Prudent Retirement Blueprint

Retirement today presents many things that parents and grandparents never had to deal with. Today, retirement requires a clear vision, a detailed game plan and a deep understanding of the complexity attached to making all the decisions yourself. At Prudent Financial we understand this can be very daunting, so that’s why we created the Prudent Retirement Blueprint.

Phase One: The Foundation Dialogue

The process starts with a meeting to review your retirement income sources, expenses, assets and liabilities. By having a complete picture of your estate, we get a deeper understanding of what is available to support your retirement, but it also lets us get a better understanding of how you make decisions about your finances.

Areas of Discussion:

Work
Full time, part-time, no-time, what would you like to do, versus what you need to do.
Social Security
The appropriate strategy to maximize the income for both you and your spouse.
Income Planning
“Safety First”, “Probability-Based”, Asset Dedication, Dynamic Rebalancing, Managed Payouts, Guaranteed Withdrawal Benefits, Pensions and Annuitization Options.
Medical
Current insurance coverage, Medicare and Medi-gap options versus Medicare Advantage, as well as Long Term Care probabilities and funding options-Group vs Individual
Housing
“Aging in place”, Relocation, Assisted Living, Continuing Care Retirement Communities
Required Minimum Distribution
Strategies to help you reduce the impact this can have on your taxes.
Tax Planning
What is the most tax efficient way to use my non-qualified, IRA, 401K, and ROTH assets?
Portfolio Risk Management
What strategies to employ to protect against the sequence of return risk destroying your retirement.
Estate Planning
Wills, Trusts, Special Needs, Philanthropic.

Phase Two: The Draft

Once your goals have been established and financial documents have been collected, we present you with a draft of what we see as your strong points and the areas where you have gaps. From this meeting, we will discuss the options that we feel will benefit you the most and determine from your feedback whether you like the strategies or not. Our objective is to end this meeting with a clear understanding of what you desire as well as the options that fit and which ones do not. This is groundwork for putting together your Retirement Blueprint.

Phase Three: The Retirement Blueprint

The Retirement Blueprint consolidates our discussions into a detailed document which outlines what your strengths and weaknesses are, and how we plan to navigate through your retirement. We will outline how you want your portfolio to be invested, where you plan on living, health care and long-term options you should consider as well how to structure your assets regarding Medicare and your estate plans. The Retirement Blueprint is the benchmark for your retirement planning decisions, just like an investment policy statement is used to manage a portfolio.