As retirement nears, considerations surrounding financial preparation are likely to become increasingly relevant.  

TruNorth Advisors assists individuals and families in coordinating their retirement income, investments, taxes, and legacy planning. Understanding what these services are designed to do will help you be ready for a more productive financial planning talk.

1. Will Your Retirement Savings Support Your Lifestyle?

How Much Income Might You Need?

Planning for retirement is more than just accumulating enough. You also need to know what your household’s potential monthly income may be after employment income ends.

Housing, insurance, food, vacation and health care all potentially impact your future expenses. Costs may rise over time due to inflation, therefore calculations should reflect changing costs.

Income Planning: TruNorth Advisors provides income planning services to help individuals. Also help families assess their lifestyle needs and sources of income. 

How Will You Generate Income After Work?

Retirement income can include such sources as Social Security, pensions, retirement savings and investments. The trick is to get them to work together to cover ongoing costs over time.

2. Are Your Investments Aligned With Your Goals?

How Much Investment Risk Can You Accept?

Your asset allocation is determined by your financial objective. Even time frame for investing and risk tolerance.  

Matt Dixon, the founder and chief executive of TruNorth, is listed on the firm’s website as a Registered Financial Consultant. His practice concentrates on helping clients implement retirement plans and comprehend financial decisions. The firm’s investment planning approach examines goals, time horizons, risk tolerance and the overall financial situation of the client.

3. How Can Taxes Affect Your Retirement Income?

Which Accounts Should You Draw From First?

Different tax treatment could be applied to traditional retirement accounts, Roth accounts and taxable investments. The order and timing of withdrawals might affect how much revenue is left to spend.

There is no single withdrawal sequence that works for everyone. All of your account balances, present income, future tax projections and other financial facts are important.

Matt Dixon and the TruNorth team talk about tax preparation as part of the overall approach to retirement planning the firm takes. Services include assessment of tax concerns and discussion of coordination of withdrawals with investment and income strategies.

4. What Happens If Healthcare Costs Increase?

Are Your Current Coverage And Savings Enough?

Are you covered enough and saving enough?

Retirees may face uncertainties around healthcare costs. Most people are eligible for Medicare starting at age 65 . Those retiring before may want to examine other coverage options.

Couples should consider premiums, out of pocket costs and probable long-term care demands. These costs can impact the money remaining for day-to-day living.

TruNorth Advisors also provides financial planning services that include healthcare planning. By reviewing current coverage and looking at possible long-term care solutions, households can identify areas where they may need to do further planning.

5. How Will Your Assets Be Passed On?

Are Your Beneficiaries And Documents Current?

Estate planning is about deciding who receives what of your assets and who can handle certain things if you are no longer able to do so. Also, frequent reviews of beneficiary designations, wills and powers of attorney should be done.

Life events like marriage, divorce, a birth or the loss of a family member can make an earlier plan obsolete. Your legal documents should reflect your current situation and goals.

Does Your Financial Plan Reflect Your Family's Priorities?

Matt Dixon and the TruNorth team have a coordinated retirement approach, and legacy planning is part of that. These conversations can help clients think through asset transfer issues and how their financial objectives may coincide with family goals.

You might want to get the help of an attorney with estate planning, especially if trusts or complex asset transfers are involved. It can be useful to co-ordinate financial and legal counsel to make sure that the different aspects of a plan function together.

FAQs

What services can TruNorth Advisors help with?

TruNorth Advisors offers financial planning services including retirement income, investment planning, tax concerns and legacy planning. The services that apply to each client depend on the client’s financial situation, goals and planning requirements.

When should someone begin retirement planning?

Retirement planning might start far before retirement age. Getting an early start means more time to save, examine your investment plan and plan for future expenses. When you are within a few years of retiring, you may start looking at your income needs and the resources you have available.

Make Financial Planning A More Informed Process

The greatest financial planning considers retirement income, investment decisions, taxes, healthcare and legacy objectives together. Mastering these topics enables you to ask more relevant questions and identify areas where your existing arrangements may require revision.

TruNorth Advisors provides services in these planning areas and Matt Dixon is the founder of the firm and has a background in financial services and retirement education. Before the meeting, review your own goals and circumstances so you can determine which questions are worth asking first.