Retirement affects far more than your investments. A comprehensive retirement plan helps answer when you can retire, how much you can spend, where your income will come from, how taxes may affect you, how your investments should be structured and how to prepare for healthcare and estate planning needs. For pre-retirees and retirees in Brooklyn and New York, planning ahead can help turn these interconnected decisions into a coordinated strategy built around the life you want to live.
What is Retirement Planning?
Retirement planning is the process of determining your retirement goals and coordinating your savings, investments, income, taxes, healthcare, estate plan and expected spending to support those goals.
A useful retirement plan should help answer the questions that matter most to you. Your plan should answer questions such as: When can I retire? How much can I comfortably spend each year? How much might I have left later in retirement? Is my portfolio positioned the right way for retirement?
Why Is Retirement Planning Different in Brooklyn and New York City?
Retirement planning is personal, but geography can influence the assumptions used in a financial plan.
Brooklyn and NYC retirees may need to account for factors such as:
- Housing and maintenance costs
- Property taxes
- New York City tax considerations
- Healthcare expenses
- Transportation
- Cost of living
- Whether to remain in New York or relocate
- Proximity to children and grandchildren
Of course, your retirement plan should reflect the costs and benefits of the lifestyle you actually intend to maintain.
When Should You Start Retirement Planning?
Retirement planning can become particularly valuable during the years leading up to retirement.
This period provides time to evaluate your savings, investment allocation, Social Security strategy, tax situation, insurance coverage, estate plan and expected retirement spending before your paycheck stops.
Planning doesn't end when retirement begins either.
Your strategy can continue to evolve as markets change, tax laws change, spending changes and your priorities shift throughout retirement.
At Prestiq Wealth, we organize retirement planning around five interconnected areas:
- Investments — Aligning your portfolio with your goals, risk tolerance, time horizon and retirement income needs.
- Taxes — Evaluating how taxes interact with your investments and retirement income.
- Estate Planning — Coordinating your financial strategy with your estate and legacy objectives.
- Financial Planning — Bringing together income, spending, Social Security, insurance, cash flow and other financial decisions.
- Lifestyle Planning — Defining what you want retirement to look like and determining how your financial resources can support it.
The purpose is to view retirement as one coordinated financial and lifestyle transition rather than a collection of unrelated decisions.
The amount of money needed to retire depends on your housing costs, desired lifestyle, retirement age, expected spending, Social Security and pension income, investments, taxes, healthcare costs and other financial resources.
Retirement readiness involves more than reaching a specific age or portfolio value. A comprehensive analysis considers whether your projected income and assets can support your spending and lifestyle goals under reasonable assumptions.
What Does a Retirement Financial Advisor Do?
A retirement-focused financial advisor can help coordinate investment management, retirement income, Social Security, taxes, estate planning, insurance and lifestyle goals within a comprehensive financial plan.
Many people begin more detailed planning several years before their anticipated retirement date. Starting earlier can provide additional time to evaluate savings, taxes, investments, Social Security and other decisions before retirement.
If you're searching for a financial advisor in Brooklyn, retirement planning in Brooklyn, a CFP® professional in Brooklyn, or a fiduciary financial advisor serving NYC, schedule a consultation with Prestiq Wealth to discuss your retirement.
Email Louis at [email protected], call him at (917) 590-0552, visit Prestiq Wealth at prestiqwealth.com or use this link to arrange a complimentary consultation.
(https://calendly.com/louis-green-savvy/book-a-meeting-with-louis-green).
Louis Green is an investment adviser representative with Savvy Advisors. Savvy Advisors is an investment advisor registered with the SEC. Prestiq Wealth is used as a marketing name only and is not separately registered. All advisory services are offered through Savvy Advisors.
Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization's initial and ongoing certification requirements to use the certification marks.
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