The extensive process we go through to establish a retirement income plan involves multiple steps. The most personal step is analyzing the assets that clients have accumulated throughout their careers. Most people humbly hand over the statements with a fear that they may not have saved enough to achieve retirement, or that it’s not enough assets to work with a firm like ours.
First, our firm will work with any couple or individual who needs help planning their retirement regardless of their net worth. You will find no discrimination in this office. Request an appointment here
Second, wealth is very subjective. People who tend to have a lot of assets may also have a lot of monthly expenses. Conversely, people with fewer assets tend to have fewer monthly living expenses. Regardless, the needs of each are the same. Each want to know that their retirement can be achieved, that it is sustainable, and can be done in the most tax-efficient manner possible.
Here’s an example. I have a retirement client with $1,400,000 in liquid assets, but monthly living expenses of almost $9,000 a month. After we take into consideration their social security, we’re able to fund their remaining income needs from the assets they have accumulated. I also have a client with $137,000 in liquid assets, but monthly living expenses of $3500 a month, which are completely met by their combined social security benefits. I would argue that neither are richer than the other.
The bottom line is that you just need a plan, and that’s where Montini & Co Tax Advisory Group can help. The earlier we create a plan the better. A plan will empower you to work on your terms and help relieve those stressful, sleepless nights so many people endure as they approach retirement. Wouldn’t it be helpful to know now if you’re on track with a savings plan? Schedule a no cost consultation today and let Montini & CoTax Advisory Group start your plan.
Written by Marc Montini, IAR, and Managing Partner with Montini & Co Tax Advisory Group. As a licensed fiduciary, we are legally bound to work in your best interest.