Retirement Planning in Denver, CO

If you’re still in your working years, we’ll recommend ways to optimize your savings. This could include increasing contributions to your 401(k) or 403(b), opening or funding an IRA or Roth IRA, and setting aside cash reserves for short-term needs. We also examine your investment allocation: as you approach retirement (typically in your 50s and early 60s), it’s crucial to balance growth with preservation. We’ll ensure your portfolio is allocated appropriately – for instance, gradually reducing overly aggressive positions and incorporating more stable investments to protect against market downturns as your retirement date nears. Our advisors will explain strategies like “catch-up” contributions (for those over age 50) and the benefits of tax-advantaged accounts, so you can make the most of every dollar saved. For clients who start planning later or worry they’re “behind,” don’t panic – we can explore tactics like downsizing expenses, working a bit longer, or part-time income in early retirement to bridge any gaps. There is always a path forward, and we’re here to help you find it.

A key part of retirement planning is figuring out how to turn your accumulated savings into a reliable income stream once you stop working. We’ll develop a withdrawal strategy that outlines which accounts to draw from first and how much you can safely take out each year without running out of money. This might involve the 4% rule as a starting guideline, adjusted to your situation, or other distribution methods that fit your needs. We also provide guidance on Social Security – specifically, when to file for benefits to maximize your lifetime income. Many people don’t realize that the difference between claiming at 62 versus 70 can be substantial; we’ll run the numbers for you. If you’re married, we consider spousal benefit strategies as well. For Denver retirees who have a PERA pension or other pensions, we help integrate those benefits into the plan. By carefully coordinating all your income sources (Social Security, pensions, investment withdrawals, annuities), we aim to ensure you’ll have enough money coming in every month to cover expenses and enjoy retirement, without constantly worrying about outliving your savings.

Another critical aspect of retirement planning is preparing for healthcare needs. We’ll discuss how to handle health insurance if you retire before Medicare eligibility (age 65), and then help you understand your Medicare options once you reach 65. Planning for potential long-term care needs (such as nursing home or in-home care in later years) is also important – these services can be expensive, so we explore strategies like long-term care insurance or earmarking certain assets for that purpose. As Denver residents, you might choose to stay in Colorado through retirement, so we also consider local resources and costs: for example, Colorado’s property tax relief for seniors or the availability of quality medical facilities in the Denver area. By building estimated healthcare costs into your plan, we make sure you are prepared for medical expenses and can maintain your quality of life.