Preparing for Retirement: Steps for Pre-Retirees in Melbourne, FL

As you approach retirement, planning becomes increasingly important. Whether you’re in your early 50s or late 60s, taking the right steps today can help ensure a smoother transition into retirement tomorrow. At Wilmarth Private Wealth Management of Raymond James, we specialize in helping pre-retirees in Melbourne, FL, and Brevard County navigate the essential stages of retirement planning, so you can retire with confidence.

How to Start Preparing for Retirement

Planning for retirement isn't just about saving money—it’s about strategically preparing for the lifestyle you want in your later years. Whether you’re 10 or 5 years away from retirement, it’s never too early to start planning. At Wilmarth Private Wealth Management, we guide you through the entire retirement planning process.

Here’s how we help you prepare for retirement:

• Assessing Retirement Needs: We begin by assessing your current financial situation and estimating how much income you will need in retirement. This includes understanding your future expenses, such as healthcare costs and travel plans.
• Retirement Income Strategy: We work with you to create a retirement income strategy that takes into account pensions, 401(k) plans, IRAs, and other investment vehicles to ensure that you have a consistent income stream throughout retirement.
• Investment Strategy: Pre-retirees should make sure their investment strategies align with retirement goals. We assist in adjusting asset allocation to help ensure it meets both current and future needs, balancing growth with risk management.

Understanding Retirement Accounts and Tax Considerations

One of the most important aspects of retirement planning is understanding your options for retirement accounts and how they will impact your taxes. Pre-retirees often face complex decisions about how to withdraw funds and optimize their accounts. Our team provides guidance in:

• Maximizing 401(k) Contributions: If you're still working, increasing your 401(k) contributions before retirement can be a powerful way to boost savings. We can help you navigate your employer’s retirement plan to make the most of available contributions.
• Understanding IRAs and Roth IRAs: We’ll help you determine whether a traditional IRA or a Roth IRA best suits your needs and design your retirement account strategy to help minimize tax liabilities in your retirement years.
• Tax-Efficient Withdrawals: When it’s time to begin withdrawals, we offer guidance on how to minimize tax penalties and ensure you’re withdrawing in the most tax-efficient way possible.

Healthcare and Long-Term Care Planning

Healthcare costs are a major concern for retirees, and it’s important to plan for them ahead of time. Pre-retirees need to understand their healthcare options in retirement, from Medicare to long-term care insurance. We help you:

• Review Medicare Options: We walk you through the various parts of Medicare to determine the most appropraite coverage options for your healthcare needs.
• Prepare for Long-Term Care: Whether through long-term care insurance or other savings, we help ensure that you're prepared for unexpected health costs later in life.

Estate Planning and Protecting Your Legacy

One of the final stages of pre-retirement planning is ensuring that your estate is in order. Protecting your assets and ensuring that they’re passed down according to your wishes requires thoughtful planning. We assist you with:

• Creating Wills and Trusts: It’s important to have an estate plan that ensures your assets go to the right people. We can work with your attorney to help set up wills, trusts, and other legal documents.
• Minimizing Estate Taxes: Effective estate planning can minimize the impact of estate taxes on your heirs. Our team works with you to create a strategy that helps preserve wealth for the next generation.
• Wealth Transfer Strategies: We help you create strategies to transfer your wealth to your loved ones in the most tax-efficient way possible.

The Wilmarth Private Wealth Management Approach to Pre-Retirement Planning

At Wilmarth Private Wealth Management of Raymond James, we understand the importance of a personalized, comprehensive approach to retirement planning. We’re committed to helping pre-retirees in Melbourne, FL, and Brevard County build the financial future they desire. Here’s how we work with you:

• Custom Plans: We take the time to understand your unique needs and create a plan that aligns with your goals, preferences, and values.
• Ongoing Support: Retirement planning is a dynamic process that requires adjustments over time. We provide ongoing support and regular reviews to ensure your plan stays on track.
• Expert Guidance: Our team of professionals helps you navigate complex retirement issues with confidence, ensuring you’re well-prepared for the next stage of life.

Start Preparing for Your Retirement Today

The earlier you begin preparing for retirement, the more secure your future will be.

Don’t wait until the last minute to start planning. Contact Wilmarth Private Wealth Management today to schedule a consultation and begin the process of planning for your retirement.

FAQs

How much should I be saving for retirement as a pre-retiree?

As a general rule, pre-retirees should aim to save enough to replace 70%-80% of their pre-retirement income. The exact amount varies based on your goals, lifestyle, and retirement plans. We can help you create a specific savings target based on your situation.

When should I start claiming Social Security?

The decision of when to start claiming Social Security benefits depends on your financial situation and retirement goals. Starting benefits early may result in a reduced monthly amount, while delaying benefits increases your monthly check. We’ll guide you through the best timing strategies for claiming Social Security.

How do I adjust my investment strategy as I approach retirement?

As a pre-retiree, your investment strategy should focus on reducing risk while still allowing for some growth. We’ll help you adjust your portfolio to balance stability and growth, ensuring you have the right mix of investments as you approach retirement.

Should I consider long-term care insurance in my pre-retirement planning?

Long-term care insurance can be a crucial part of your retirement strategy, especially if you anticipate needing extended care later in life. We can help you assess your healthcare needs and determine if long-term care insurance is right for you.

Contact Us

Ready to take the next step toward financial security in Melbourne, FL? Contact Wilmarth Private Wealth Management to schedule a consultation. Let's work together to build a financial plan that aligns with your goals and aspirations.

* Raymond James Does Not Provide Tax or Legal Advice