Tag Archive for: retirement spending plan

5 Pretty Critical Things Original Medicare Doesn’t Cover (And What to Do About It)

If you’re 65 or older, you’re eligible to enroll in Medicare—but this can be a complex process for new retirees. Many make assumptions about what type of care Medicare covers, and it’s often less than they think. 

Here are some typical costs you’re likely to come across in retirement that Original Medicare doesn’t cover.

What Is Original Medicare?

Medicare comes in many parts, but “original” Medicare refers to Parts A and B. 

Part A: This portion generally covers inpatient hospital, some at-home, hospice, nursing home, and skilled nursing facility care. Most Medicare users don’t have to pay a premium for Part A coverage. However, if you or your spouse didn’t pay Medicare taxes while working, you may be able to buy Part A coverage.

Part B: This is the bulk of your medical insurance coverage and includes preventative care, doctor visits, ambulance services, and medical equipment (like hospital beds or walkers). You will have a premium for Part B coverage based on your income. 

If you earn above the income threshold, prepare to pay an additional amount known as the Income-Related Monthly Adjustment Amount (IRMAA). The IRS uses your tax return from two years before applying for Medicare to determine if you must pay IRMAA. 

What’s Not Covered By Original Medicare?

While Part A and B cover many basic and preventative expenses, there are some notable gaps in coverage to keep in mind before enrolling.

#1: Long-Term Care

While Part A might help with minimal home health care (after Medicare makes you jump through some hoops), it doesn’t cover long-term care costs. Even if you opt for a Medicare Advantage or supplemental plan, Medicare will not foot the bill for anything it deems to be “long-term care.”

The problem is it’s not uncommon to need long-term care in retirement. In fact, about 70 percent of people over 65 will need it at some point in their lives, and it can get quite costly. 

In Michigan, the annual cost of a home health aid is about $61,776. If you’re considering a private room in a nursing home facility, expect to shell out around $108,405 per year. And those numbers are only expected to rise as you age.

So what can you do to help cover the costs associated with long-term care?

Here are a few options to consider:

How you choose to cover the costs of long-term care may impact your other savings goals in retirement. Make sure to discuss these options with your financial advisor before making a decision, as everyone’s needs are different.

#2: Prescription Drug Coverage

Original Medicare actually doesn’t cover prescription drugs; you must enroll in Medicare Part D for that.

Even if you aren’t currently taking prescription meds, it’s often a good idea to enroll whenever you’re eligible to do so. Why? Because if you don’t sign up for it during your initial enrollment period, you incur a permanent penalty if you choose to sign up later.

This late enrollment penalty varies depending on how long you wait to obtain coverage. The penalty is calculated by multiplying one percent of the “national base beneficiary premium” by the number of months you didn’t obtain coverage. This total is then rounded to the nearest $0.10 and added to your monthly premium. 

#3: Dental Care

Original Medicare doesn’t cover dental care such as cleanings, X-rays, fillings, or other preventative work. Some Part C Medicare Advantage plans offer minimal dental coverage, but it’s typically not comprehensive. And unfortunately, most Medigap plans don’t cover it either.

If your Medicare plan doesn’t include dental, consider obtaining a separate dental policy.

#4: Vision Insurance

Original Medicare doesn’t include vision insurance. You’ll need to obtain separate coverage if you wear glasses or contacts. However, you may be eligible for vision care if you’ve had cataract surgery or if you have diabetes. 

Some Part C plans cover vision costs, so review your coverage carefully.

#5: Hearing Aids

Original Medicare won’t cover the cost of hearing aid fittings, follow-ups, or the hearing aid itself. This can be a frustrating gap in coverage for retirees. These devices become critical as many people age, and they tend to cost a pretty penny. Expect to pay between $2,000 and $7,000 for a set of two.

Again, some Part C plans offer partial coverage for obtaining hearing aids. Make sure to check your plan before paying out-of-pocket.

Be Sure You’re Saving For All Medical Expenses

Even with Medicare coverage, there are some expenses you’ll need to prepare to pay out of pocket. If eligible, consider leveraging your HSA (a tax-advantaged tool for covering medical costs in retirement). Or, consider earmarking some investments for health-related expenses in the future. 

