According to studies surveying high net worth investors, even people with more than $1 million in net worth are concerned about making their money last. If you are the beneficiary of a trust fund or living off your assets in retirement, you may be thinking about:
• Health care costs. As we age, health care costs make up an increasingly large portion of expenses. Out of pocket health care costs and the cost of long-term care can be high, but there are things you can do to prepare.
• Taxes. Several types of investments are taxable in retirement, and when and how you withdraw funds in retirement matters. Luma Wealth Advisors can help you figure out how to make the most of your assets.
• Interest rates. There are many economic factors that affect interest rates, and movements up or down may affect your income stream. It’s important to remain aware of these changes and make necessary adjustments.
• Inflation. As prices rise, the purchasing power of your money declines. You need to be sure your investment portfolio is structured to withstand the impact of rising prices.
• Spending. If you are retired, you may no longer have work-related expenses, such as a professional wardrobe or commuting expenses. However, other expenses may increase, including travel and entertainment. Since your spending affects your savings, budgeting is an important part of living off your assets.
Luma Wealth Advisors is here to help.
We take the time to understand what you want to achieve, then help you craft a plan to get there, because your goals and your financial security are of the utmost importance to us.