Retirees

Retirement is a significant milestone that requires careful planning and knowledgeable guidance to work toward financial security. At GPS Wealth Management, we understand that each retiree has unique needs and goals. Our comprehensive services are designed to help you navigate the complexities of retirement planning, allowing you to enjoy your golden years with confidence and stability.

Retirement Income Planning

One of the most critical aspects of retirement planning is ensuring a steady and reliable income stream. Our retirement income planning services have a goal to cover all your expenses in an effort to maximize the longevity of your assets. We aim to achieve this through:

• Managing Withdrawal Rates: We help you determine the optimal withdrawal rate from your retirement accounts to help ensure your savings last throughout your retirement. This involves analyzing your spending needs, life expectancy, and market conditions.
• Stable Income Investments: Our advisors recommend stable income investments that provide a consistent income stream. These investments are carefully chosen to balance growth potential with risk management.
• Diversified Income Sources: We develop strategies to diversify your income sources, including pensions, Social Security, and investment income, to reduce reliance on any single source.

Social Security Optimization

Social Security benefits play a vital role in retirement income. Our advisors can provide knowledgeable guidance on optimizing your Social Security benefits to maximize your retirement income. This includes:

• Timing of Benefits: We help you determine the best age to start claiming Social Security benefits based on your financial situation and health. Delaying benefits can result in higher monthly payments, but it’s essential to consider your individual needs.
• Spousal Benefits: For married couples, we analyze spousal benefit options to help ensure both partners receive the maximum possible benefits. This includes strategies such as file and suspend or restricted applications.
• Tax Implications: We assess the tax implications of your Social Security benefits and develop strategies to minimize your tax burden.

Estate and Legacy Planning

Legacy preservation and honoring your wishes are critical components of retirement planning. Our estate and legacy planning services include:

• Will Planning Strategies: We provide guidance on structuring your will to help ensure that your assets are distributed according to your wishes. This involves considering all aspects of your estate, from property and investments to personal possessions, and making sure they are allocated in a way that reflects your intentions and benefits your heirs.
• Trust Planning Strategies: Trusts can offer significant benefits, such as asset protection, tax savings, and control over how and when your assets are distributed. We help you explore various trust options, such as revocable living trusts, irrevocable trusts, and charitable trusts, and develop strategies that best meet your estate planning goals.
• Estate Tax Planning: We can develop strategies to minimize estate taxes, working towards preserving more of your wealth for your heirs. This can include gifting strategies and the use of life insurance to cover estate tax liabilities.

Tax Planning

Effective tax planning is crucial for maximizing your retirement savings. Our tax planning strategies integrate with your investment and income plans to help reduce liabilities and enhance your retirement savings. Key aspects include:

• Tax-Efficient Withdrawals: We help develop strategies for tax-efficient withdrawals from retirement accounts, such as IRAs and 401(k)s, to minimize your tax burden.
• Roth Conversions: Converting traditional retirement accounts to Roth IRAs can provide tax-free income in retirement. We analyze the benefits and potential costs of Roth conversions based on your financial situation.¹
• Investment Tax Strategies: We can recommend tax-efficient investment strategies, such as investing in municipal bonds or using tax-loss harvesting, to reduce your taxable income.
• Charitable Giving: Charitable giving can provide significant tax benefits. We help you develop charitable giving strategies that align with your philanthropic goals and reduce your tax liabilities.

Investment Management

Managing your investments during retirement is critical to maintaining financial stability. Our investment management services include:

• Risk Management: We assess your risk tolerance and develop an investment strategy that balances growth and preservation of capital. This may involve adjusting your asset allocation to reduce exposure to market volatility.
• Income Generation: We focus on generating income from your investments through dividends, interest, and other income-producing assets.
• Performance Monitoring: Monitoring of your investment portfolio helps ensure it remains aligned with your financial goals.

Lifestyle and Budget Planning

A successful retirement plan goes beyond financial management. It includes planning for your desired lifestyle and creating a realistic budget. Our services in this area include:

• Lifestyle Assessment: We work with you to define your retirement lifestyle goals, such as travel, hobbies, and family activities, and incorporate these into your financial plan.
• Budget Development: We can help you develop a retirement budget that covers essential expenses and discretionary spending. This can help you can enjoy your retirement without financial stress.
• Spending Strategies: We recommend strategies for managing spending in retirement, such as setting up separate accounts for different spending categories or using budgeting apps.

At GPS Wealth Management, we are dedicated to helping retirees work toward achieving financial security. Our comprehensive retirement planning services cover all aspects of your financial life. With our personalized approach and ongoing support, we strive to ensure you can enjoy a fulfilling and happy retirement. Let us be your collaborative partner in navigating the complexities of retirement planning, allowing you to focus on enjoying your life and family.