Planning for Your Retirement? Here’s What You Need to Know

Planning for Your Retirement? Here’s What You Need to Know


Financial planning tackles many different aspects of your life. You have spent your career working towards becoming a high-net-worth individual and want to ensure your retirement remains as comfortable as possible. However, as an HNWI entering into your retirement years, there are potential pitfalls that you have to be aware of that could impact your real estate and investment strategy moving forward. 

Planning for retirement might seem like an overwhelming and complex financial process; however, with an experienced financial planner in your corner, it doesn’t have to be. Here are some factors that can affect an ultra-high net worth or high net worth individual as they plan for retirement. 

Every Financial Situation Is Different

Just like how no two people are exactly the same, the same concept applies to every person’s financial situation. There isn’t a singular retirement plan that will work for everyone precisely the same way. Different market factors, your investment allocation, tax situation, social security payment amounts, your Traditional and Roth IRA investment levels, and thousands of other seemingly small decisions make your retirement plan unique to you.

Understanding how your situation makes you unique can help you better understand and leverage your financial planning into something sustainable for your retirement. Writing out your living expenses, loans, mortgage payments, and the like will help you and your financial planner build a proper retirement plan. 

Know How to Make Your Money Last

For HNWI, preparing for your money to last throughout the length of your retirement becomes a crucial part of your planning process. With people living longer lives, the money you have saved for retirement has to go further than it did even 20 years ago. 

Based on your retirement income needs, you can formulate an investment strategy that can help sustain your portfolio as you deal with belonging to a higher tax bracket, health expenses, and other potential unexpected life events. You want to find ways to protect your purchasing power long after retiring. HNWI can utilize the following to protect their cash flows in retirement: 

  • Build a Globally Diversified Investment Portfolio

  • Delay Social Security Withdrawals Until at Least Age 70

  • Manage Long Term Financial Risks

  • Manage Your Tax Situation and Withdrawal Strategy Efficiently 

Manage Your Ongoing Investments

When you hit your retirement years, investment management becomes crucial for your wealth management strategy. Those investments are essential components of maintaining your cash flows well into your retirement. Since your retirement income can fluctuate based on the success of these investments, having someone you trust to help make sound investment decisions is crucial. 

Minimize Your Taxes

Throughout our lives, taxes take up a large portion of our wealth. As an HNWI, you may be in a higher tax bracket and expect to pay more income taxes and capital gains taxes than the average American. Finding ways to minimize your taxes and keep as much of your wealth and retirement income as possible is crucial. 

Making sure you are tax-efficient in retirement requires a comprehensive tax planning strategy from an experienced tax professional. Stolz & Associates. P.S. is experienced in tax management strategies and can help with this. 

To Leave an Inheritance or Not? 

The concept of creating generational wealth has been a long-discussed societal topic. Whether it’s the responsibility of HNWI to leave behind something to help the generations be more financially stable is a concept that varies from person to person. Every person’s family and financial situation are different, and there isn’t a one-size-fits-all plan for everyone. 

Additionally, unexpected health scares and emergencies can take up a significant amount of your wealth and lessen how much you have left to pass down. Taking a hard look at your financial situation is a good starting point, and we can help you determine when you should meet with an experienced estate planner to help take some of the stress and anxiety out of the inheritance process while easing some of the societal pressure. 

Choose Stolz & Associates, P.S. for Your Retirement Planning Needs

Picking a wealth management firm to help you properly manage and plan your retirement can mean the difference between living comfortably and scrambling ten years into your retirement. Our team has extensive experience assisting UHNWIs and HNWIs from across the country to effectively plan for their retirements. 

Schedule your first discovery meeting with a member of our team and get started planning a better retirement!