Much is made of the need to save and invest for your financial future. The typical path most of us take to save is by participating in a company 401(k)/pension plan, or possibly the old standby of contributing to an IRA. Some may even purchase and maintain rental properties for income. The next step is creating an elaborate estate plan coupled with a strategy for growing and protecting the wealth we have obtained because we know it is critical to creating a successful retirement and personal legacy.
Unfortunately, not a lot of thought is given to creating a strategy on how to effectively use the retirement assets once we reach those latter stages of life. Most IRA accounts just sit idle until retirement when the accountholders will drawdown their retirement accounts in large chunks. Chunks that will pay off a mortgage, take an extended vacation, make a large purchase, or assist a family member. And, when the retirement account is depleted, so is the income producing potential of that account. Creating a retirement strategy that allows you to live comfortably from the interests/dividends derived from the capital amassed will ensure that those diligently accumulated assets, will last a lifetime and leave a legacy for the ones we care about.
Needs of Retirees
There comes a time in our life when we look back at all that we have done to provide for our families, raise our children and hopefully saved enough for our retirement years to enjoy the fruits of our labor. Life changes pretty dramatically when the home is empty, and we no longer need to go to work. Retirees who are going through these life changes have specific needs that have to be fulfilled:
- Replace income from employment
- Pay for medical insurance before Medicare kicks in at 65
- Supplement other sources of retirement income such as Social Security and Pensions
- Protect and preserve hard-earned capital, while enjoying the fruits of their savings
- Need for fixed income investments, rather than equity investments
Bridging the Gap for Income During Retirement
The primary problem that retirees face is how to replace the income they were earning on the job. Sources of income from pensions, social security, disability, and income property may not be enough…
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PREFERRED TRUST COMPANY, LLC (“Preferred Trust”) | 2140 E Pebble Road | Suite 140 | Las Vegas, NV 89123 | 702.990.7892 | www.preferredtrustcompany.com | Financial Institutions Division of Nevada License No. TR1002. Preferred Trust performs duties of a custodian and as such, does not sell investments or provide investment, tax, or legal advice. Preferred Trust is committed to safeguarding all non-public personal information provided to us by our customers. Preferred Trust collects, retains, and uses customer information where we reasonably believe that it will help administer our business or provide services to our customers. We collect and retain customer information only for specific business purposes and upon request will inform customers why we are collecting and retaining the information. We use information to protect and administer records, accounts, and funds; to comply with certain laws and regulations; to help us design or improve our services; and to understand the financial needs of our customers. Preferred Trust is an accredited member of the Better Business Bureau.