It utilizes out-of-the-box tools to meet your unique needs and protect your assets. However, a wealth plan doesn't stop with the stock market. Of course, these targeted strategies include a diverse investment portfolio that comprises a wide variety of asset classes, from fixed income sources to stocks, ETFs and mutual funds. Those five key steps are:Īfter calculating your future needs and potential risks, a wealth plan creates growth and protection strategies specific to your goals. You may think you have a solid plan in place, but unless your plan has gone through five key steps, you may be boarding a plane to retirement that lacks any clear guidance or safety nets. It asks, “What if?” over and over again so that you are never left asking, “What now?” It provides an in-depth, personalized look at your financial future using dozens of advanced planning concepts that can account for potential risks, no matter how long your retirement lasts. Investing money is certainly a key component for retirement planning, but a wealth plan is much more comprehensive.
What is a wealth plan?Īn investment portfolio, 401(k) or IRA is not a wealth plan. Withstanding those six major risks requires proactive planning and careful strategy, which can be accomplished only through a comprehensive and customized wealth plan. Longevity makes retirees more susceptible to all other key retirement risks, such as sequence of returns, inflation, interest rates, healthcare and taxes. But some will live even longer: A man in the top 1% in net worth has a life expectancy of about 87 years old, while a woman in the top 1% has a life expectancy of nearly 89 years old.ĭo you have a retirement income plan that can provide income for two to three decades of retirement? A 65-year-old man of average health today has a 55% chance of living to age 85, while a woman of that age has a 65% chance of reaching age 85. It’s up to you to create a retirement income plan that provides for your needs, which is especially challenging as people live longer. Now, the risk of creating lifetime income is on the employee.
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