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Retirement Income Planning - Michael M. McDonough, Inc.
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Retirement Income Planning

Have you decided where to live – and why?

Have you estimated your future health care expenses and how to get the most from Medicare?

Have you developed a Social Security claiming strategy?

Do you know how to generate the retirement income you will need and how to have it keep pace with inflation?

Have you considered how you’ll pay for it?

Do you know how much your retirement will cost?

In considering retirement, you may have some fundamental questions which you’ve left unanswered for too long:

In considering retirement, you may have some fundamental questions which you’ve left unanswered for too long:

  • Have you decided where to live – and why?
  • Have you estimated your future health care expenses and how to get the most from Medicare?
  • Have you developed a Social Security claiming strategy?
  • Do you know how to generate the retirement income you will need and how to have it keep pace with inflation?
  • Have you considered how you’ll pay for it?
  • Do you know how much your retirement will cost?

Reliance on Your Investments

If you’re anxious about planning for retirement, you’re not alone.  Research shows retirement income is the number one financial concern of a majority of Americans.  As the first generation to fund retirement predominantly via our investments, one thing is certain: we’re increasingly “on our own” for retirement security.  Unlike the ‘accumulation’ phase of retirement, mistakes in planning or investing in the ‘spend-down’ phase can be fatal.

Longevity Multiplies Risk

As we live longer, we have a longer retirement to fund and we may not always be in good health.  Longevity multiplies all the other retirement risks.  A longer retirement requires planning to be flexible and contemplate a broader range of outcomes.  Converting savings into sustainable income for one or two lives entails good decisions in an increasingly complex and uncertain world.

Lots of Things to Navigate

Pensions are increasingly rare and demographic realities threaten already fragile governmental ‘safety nets’ (Social Security, Medicare and Medicaid).  Unexpected health care needs and costs can appear out of nowhere.  Anticipating and mitigating major risks gets harder as the rate of change accelerates and range of potential outcomes expands.  Critical contingencies must be navigated – and decisions made – amid uncertainty, at a time when our mental faculties may be in decline.

Our Approach

Securing durable retirement income doesn’t just happen – you must address the threats and develop your plan.  Proper guidance can result in a formal, transparent blueprint for a successful and relaxing retirement.  Our team, including specialists in critical adjunct disciplines, has the specialized training, knowledge and resources to provide perspective and guide you through this critical planning.  As an Investment Advisor Representative (IAR), we operate as fiduciaries in developing and diligently executing a personalized retirement income strategy addressing your objectives.  We help you stay abreast of the challenges likely to arise and facilitate clear-eyed decisions, so you’re less stressed and better able to enjoy retirement.  In a compassionate, non-judgmental way, we help you:

  • Minimize your risk of running out of money
  • Protect portfolio principal
  • Minimize taxes
  • Develop a more realistic picture of what you can afford
  • Maintain perspective and think clearly about events, trends, and a range of outcomes
  • Maximize your Social Security claiming strategy, including protecting a survivor (See More)
  • With Medicare decisions & enrollment
  • With senior housing decisions
  • With constructive introductions to other professionals as needed (CPA. Elder law, estate planning, & other specialists)
  • Develop efficient legacy plans emphasizing the transfer of family values in addition to wealth

“The secret to getting ahead is getting started.”

Mark Twain

“Small mistakes, we can absorb. Big mistakes can absorb us.”

Unknown

“The time to repair a roof is when the sun is shining”

John F. Kennedy

We use a defined process and strategy to help you create reliable, inflation-adjusted income for life.  This entails acknowledging and mitigating a number of risks capable of damaging your retirement security.

Click on one or all of these informative tools explaining in a straight-forward manner the strategy and principal risks confronting your retirement.

Video Presentation

Invest 20 minutes to learn how to turn savings into income.

Plain English Brochure

Clear explanation of our investment process for reducing timing risk, inflation risk and longevity risk.

Reliability of Income Profiler

A profile tool to help determine the best income plan for you. It quantifies your needs in four key areas: the need for lifetime guaranteed income, your sensitivity to investment volatility, the level of liquidity desired, and targeted legacy (terminal) value.

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