for you.

Next steps

Think about what you hope your retirement will be.

Write down all your possible sources of income and expenses in retirement.

Take a look at your portfolio and call us if you have any questions about changing your asset allocation.

Call us to start on your personalized retirement income plan.