Whenever you become eligible for Medicare, you’ll have lots of information to sort through and decisions to make. Don’t hesitate to reach out if you need assistance understanding your options or determining what will best suit your budget in retirement.

Disclaimer

Advisory services are offered through Legacy Wealth Advisors, LLC dba Legacy Wealth Advisors, an Investment Advisor in the State of Michigan. Insurance products and services are

offered through independent insurance agents.

The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Michigan or where otherwise legally permitted.

All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or an indication of future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed accuracy and completeness and does not purport to be a complete analysis of the materials discussed. 

Legacy Wealth Advisors does not offer tax planning or legal services but may provide references to tax services or legal providers. Legacy Wealth Advisors may also work with your attorney or independent tax or legal counsel. Please consult a qualified professional for assistance with these matters.

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Does The 4% Rule Still Apply For Today’s Retirees?

For decades, you were in the accumulation stage of life—saving up enough to live comfortably in retirement. Now that you’ve built your nest egg, it’s time to enter the decumulation stage, which can actually feel harder! 

Creating a withdrawal strategy that matches your unique spending needs and risk profile might not be easy, and it likely won’t follow conventional wisdom. You may have heard of the 4% rule for retirement spending, as this is a common rule of thumb that’s been around for nearly three decades.

But in today’s rather unprecedented market conditions, does it still make sense to follow the 4% rule? Let’s take a look.

What’s The 4% Rule?

Bill Bengen created the 4% rule in 1994.

He researched historical data on stock and bond returns between 1926 and 1976 (a 50-year span) to determine retirement portfolio solvency in extreme market conditions.1

According to his results, a “safe” amount to withdraw each year without running out of money was 4% of your total retirement savings—no matter how volatile or tumultuous the market conditions got. Thus, the creation of the 4% rule.

It states that if a retiree withdraws 4% of their portfolio annually (adjusted for inflation), they should be able to sustain their savings for about 30 years.

To Work, The 4% Rule Carries Many Investment Assumptions.

To work as theorized, you have to create a specific type of portfolio based on some assumptions. Let’s review what we see as the top four. 

Assumption #1: You Have a 60/40 Portfolio Model

Bengen based his conclusions on a 60/40 portfolio model—an allocation of 60% stocks and 40% bonds. But, your portfolio’s allocation should be specific to your goals, risk tolerance, risk capacity, time horizon, and needs. In many cases, that will stray from the conventional 60/40 model.

Assumption #2: You Only Invest in Stocks and Bonds

Another assumption is the strict use of stocks and bonds. But in today’s retirement planning strategies, many find it helpful to pad their portfolio with alternative investments, pension plans, guaranteed income, real estate, and other retirement income sources. 

Assumption #3: Retirement Lasts 30 Years

The 4% rule is designed to last a retiree about 30 years. However, retirement lengths vary immensely depending on when you retire and how long you expect to live.

For example, a 65-year-old male expects to live another 19.1 years.2 If that’s the case, only withdrawing 4% annually may be too conservative based on a 30-year expectancy. On the other hand, if someone retires in their 50s, relying on a 30-year projection might overextend their savings.

Assumption #4: Retirees Spend Consistently Every Year

While it does adjust for inflation, the 4% rule makes a considerable assumption regarding your spending: it’ll stay the same every year. 

In reality, your spending habits will likely shift throughout retirement. When you first retire, for example, you might be more active in regards to travel, visiting loved ones, renovating your retirement home, moving to a new city, etc.

But as retirement continues, life tends to settle down, and your spending slows. As you age, however, your spending may pick up again if your health status changes, you lose a partner, or you decide to contribute to a grandchild’s college costs or wedding plans.

Life is unpredictable, and that can include how you’ll be spending your money in retirement.

So, Is the 4% Rule Still Relevant for You?

While considering the assumptions shared above, you might be thinking that the 4% rule isn’t necessarily relevant to you or your retirement needs.

As you’ve heard and seen on the news, we’re experiencing a period of market turbulence and economic volatility. With that being the case, people who are going to retire soon may find the 4% rule isn’t conservative enough to ensure their nest egg lasts a lifetime.

