Retirement Strategies

Rarely are there ‘Do-Overs’ in Retirement! Start your plan now.

One of the best ways to help plan your Retirement Income strategy is to know your RISA Profile (Retirement Income Style Awareness). What is the RISA ® and how can it help my Retirement?

The Retirement Income Style Awareness® (or RISA®) framework is a psychology-backed, research-driven income personality assessment transforming retirement income planning.

What is the RISA®?

The RISA is a questionnaire that takes about 15 - 30 minutes to complete. It is designed to help you uncover your preferences for retirement income. Your answers to the research-backed questions produce a RISA® report that helps you understand how you’ll be most comfortable funding your retirement. You and your financial advisor will be able to identify which “style” matches best to your preferences and how that can translate into a personalized retirement income strategy.

The RISA framework identifies a collection of retirement income preferences that translate into retirement styles. A retirement style addresses how one seeks to source their spending in retirement. This framework provides a first step in the transition from saving for retirement to spending in retirement.

How can it help my retirement?

Discussions about retirement income planning can become quite confusing as there are so many different viewpoints expressed in the consumer media about the best way to approach retirement planning. You do not want to enter into retirement only to discover that your plan doesn’t feel right.

The RISA® produces a clear set of results defining what matters the most to you. This will help you and your advisor plan a strategy that if it’s your true preferences and ensures a retirement plan fit. Understanding your style from the start can save time and money. Otherwise, adopting a strategy that fails to align with your preferences can lead to a plan that is poorly implemented throughout retirement

What will I learn?

There are competing viable approaches for retirement income. Retirement income strategies can be separated into four general styles. No one approach or retirement income product works best for everyone. With the RISA results, you will have a better sense about which approach is best for you. It is a vital first step in building a retirement income plan.

To learn about the four general styles, click here to download the brochure. (see attached)
Discover your true retirement income preference to help create your ideal retirement plan.

There are many factors that play into claiming strategies, including:

Life expectancy and marital status:

• If you’re single and expect to live past 77, you may consider postponing claiming until your full retirement age (FRA). If you expect to live past 81, you may consider postponing until 70.
• If you’re married: the lower-earning spouse may consider claiming benefits between 62 and FRA, while the higher-earning spouse waits until 70.
  

Other factors include if you have minor children and what other income sources you have, such as 401K or IRA.
Benefits can be reduced by up to 30% by claiming as soon as you’re eligible, before FRA. Beneficiaries can earn an additional 8% in benefits for every year they postpone claiming, up to age 70.

Needless to say, claiming strategies can be confusing and should be tailored to your specific needs and plan.
Call today for a quick assessment of what might be best for you.

The initial consultation provides an overview of financial planning concepts. You will not receive written analysis and/or recommendations.