Broker Check

Transitioning into Retirement

When saving for retirement, Baby Boomers primarily focus on the accumulation phase. Very few people pay attention to the period after retirement, when the individual must manage his/her investments and distribute money from the accumulated assets. 

At Universal Capital, we specialize in helping pre-retirees get financially ready to transition from their working years to their retirement years.  We do this by implementing a strategy that will help grow your portfolio and generate a sustainable and tax-efficient stream of lifetime income.

Retirement Readiness Checklist
Below is a list of the most important components of retirement readiness that need to be considered.

1.  Do you want predictable income for life?  What would you do if you run out of money?

We are living longer than ever before with more people living over the age of 100.  This means that you may need more reliable income to cover your future expenses.

2. Investments and asset allocation: What is your plan if the market drops by 20% or more?

Baby Boomers continue to have the same type of investments and asset allocation going into their Distribution Phase. By keeping the same asset allocation, they may be taking too much risk, and in case of a loss, they may not have enough time to recover.


3. We are not getting younger: What is your plan to receive care at home during later years of your life?

Focusing on paying medical and health care bills is important in this stage of your life. The goal to comfortably live at home, as opposed to moving into a nursing home can be achieved by careful planning.

4. High level of debt: Do you have a plan to reduce your debt before interest rates start going up?

Some baby boomers retire with very high debt. They may have a high mortgage balance or personal debt. They may not have enough income to cover their payments and eventually get into default.


5. Paying excessive and unnecessary taxes: Do you have a plan to diversify your taxable income and pay less in taxes?

By the time you reach retirement, you may be paying more taxes, due to having less deductions to report, such as mortgage interest, retirement plan contributions, and claim of dependents. Also, you may be required to withdraw Required Minimum Distributions (RMD) from your retirement accounts.

6. Not having the right type of coverage: Have you reviewed your insurance plans lately?

Based on your lifestyle, you may need to have proper and sufficient insurance coverage, such as Medical, Prescription, Life, LTC, Dental, Travel, etc.

7. Update Documents: When was the last time you reviewed your Primary and Contingent beneficiary designations on your accounts?

Make sure to have the correct titling of your accounts and updated beneficiaries to your IRAs and Living Trust accounts.

We will help you transition into
a happy and worry-free retirement

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Schedule a time to review your retirement readiness checklist with no obligation