Creating a Better Retirement Income Solution Than The 4% Rule

Instead of strictly following the 4% rule, consider creating a custom solution with your financial planning team to determine your own withdrawal rate in retirement.

This withdrawal rate may change year to year, depending on what’s happening in the markets and your personal retirement plan. For example, you may decide to withdraw conservatively in the early years of retirement if you anticipate needing more later in life.

Drawing down your nest egg can be more complex than you think, especially since you spent decades working hard to build it up. That’s why working one-on-one with a trusted financial professional can be significant. They can help you develop a strategy, project future income, and determine the proper accounts to pull from. Not to mention, a professional can help proactively plan for future tax liabilities to extend the life of your nest egg.

If you haven’t spoken with a financial professional yet regarding your retirement income planning, please feel free to get in touch with our team. We’d be more than happy to look at your current savings and develop a tailored plan to meet your spending needs in retirement. 

Sources:

1What Is the 4% Rule for Withdrawals in Retirement and How Much Can You Spend?

2Retirement & Survivors Benefits: Life Expectancy Calculator

Disclaimer:

Advisory services are offered through Legacy Wealth Advisors, LLC dba Legacy Wealth Advisors, an Investment Advisor in the State of Michigan. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Michigan or where otherwise legally permitted.

All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication or future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. Legacy Wealth Advisors does not offer tax planning or legal services but may provide references to tax services or legal providers. Legacy Wealth Advisors may also work with your attorney or independent tax or legal counsel. Please consult a qualified professional for assistance with these matters.

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7-Day Weekend: How Retirees Can Build A Great Lifestyle

For many, retirement is an exciting milestone. You’ve worked hard to prepare for this moment, and now’s the time to reap the rewards. But have you ever considered how you’ll spend your newfound free time? 

Many people focus on the preparation it takes to get to retirement without putting in the time to consider what they want to accomplish once there. If you don’t plan on picking up a new job anytime soon, retirement is essentially a seven-day weekend—and that’s a lot of time to fill.

Here’s how we recommend recent retirees build a life they love in retirement.

Yes, You Can Spend Your Money

In fact, we encourage it! You spent decades saving diligently and sacrificing short-term indulgences to build your nest egg. Now that you’ve done it, it’s time to (strategically) spend it.

But changing your mindset from saving to spending isn’t as easy as flipping a switch. It’s emotional to start drawing from your hard-earned savings. Watching the number go down when you’re so used to seeing it grow can be emotional. Many retirees fear spending and wonder if they’re spending too much.

With proper planning and strategizing, however, you can push past the fear of running out of money in retirement. Being over-conservative with your spending actually deprives you of the things you’ve spent years looking forward to.

Like a fad diet, being too strict with your spending tends to backfire. If you don’t find balance, you run the risk of abandoning the plan altogether. It’s a much more effective approach to create a realistic spending plan that keeps you focused and informed while allowing you to enjoy yourself within reason.

Let the Numbers Support Your Spending

It’s not that it’s impossible to overspend in retirement, but if you’re worried about overspending, start by determining how much you’re able to spend in the first place. Having a number in front of you is a way to ease your anxieties and create a guideline for your spending habits in retirement.

Our team at Legacy Wealth Advisors uses financial planning software that provides clients with real-time projections. Together, we’ll look over possible scenarios to help you analyze how much you can safely spend year after year.

From there, we build a withdrawal strategy that’s tailored to your projected spending. Within that withdrawal strategy, we keep your future tax obligations in mind—especially since taxes can threaten your retirement wealth. Throughout the year, we use tax-focused strategies to protect and preserve your wealth.

How to Spend Where It Counts

Not all spending is created equal. In retirement, focus on making intentional spending decisions that align with your goals. That starts, of course, with deciding what those goals are.

Ask yourself, “What type of lifestyle do I envision for retirement?”

Are you itching to travel the world, or do you want to spend winters in a warmer climate? Are you happy living in your same community, or do you want to move closer to kids and grandkids?

Feeling fulfilled in retirement means using your money to fund the things that matter most to you. Spending without a plan or purpose can take away from that feeling of fulfillment.

