Client/Visitors Center
The Living Balance Sheet
Retirement
The statistics are staggering: every 60 seconds in the United States, a baby boomer turns 60 and begins planning his or her retirement. Even more noteworthy is that many of these individuals are not fully prepared to achieve their retirement goals and significant legacy objectives.
What’s missing from their individual plans is a clear understanding of how unexpected life events and the future cost of living can affect their ability to lead the lifestyle that they’ve dreamed of.
Utilizing The Living Balance Sheet® system’s revolutionary Retirement Income Module, our financial representatives are changing the way individuals and business owners approach retirement planning by helping them to live for today and build wealth for tomorrow.
- Many pre-retirees do not understand how unexpected life events and inflation can affect their future cost-of-living and retirement plans.
- The Living Balance Sheet’s Retirement Module allows clients to understand the relationship between asset accumulation and the prioritization of how retirement dollars are spent. It can provide many people with their first organized approach to money management.
- The system’s Lifestyle Realization Calculator allows our financial representatives to illustrate your retirement assumptions and test them against a variety of life’s realities.
Now, you can see a “big picture” view of your retirement landscape. Previous methods were limited by relying heavily on “static” factors, leaving clients exposed to significant volatility.
The Retirement Module tools take into account the effects of changing interest rates, portfolio values, and tax rates, as well as inflation and major one-time events such as weddings and college tuition. The Lifestyle Realization Calculator provides a step-by-step visualization and assembly of an individual’s cash flow decisions. The Living Balance Sheet® is a living, breathing tracking tool that allows our clients to monitor their net worth and cash flow, both before and during retirement. This technology is a distinct differentiator for retirees, providing many of them their first organized approached to money management.
Top Two Concerns. Many people looking toward retirement are most concerned with how to pay for medical expenses and how to have enough money to fund their current lifestyle throughout their retirement years. The Living Balance Sheet® allows our representatives to show them a combined a blueprint of the guaranteed income streams, identify gaps and risks, and develop strategies that showcase the value of different financial instruments in retirement planning.
Five Steps of the Lifestyle Realization Process
- Establish lifestyle income objectives by examining how much money you need to live on each year.
- Identify all guaranteed sources of income, including pensions, Social Security, and annuities, and determine if there are gaps between what you have and what you need.
- Understand how to make sound spending decisions and the effect of the future cost of living due to inflation, taxes, and things you want to accomplish in life.
- Assess cash flow sources to determine if your retirement savings can withstand years of inflation.
- Stress test all types of situations, including the need for assisted-living, market corrections, or a child’s wedding/college tuition or special needs.