Will I Outlive My Money or Will My Money Outlive Me?

Longevity risk is a major concern for any retiree. We have found that time and again, advisors and investors overlook and underestimate the effects a long life has on a comfortable retirement. Our team can help create a plan to help ensure you don’t outlive your savings. If you’re retired, we want to help you keep it that way.

Life expectancy risk, one's ability to outlive one's financial resources, is a major concern for retirees. Surprisingly, this is an aspect that is often underestimated by advisors and investors, even though it has a profound impact on the sustainability of a comfortable retirement.

At Landsberg Bennett Private Wealth Management, we specialize in addressing this concern. We leverage a comprehensive understanding of the financial landscape, coupled with an in-depth assessment of client needs, to create sound financial strategies.

These strategies are designed to help ensure that your savings continue to serve you throughout your retirement, not vice versa.

We don't just aim to maintain your current life according to your regimen. It's helping to secure your financial future, so you can focus on your retirement years without constantly worrying about running out of savings. If you're retired, our goal is to make sure you stay that way without financial stress.

How Can We Address This Concern?

Know your finances

The path to a secure retirement starts with a comprehensive grasp of your present financial status. This includes a meticulous review of your savings, encompassing liquid cash and fixed deposits, as well as investments like equities, bonds, property, and mutual funds.

We also consider any income streams you might have, such as pensions, social security benefits, rental earnings, or any other regular income sources. Understanding your expenditures, both fixed and variable, to evaluate your monthly outgoings is equally crucial. This all-encompassing financial analysis lays the groundwork for our planning procedure.

Set retirement goals

Once we have a clear picture of the situation. your finances, we will review your retirement aspirations. This is a highly personalized process, as everyone's vision of an ideal retirement is different. Some may envision a quiet life in a country house, while others may dream of traveling the world.

Your goals might include maintaining a certain standard of living, fulfilling travel dreams, planning an inheritance or legacy for your loved ones, or preparing for possible health expenses. By aligning your financial plan with your retirement goals, we help ensure your money will serve your dreams.

Life expectancy risk assessment

A crucial component of retirement planning is the assessment of longevity risk, the danger of outliving your resources. We take into account personal health factors, to approximate your lifespan.

This isn't a forecast, but a mechanism to help us gauge the duration your retirement funds might endure. This step is vital in affirming the robustness and durability of your financial strategy.

Financial planning

With a thorough understanding of your finances, retirement goals and estimated life expectancy, we develop a personal financial plan. This plan outlines strategies for managing your investments to help ensure they grow and provide you with a steady income during retirement.

It also includes income withdrawal strategies, helping to ensure you have a steady income while minimizing the risk of outliving your savings. Risk management strategies are also integrated to help protect your assets against market volatility and other financial risks.

Implement a plan

After finalizing a financial strategy, it's time to implement it. This might require modifying your investment portfolio to match your risk acceptance and expansion goals, initiating annuities for a consistent income flow, or creating a withdrawal plan detailing the timing and amounts to be taken from your retirement funds. Every move is made with a high level of caution to guarantee it fits with your comprehensive financial plan.

Regular review and adjustment

Financial planning is not a static process but a dynamic one that requires regular monitoring and adjustments. As market conditions change, your health evolves, or your personal goals shift, your financial plan should adapt accordingly. We conduct regular reviews of your financial plan and make necessary adjustments to help ensure it remains aligned with your objectives and responsive to the changing environment.

Our Wealth Management Services Tailored to Your Situation

Retirement Planning

We will work with you in crafting a detailed strategy for handling your finances during retirement. It encompasses projecting your retirement costs, pinpointing your retirement income sources, managing your investment portfolio, and establishing a withdrawal plan.

Investment Management

This process manages your investments to help ensure they provide steady income during retirement and grow to keep up with rising costs. It covers how assets are spread out, managing potential losses, and regular updates to your investment mix.

Estate Planning

We will work with you in planning for the allocation of your assets post your legacy. It can assist in helping to ensure that your wealth transitions to your heirs in a tax-efficient manner conceivable.

Risk Management

This involves identifying and managing financial risks that could impact your retirement savings. It includes strategies for managing investment risk, longevity risk, and healthcare risk.

Tax Planning

Our team will collaborate with you to help manage your tax liability, both during your working years and in retirement. It includes strategies for tax-efficient investing and withdrawal.

Insurance Planning

Our financial advisors will review your insurance needs and help ensure that you have the right coverage. It can include life insurance, long-term care insurance, and annuities.

Let Our Team Help You Create a Plan to Help Ensure You Don’t Outlive Your Savings