Understanding your goals gives you a foundation for spending your money intentionally.

Remaining Motivated When Everyday Feels Like Saturday

During your working years, you probably thought, “I wish everyday could feel like Saturday.” The week’s stress seems to go away, your time is your own, and thoughts of work are far, far away.

But the reality of a seven-day weekend looks a bit different. Without the obligation of a 40+ hour work week, it’s up to you to create a new routine that brings you joy and fulfillment.

Find things that fill your time and build out your schedule—classes at the local community center, exercise groups, learning courses, volunteer opportunities, etc. Once you have a regular routine, spend your free time with loved ones. Making it a point to socialize with your family, friends, and community members can be an effective way to keep loneliness and isolation at bay.

Building Your Retirement Lifestyle With Legacy Wealth Advisors

When finding your new purpose in retirement, it’s helpful to nail down your spending and savings strategy first.

Here at Legacy Wealth Advisors, we work closely with those nearing or entering retirement to build a tailored withdrawal strategy and identify their biggest lifestyle goals for retirement. If this is something you’re looking to address, don’t hesitate to reach out to our team today.

Advisory services are offered through Legacy Wealth Advisors, LLC dba Legacy Wealth Advisors, an Investment Advisor in the State of Michigan. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Michigan or where otherwise legally permitted.

All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication or future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed. Legacy Wealth Advisors does not offer tax planning or legal services but may provide references to tax services or legal providers. Legacy Wealth Advisors may also work with your attorney or independent tax or legal counsel. Please consult a qualified professional for assistance with these matters.

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Can You Afford To Retire Tomorrow?

One of the most common questions clients present to us is,

“When can I comfortably retire?”

They want to know if the nest egg they’ve diligently accumulated over the years is enough to get them to and through a long retirement. 

To help, we’ve outlined how you can evaluate your retirement savings needs, “test drive” your budget, and adjust your savings strategy before leaping into your golden years.

Go Gently Into The Retirement Red Zone

Legacy Wealth Advisors specializes in helping those entering the “red zone” prepare for retirement.

What’s the “red zone?”

No, it’s not the coveted field location in football that sets teams up to score. In terms of retirement, the “red zone” refers to the five to ten years before you leave the workforce. 

Unlike an NFL red zone, where teams may be more apt to take risks and show off their offense, a retirement red zone is where many people benefit from strong defense. This translates to being more cautious with spending and saving—spending less and saving more. 

The “red zone” is when we buckle down to ensure a smooth transition into retirement. It’s important because this approach is designed to protect your assets and cash flow. By letting up on the gas pedal a bit, we help mitigate the sequence of returns risk and offer a cushion against negative returns in the early years of retirement.

When you’ve reached this point, some critical things to consider include:

  • Evaluate your current savings
  • Identify potential savings gaps
  • Analyze spending and pinpoint habits you want to avoid
  • Test drive your retirement spending estimates

Let’s dive a bit deeper into each of these categories.

Evaluate Your Current Savings

When considering your countdown to retirement, start by identifying all of your assets, including anything in your retirement accounts (401(k), IRA, etc.), brokerage accounts, real estate, cash savings, etc.

Calculate everything to determine the size of your nest egg. From there, we can estimate how much you’ll have when you actually retire by calculating your investments’ projected rate of return. 

Here at Legacy Wealth Advisors, we use financial planning software to provide real-time projections, enabling you to see how your savings could translate to spending when you retire. This tool can help give you confidence in your “retirement number” and help us create a strategy that will help support your future spending needs. 

Estimating your projected income for retirement is necessary to identify any potential savings gaps.

Mind The—Potential—Savings Gaps

For some people, there’ll be a discrepancy between how much you have saved for retirement and how much you’ll truly need to maintain your current standard of living.

Remember, understanding this gap starts by assessing how much you’re projected to have in retirement.

If you aren’t sure how much you expect to spend, take your retirement savings for a “test drive.” Here’s a simple calculation. Multiply your current cost of living and how long you anticipate being in retirement. 

Try that same exercise but with your expected numbers. Will your current (or projected) nest egg cover this amount? Can you make compromises on your spending? How can you create a savings/investment plan to boost your savings over the next decade? 

