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The folks we work with generally fall into one of three financial stages of life. There is a pretty good chance that you can find yourself in one of the three stages that follow.
are saving for retirement. If they are married and have children, they are probably saving for college, or at least thinking about it. Their ages run from late twenties to early fifties. Accumulators need to first build an Emergency Reserves Account. Budgeting and cash flow are important, because that’s how they set aside money to save. Most accumulators have not yet built up significant financial assets, thus they need to have adequate life insurance and disability insurance to protect loved ones. Accumulators need to carefully manage their debt. Younger accumulators may be saving for a down payment for their first home. Accumulators need to be disciplined about saving and investing money. They should have clearly defined savings targets and investment goals. We can help accumulators with all of the above financial issues. We enjoy working with accumulators because we get to work with them for a lifetime.
are late stage accumulators who have started thinking seriously about retirement. Most of them have a pretty good idea of what they want their retirement to look like, but are not sure how to get there. They are ready to get serious about doing whatever they have to do to achieve their retirement goals. They range in age from early fifties to mid sixties, although we know some overachievers in their late forties. Pre-retirees need a comprehensive retirement plan… a track to run on. They worry about having enough money to retire, and how to invest what money they have. Developing the proper investment strategy and asset allocation is critical to a successful retirement. They want to pay down their debts, and hopefully have their mortgage retired when they are. They might be thinking about selling the “big house” at some point and buying something smaller (although not necessarily less expensive). They might be thinking about a vacation home in a warm place, or at least spending some serious time in that warm place on a regular basis. In addition to their own lives, pre-retirees may be worried about the financial independence of their children and perhaps the physical and fiscal well being of their parent(s). We help pre-retirees by developing a comprehensive retirement plan for them and reviewing it regularly or when necessary. We manage what money we can for them, and help them with their asset allocation and investment choices in their active retirement plan. We help them manage their financial life and their money. We love working with pre-retirees because they are on a mission and are serious. They need us, and we derive great satisfaction helping these folks work towards retirement goals.
just want to live out the rest of their lives comfortably. Steady monthly income from their investments is important to them. They don’t want to run out of money. They know that their “investment money” shouldn’t be in the bank because they can’t live on the low interest, but the stock market is a scary place. They want to preserve their capital, but they are worried about their income keeping pace with inflation. What to do? Retirees love to travel and entertain. They love to give money to or buy things for their grandchildren. Some may be helping their children financially. Most want to leave an inheritance to their children. They worry about protecting their assets from the costs of long-term care in a nursing home. Some might be paying for life insurance they don’t need. The relationship we have with our retired clients is a special one, but challenging. They are where they are in life. They have what they have for assets. They have to make the rest of their life work financially, hopefully as they planned it. To get a little technical, they are “decumulators” because they are taking money from their assets. Their portfolio is most vulnerable to fluctuations in the financial markets. Their financial life and their money have to be carefully monitored.