Financial Planning for Retirees

Successful financial panning for retirees is often looked at as the goal of financial planning. However, the planning process does not end there. In fact, once you retire, there are many key events that a good plan should address and unique sets of challenges that go with them. Just today, we had a client comment that, “retirement keeps getting more complicated.” It is important to continuously assess how your plan is performing and adjust when needed given that financial planning for retirees can last two to three decades or more.

Common Planning Considerations for Retirees


  • Social Security – Many people begin Social Security benefits at age 62 without fully understanding the tradeoffs and implications of the significant discount that is locked in at that age. We help you think through the pros and cons of taking Social Security at 62, Full Retirement Age (FRA), or somewhere in-between so that you can make an informed decision.
  • Withdrawal Strategy – As you transition from saving for retirement to drawing an income, determining a proper withdrawal strategy is important to the success of your plan. Managing the tax impact is a key contributing factor. This should be reviewed and updated on an ongoing basis as market, economic, and other conditions impact your plan.
  • Inflation – It is important that we review and update your plan to account for inflation and the impact it can have on your situation.

Estate Planning – You should review and update your estate plan periodically (including your beneficiary designations) to make sure that it continues to match your wishes. We help you consider and plan for future tax law changes. We also assist with philanthropic / charitable giving, including setting up Donor Advised Funds (DAFs).

Insurance / Risk Management

  • Long-Term Care – Studies have shown that around 70% of people will need some form of long-term care in the future. We review the various types of long-term care insurance policies, their pros and cons, price, and other options to consider.
  • Medicare and Future Health Care Costs – Navigating Medicare decisions can be a complicated and time-consuming process. Healthcare coverage is a critical part of your overall financial plan for retirees and the cost should be factored into your ongoing living expenses. We have resources to support you in data gathering and decision making.
  • Risk Management – We discuss specific types of insurance coverage, including umbrella and life.

Tax Efficiency – Determining which accounts you withdraw from and when can impact your taxes in different ways. We work in conjunction with your CPA to optimize your portfolio withdrawals. The combination of Required Minimum Distributions from retirement accounts and Social Security benefits could put you in a higher tax bracket. Consideration should also be given to Roth IRA conversions to determine if they are appropriate in your situation.

Portfolio Management

  • Market Volatility – A significant market decline shortly before or early in retirement can impact your financial situation. Your portfolio and financial plan should account for market volatility in retirement. We work with clients to develop an income strategy and maintain a diversified portfolio, as well as an emergency fund, which helps during different and challenging market environments. Portfolio losses in retirement can bring more financial worry than when you are working. We are here to provide guidance, perspective and financial panning for retirees in difficult market declines.

Peace of Mind for Surviving Partners – Many times, one member of the client relationship may be more involved in financial planning and has more knowledge in this area. We work closely with clients to ensure we understand their family situation, including unique needs and goals, and can be relied upon to provide guidance to all family members, even in the event of a death.

Post retirement planning can be complicated and may be more complex than pre-retirement planning. There are many important decisions that continue throughout retirement that are key to your financial success. We want to be with you every step of the way.

Back to the Newsletter:


*Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Stephens Consulting, LLC, doing business as Stephens Wealth Management Group (SWMG), or any non-investment related content, made reference to directly or indirectly in this newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.

Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter serves as the receipt of, or as a substitute for, personalized investment advice from Stephens Consulting. Please remember that if you are a SWMG client, it remains your responsibility to advise us, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to your individual situation, you are encouraged to consult with the professional advisor of your choosing.

SWMG is neither a law firm nor a certified public accounting firm and no portion of the newsletter content should be construed as legal or accounting advice. A copy of SWMG’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request. Links are being provided for information purposes only. SWMG is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors. SWMG is not responsible for the content of any website or the collection or use of information regarding any website’s users and/or members. Important Disclosure.

Please Note: Stephens Wealth Management Group does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to SWMG’s website or newsletter or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.

Browse by Category