If you’re having trouble assessing your spending, grab out your credit card and bank statements over the last year to help get as accurate an estimate as possible.

If you believe there may be a gap, we recommend you use your time in the “red zone” to address this and create a strategic plan for filling it. 

Test Drive Your Retirement Spending Budget

Test driving is an integral part of preparing for retirement.

To drill down deeper, we recommend thinking about how your spending habits may change—or stay the same—as you enter retirement.

  • Do you think your pace of spending will remain fairly similar, or is it possible you’re underestimating your lifestyle costs? 
  • What significant costs do you anticipate in retirement, such as an out-of-state move, buying a vacation house/condo, increased travel, etc.?
  • How do you envision spending your time?

With more free time on your hands in retirement, you may be looking forward to joining a country club, traveling, starting a small business, and more. With changes like these, you’ll want to prepare a savings strategy that accounts for these new expenses.

Making Strategic Financial Decisions

During the years leading up to retirement, determine if you need to ramp up your savings or if you’re comfortable continuing to save at the same rate. By identifying whether or not you have a gap in your retirement savings and expectations, you can strategize accordingly.

Many of the financial decisions you make during this “red zone” period can help set you up for success in retirement, like increasing your retirement savings and reducing expenses.

Increase Retirement Savings

Once you reach 50, you can start making additional contributions—known as catch-up contributions— to certain retirement savings accounts. Taking advantage of catch-up contributions can help you fill the gaps in your savings strategy and even provide an extra cushion.

2022 contribution limits include:

  • 401(k) & 403(b): $20,500 limit with $6,500 catch-up contributions
  • IRA: $6,000 limit with $1,000 catch-up contributions
  • HSA: $7,300 family limit with $1,000 catch-up contributions (For those 55 and older)

If you aren’t yet maxing out your retirement contributions, consider doing so as you enter the retirement “red zone.”

Reduce Expenses and Debt

Debt can look highly different before and after retirement. 

When you have a steady paycheck coming in, the mortgage payment may not be as big of a concern, but once you retire, you’ll likely become much more aware of where you put your hard-earned money.

What debt are you still paying down? Consider addressing debts like car payments, mortgages, medical bills, personal loans, and more before entering into retirement. Debt, especially high-interest debt, can really chip away at your retirement savings when not managed properly.

Next, ask yourself, are there any expenses you can reduce before retirement? Take a look at your current cash flow plan and identify potential areas for improvement. Do you really want to put a bunch of money into home renovations when you plan on selling the house when you retire? If you’re paying for seven streaming services, are you comfortable parting ways with a few you never use? 

Minor adjustments here and there can add up to significant savings over the span of retirement.

Ready to Retire?

Everyone’s on a different path when it comes to retirement. Whether you’re ready now or looking to wait a few years, working with a financial partner can be a complete game-changer. 

At Legacy Wealth Advisors, we help those nearing retirement develop a comprehensive strategy and transition smoothly to financial independence. Reach out to our team anytime to talk about your personal journey toward retirement and how we may be able to help.

Disclosure:

Advisory services are offered through Legacy Wealth Advisors, LLC dba Legacy Wealth Advisors, an Investment Advisor in the State of Michigan. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Michigan or where otherwise legally permitted. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.

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A Step By Step Guide To A Retirement Spending Plan That Works for You

A Step By Step Guide To A Retirement Spending Plan That Works for You

If you’ve saved diligently for retirement, your hard-earned nest egg deserves an intentional spending plan. But as you likely know, it can be challenging to switch from a mindset of saving to spending. 

That’s why Legacy Wealth works with individuals and couples preparing for, transitioning to, and enjoying retirement. Together, we’ll help you determine the best course of action for utilizing your savings in a tax-efficient and goal-focused manner during your golden years.

As you consider your spending in retirement, you’ll need a retirement budget. Here’s how to start building one today.

Step #1: Determine Your Income Channels

Perhaps the biggest question to ask yourself when preparing a budget is, “Where will my money come from?”

To answer, look at the income channels you’ll have in retirement, specifically your fixed and variable income.

