Already Retired? Here’s How You Can Still Strengthen Your Financial Foundation
For many retirees, financial planning feels like something that should have been finalized before retirement. However, it’s often possible to make adjustments after retirement that improve security and income potential. RESO Your Finances works with clients in their 60s, 70s, and beyond to explore strategies aimed at enhancing financial stability and outcomes for their families.
Here are six approaches retirees may consider:
- Protecting Retirement Accounts from Market Risk
Retirement accounts such as 401(k)s or IRAs may still be exposed to market fluctuations, which can impact savings at a vulnerable time. RESO Your Finances offers strategies intended to reposition these assets into solutions designed to track market gains while aiming to protect principal from losses. This approach seeks to provide steadier income and reduce volatility during retirement. Actual results may vary depending on individual circumstances and market conditions.
- Managing Debt Without Compromising Lifestyle
Debt, including mortgages, credit cards, or medical bills, can persist into retirement and affect monthly income. RESO Your Finances offers guidance on ways to address such debts, aiming to reduce financial strain without significantly impacting lifestyle or drawing down retirement savings.
- Establishing Emergency Funds
Unexpected expenses, such as family needs or medical emergencies, can challenge retirees, especially if liquid savings are limited. RESO assists in creating emergency funds within retirement plans to help ensure access to cash when needed, ideally without penalties or undue impact on long-term income.
- Accessing Living Benefits During Life
Some modern retirement financial products include Living Benefits Riders that allow part of the benefit to be accessed during the policyholder’s lifetime in case of serious health conditions. These may cover chronic illness, terminal illness, critical illness, or Alzheimer’s disease, providing potential financial support for care and treatment expenses. These features are often included with many recommended options. Availability and terms vary by product.
- Providing a Financial Legacy
Certain solutions include built-in death benefits designed to help retirees leave financial assets to spouses, children, or grandchildren. This can simplify wealth transfer without the need for complex estate planning.
- Continuing Tax Planning in Retirement
Tax considerations remain important after retirement. RESO Your Finances’ strategies often involve tax-deferred growth, tax-free withdrawals, and structured income distributions aimed at reducing tax liabilities on Social Security, Required Minimum Distributions, and investment income. Such approaches may help extend the longevity of retirement resources.
Why This Matters: Social Security and Retirement Income
Social Security benefits alone are typically insufficient as a sole income source in retirement. Traditional withdrawal strategies, like the commonly referenced 4% rule, may not fully account for today’s economic and healthcare realities. RESO’s approach is modeled after the Swiss retirement pension system, which includes a minimum annual payout target of around 6.8% on retirement assets. This model aims to increase income potential while managing market risk. Actual guarantees and income levels depend on product features, market conditions, and individual circumstances.
Taking Steps Toward Financial Security
Even well into retirement, making informed financial adjustments can contribute to greater security and a more predictable income stream. RESO Your Finances provides advisory services focused on protecting savings, managing debt, enhancing income, and accessing health-related benefits.
About RESO Your Finances
RESO Your Finances is a Swiss-American wealth advisory firm with offices in Massachusetts, Texas, and Washington State. Drawing on over 25 years of experience across Wall Street, Silicon Valley, and European pension models, the firm specializes in converting retirement savings into tax-efficient income streams while considering health, legacy, and family needs.
For more information, visit the RESO Your Finances website at www.resoyourfinances.com.
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