You’re Ready to Retire – But Are Your Finances? Lake Point Advisory Group

Many people feel ready to retire, but fewer are financially ready to do so. It’s one thing to feel you’ve accomplished enough in your career or even that you’ve saved enough, but it’s another to have a plan in place that covers everything important. If you’re ready to retire, consider your finances.

Have a Plan, Not Just a Portfolio

Now that you’ve accumulated wealth, the question becomes how you’ll use it to fund your retirement. As we’ve seen, the market is unpredictable. It’s one thing to have a bunch of investments, but it’s another thing to have a retirement investment strategy and a plan for making those savings last for the rest of your life. Consider what would happen if we saw a major market correction or if you lived for 30 or more years in retirement. Would you be worried about running out of money? A plan can help you address that worry in a way a portfolio can’t.

Consider How Much You Could Spend on Healthcare

Inflation could mean higher prescription and medical supply prices in the short term, and health care costs typically outpace inflation over the long term, regardless of market conditions.[1] This means healthcare costs can be a major retirement expense to include in your budget. So, how much could you end up paying? Well, according to a model Vanguard developed with Mercer Health, even with Medicare, average health care costs can reach over $5,000 per year.[2]

If you’re retiring before age 65, the age at which you become eligible for Medicare, consider how you’ll pay for insurance. If you’re 65 or older, know all of your options for Medicare and how much they cost. For example, there are many different ways to pay for extra coverage in addition to Original Medicare Parts A & B, including Medicare Advantage Plans and Medigap.

Don’t Forget About Your Estate Plan

Those who die without a will have their estate go through probate. This means that a probate court decides how to distribute your property. If you would rather manage those decisions rather than hand them over to a stranger, then consider creating an estate plan. In addition to a will or a trust, you can name a beneficiary on your retirement account. If you made a designation many years ago that you would like to change, you could change it to better reflect your current wishes.

Retiring without a plan is like driving in an unknown place without a map – you’d just be guessing where you’re going. We can help you map out your retirement journey so that you know where your money will come from and who it will pass to after your passing. If you’re thinking about retirement or have retired, Click HERE to sign up for a time to speak to us at LakePoint Advisory Group about your financial goals.


Lake Point Advisory Group is a tradename. All services provided by Lake Point Advisory Group investment professionals are provided in their individual capacities as investment adviser representatives of Mercer Global Advisors Inc. (“Mercer Advisors”), an SEC-registered investment adviser principally located in Denver, Colorado, with various branch offices throughout the United States doing business under different tradenames ,including Lake Point Advisory Group.

This material is provided for informational purposes and is not an offer to sell or a solicitation of an offer to buy an interest in any security or to engage in any investment strategy. Such an offer may only be made at the time a qualified offeree receives a confidential private offering memorandum or other appropriate disclosure. This report is intended as a summary; it does not purport to be complete. Information contained herein is believed to be accurate and/or derived from sources which we believe to be reliable; however we do not warrant the completeness or accuracy of such information. Opinions expressed herein do not necessarily reflect those of Lake Point or Mercer Advisors. You should not construe this presentation or any other communication received in connection with Lake Point as legal, accounting, tax, investment, or other advice. You should consult with your own counsel and advisors regarding such matters. Past performance is not necessarily indicative of future results. No representation is made that any investment will or is likely to achieve the same or similar results in the future. Investments cannot be made in an index. Alternative investments are subject to greater risks than those associated with traditional investments and are not suitable for all investors.