Fixed Income

Fixed income refers to income that will not change in value. Because of this, you’ll know exactly how much you’ll receive each payout and (usually) when to expect it. Examples of fixed income could include Social Security, a paycheck from your job, a pension, and an annuity.

There are strategies to maximize these fixed income streams. For example, delaying Social Security benefit payouts will increase the monthly amount (up until the age of 70). Similarly, the distribution method in which you choose to receive your pension will impact your income in retirement. You may have options such as receiving monthly payments or a lump sum amount.

Liquid assets like an emergency fund or cash are considered fixed income as well. These should be included when determining how much income you’ll have in retirement.

Variable Income

In your working years, variable income could come in the form of commissions or bonuses. In retirement, they may be dividends from investments or other earnings that fluctuate like a rental property.

Variable income sources are, as they sound, going to change from payment to payment. For example, you may choose to withdraw more or less from accounts like 401(k)s or IRAs to meet your spending needs in retirement.

Combining Your Income Channels

Keeping these retirement income sources in mind, you’ll want to develop a withdrawal plan alongside your advisor. This plan will account for things that can dwindle your savings, like inflation and taxes.

Step #2: Define Your Lifestyle Goals

Having all the savings in the world will only get you so far. The next step is determining what you want your retirement to look like and how you can utilize your savings to make it happen. Your desired lifestyle in retirement will have an immense influence over your corresponding spending.

Start big with questions like, “Where do I want to live in retirement?”

Do you want to stay in your current home, move closer to your kids, or buy a house in your favorite city? The answer will be the first factor in determining what you’ll be spending your money on in retirement.

Are you looking forward to traveling the world right away? Or are you taking a few years to spend quality time at home?

Start narrowing in on more day-to-day expenses you’ll want to prepare for. Do you have expensive hobbies, like boating or horseback riding? With more free time in your days ahead, you should be able to continue doing the things you love.

Step #3: Break Down Your Daily Spending

Keeping the above retirement goals in mind, it’s time to get a bit more granular. In as much detail as you can, estimate costs for your projected expenses.

These could include:

  • Mortgage or rent
  • Groceries
  • Utilities
  • Cell phone, internet & cable bills
  • Insurance (life, health, auto, home, etc.)
  • Taxes
  • Debts (auto loans, credit cards, etc.)
  • Entertainment
  • Travel & vacations

A realistic look at how much you’ll be spending in retirement is crucial. This list serves as a checkpoint in your retirement savings journey by answering the question: Are you on track to meet your needs, or do you need to reconsider your savings strategy?

Step #4: Make a Plan to Meet Your Goals

If your current retirement savings doesn’t meet the demand of your projected expenses, prepare to make up the difference.

Whether you’re a few months or a few years away from retirement, there are some things you can do to give your savings a boost.

Max out contributions to your retirement savings accounts, including 401(k)s, IRAs, and HSAs. Those over 50 are allowed to make additional catch-up contributions. If you have the means to do so, use this opportunity to tuck away as much as possible. Remember that contributing to most non-Roth accounts will reduce your taxable income for the year the contributions are made.

If you’ve recently received (or plan on receiving) a large windfall such as an inheritance, property sale, bonus, or lawsuit settlement, consider putting a portion of this towards your retirement.

Remember, you can always reevaluate your current household budget for opportunities to re-direct spending towards retirement savings. You may also find it worth your peace of mind to continue working an additional year or two beyond your original retirement date.

Step #5: Spend Intentionally in Retirement

Above all else, let your goals and values guide your spending in retirement. At Legacy Wealth Advisors,  we can help build a spending plan that’s unique and personal to you. If you want to spend more on a boutique gym experience, for example, let’s make sure it’s reflected in your budget. Whatever you find joy and value in, we’ll make it a priority in retirement.

Retirement should be your time to live life your way, without the restrictions of work obligations or financial uncertainty. If you’re excited to develop a spending plan that’s tailored to your retirement goals, get in touch with our team today.

Disclosure:

Advisory services are offered through Legacy Wealth Advisors, LLC dba Legacy Wealth Advisors, an Investment Advisor in the State of Michigan. The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Michigan or where otherwise legally permitted. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication of future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.

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