This page outlines Retirement Planning. For a description of Passport Wealth Management’s financial planning services, please click here.
Retirement is one of the most exciting milestones in a family’s life. As with any life cycle step, good planning can make a big difference in the outcome. For an increasing number of Americans, retirement looks different than it did for their parents and that means retirement planning looks different.
Getting a Clearer Picture of Retirement
A large number of our financial planning clients are looking for guidance on retirement planning. Our approach to retirement planning is the same as our approach to financial planning, holistic, and personalized. We start by asking hard questions – most of which have nothing to do with money or your financial situation. We want you to develop a cogent vision of your retirement and think about what you want to do with this phase of your life. From there we will discuss retirement goals. Boomers and people nearing retirement today have different plans than their parent’s generation, and our Gen X and Millennial clients have even more diverse plans. Some of our clients won’t even use the word retirement! They prefer to say next act or second phase. Traditional retirement, for many of us, is a thing of the past.
Planning for Alternative Retirement
When one career affords you the opportunity to make lifestyle changes before the traditional ‘retirement’ age, it can mean the possibility of a second career pursuing a passion project or working part-time. Passport Wealth Management has supported the retirement planning for clients wishing to pursue a variety of early retirement options, from part-time careers to building a non-profit from the ground up. Smart retirement planning and a holistic financial plan can help make new dreams a reality.
Active adult communities around the country, and even the world, market to the retiring Boomer who is interested in an active lifestyle. Some of our clients choose to take long trips every year during retirement. Others have taken up hobbies such as yachting, sailing, or playing golf at famous courses around the world. Still, others have taken up collecting treasures, hiking, or checking places off their bucket list. Whatever active retirement looks like for you, smart retirement planning can help get you there.
Americans are increasingly seeking to retire full time or part-time overseas. The cost of living may be much lower, the climate more attractive or the cultural offerings more interesting. Living abroad can be an exciting new adventure and one that we know well at Passport Wealth Management. But we also know that careful financial planning is critical—it must consider exchange rates, foreign and domestic tax implications, and international regulations. We understand what is involved, and can include these considerations in our retirement planning work so that you can maximize your time abroad.
A sabbatical is a leave of absence from one’s regular work responsibilities—usually with pay, but not always—for research, rest, or recreation. University professors are often granted a sabbatical every seventh year. But outside of academia, many industries are offering career workers some time off, often to explore ways their work can be applied in new contexts. Whether your company is funding your sabbatical, or you are doing so on your own, it is important to plan for your re-entry. Sabbaticals can also be a great time to take advantage of tax-efficient or tax-aware investment and planning strategies.
Strategies for Retirement Planning
At Passport Wealth Management, nothing happens without a clear map of the territory—we learn everything we can about your plans, your hopes, your “blue-moon wishes,” as well as your current and future commitments. We take into account tax-efficient investing strategies, holistic financial planning, long-term investment management, and more. It is never too early to consider your retirement goals and include retirement planning in your financial plan.
To learn more about retirement planning or holistic financial planning with a fee-only CERTIFIED FINANCIAL PLANNER TM professional, please contact Passport Wealth Management at (704) 457-0060. We work with clients around the world from our offices in Cornelius, NC.