Living In Retirement: Staying On Track & Making Your Assets Last

May 2, 2023
Congratulations—you’ve made it to retirement! As you enjoy this phase of life, maintaining your lifestyle and protecting your assets depends on decisions and actions you put in place now.

We’re here to help. Here are some things to consider and questions to ask yourself to help you enjoy retirement, make your income last, and provide for your loved ones in the future.

Consider Your Goals, Wishes, and Priorities

  • How would you like to leave your legacy?
  • Have you reviewed your will? Is it up-to-date and reflecting your current wishes?
  • Do you have beneficiaries appointed for all eligible accounts/assets? If so, are they accurate and up-to-date?
  • Are there any charities or causes you would like to contribute to?

The Family Conversation

  • Do you have any dependents that count on you for personal or financial support?
  • Do you have any children or grandchildren who will have education expenses you would like to help fund during retirement?
  • If your spouse passes away, will you still get their Social Security or pension benefits? How might your needs change?
  • Do you have a plan in place to ensure your assets will be distributed according to your wishes? (i.e., supporting charitable causes, family members)

Know Your Numbers

  • Are you taking Social Security yet? If not, when should you?
  • Have you taken your retirement savings account’s Required Minimum Distributions (RMDs)? If not, what are your options and requirements?
  • What are the tax implications of your retirement residence? (i.e., state Social Security, income, and sales tax rates)
  • Are you receiving Medicare coverage? Do you need supplemental coverage?
  • Have you checked in on your retirement budget and income? Did you allocate your expenses accurately? Do you need to make any adjustments?

Be Smart with Saving and Investing

  • Have you considered the pros and cons of rolling over all or part of your 401(k) account(s) from your former employer(s)?
  • Have you checked in on your portfolio? Is it aligned with your retirement income strategy?
  • Are you taking on too much risk? Has your risk tolerance changed since you retired? Does your portfolio reflect your preferred risk tolerance?
  • Are you drawing down your assets in the most tax-efficient approach?
  • Have you considered insurance options to help protect your retirement income from potential health and long-term care costs?
  • Are you making charitable contributions in the most tax-efficient way?

Working With Janney

Depending on your financial needs and personal preferences, you may opt to engage in a brokerage relationship, an advisory relationship or a combination of both. Each time you open an account, we will make recommendations on which type of relationship is in your best interest based on the information you provide when you complete or update your client profile.

When you engage in an advisory relationship, you will pay an asset-based fee which encompasses, among other things, a defined investment strategy, ongoing monitoring, and performance reporting. Your Financial Advisor will serve in a fiduciary capacity for your advisory accounts.

For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

By establishing a relationship with us, we can build a tailored financial plan and make recommendations about solutions that are aligned with your best interest and unique needs, goals, and preferences.

Contact us today to discuss how we can put a plan in place designed to help you reach your financial goals.
Janney Montgomery Scott LLC, its affiliates, and its employees are not in the business of providing tax, regulatory, accounting, or legal advice. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any taxpayer for the purpose of avoiding tax penalties. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

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For more information about Janney, please see Janney’s Relationship Summary (Form CRS) on www.janney.com/crs which details all material facts about the scope and terms of our relationship with you and any potential conflicts of interest.

To learn about the professional background, business practices, and conduct of FINRA member firms or their financial professionals, visit FINRA’s BrokerCheck website: http://brokercheck.finra.org/

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