Through our practice, we have helped over 200 families navigate their retirement plan. And at Calder & Colegrove Investment Group, we believe in the 5 Pillars of Retirement Planning, which include:

  1. Cash
  2. Debt-free Living
  3. Guaranteed Retirement Income
  4. Investment Accounts
  5. Long-term Care Planning

#1 – Cash: We’ve all heard the expression that “cash is king.” As it pertains to your retirement planning, we couldn’t agree more. Many of the talking heads in today’s media continue to profess 3-6 months of cash reserve. Although that’s a good goal during the working years, that mantra is quite short-sighted for retirement.

#2 – Debt-Free Living: Imagine for a moment, how inexpensively you could live if you had no debt. We empower and encourage our clients to work towards the day when the banks no longer have a stranglehold on your financial life. Retirement is generally a more palatable endeavor when you are free of debt.

#3 – Guaranteed Retirement Income: This is the bread and butter of our practice. Consider this thought for a moment: During working years, we grow accustomed to receiving a steady paycheck. Therefore, it makes sense that in retirement, we would also like a steady check as well. We believe that guaranteed income planning starts with a comprehensive analysis of your Social Security retirement income. And for married couples, there’s much more to Social Security Planning then just reviewing individual statements. Additionally, if you are expecting a pension, that is another good source of guaranteed income. Through our process, we create a gap analysis, by which we measure your retirement income goal against your guaranteed retirement income sources. And then we provide additional guaranteed income choices for consideration to close that gap (guarantees are subject to the claims-paying ability of the insurance company).

#4 – Investment Accounts: Outside of guaranteed income sources, we believe it’s vital to hold investment accounts that are available at a moment’s notice to handle your “life happens” moments. Think about the myriad of expenses that you might incur in retirement – from a roof replacement to a health need for a loved one. And of course, there is that bucket list of travel destinations too.

#5 – Long-Term Care Planning: According to an annual report by Genworth, the average cost for a private room in a nursing home exceeds $74,000 per year. And that cost is rising, along with all other annual healthcare expenses. The question is whether or not to buy a long-term care insurance policy or plan to pay for the expense out of pocket. We recognize that it’s not an easy choice but we offer planning guidance to help you make the choice that is best for you.

To get started on your 5 Pillars of Retirement Planning, contact our office today.