At Providence Financial, we believe that it is essential for those who are retired or nearing retirement to understand the best ways to navigate the complexities of planning and saving for retirement. When you work with a Providence Financial advisor, you know you’re working with a Retirement Income Specialist who understands the best ways to help you preserve your savings and turn it into a renewable source of retirement income.
Retirement Financial Planning
As retirement advisors, we work closely with our clients to provide you with retirement planning advice that gives you the best chance of achieving your long-term financial goals. Our retirement planning services include strategies that can help you:
- Generate steady income in retirement
- Minimize your exposure to market risk
- Maximize your tax savings
Although the growth-based financial strategies you used during your working years might have been effective in helping you grow your retirement savings, those same strategies could jeopardize your financial security in retirement. To avoid that risk, it makes sense to work with a retirement consultant who can help you focus on income-based strategies designed to help you preserve your savings so you can use it as a source of ongoing income.
Understand, this doesn’t mean that you can’t remain invested in the stock market once you near retirement. However, a certified specialist in retirement income can help you stay in the market with less risk by shifting your strategic investment focus from capital gains to stock dividends.
Retirement Income Process, Strategies, and Solutions
We are committed to working with you to:
- Create an effective retirement income plan to help you maintain your desired lifestyle throughout retirement.
- Identify retirement income needs and objectives and evaluate your current situation relative to those goals.
- Choose appropriate strategies to address income gaps.
- Evaluate taxation, estate issues, and other risks to the retirement plan.
- Prepare alternative solutions to mitigate plan risks.
- Choose appropriate strategies for monetizing assets over retirement.
- Integrate approaches, risks, products, and strategies to help create an effective retirement income plan.
Sources of Retirement Income
- Recommend the optimal Social Security claiming age appropriate for your situation.
- Choose the optimal retirement age.
- Choose appropriate uses of annuities.
- Evaluate sources of retirement income, including executive benefits, life insurance, benefits provided for federal employees, and planning for business owners.
- Understand the issues in building a retirement portfolio.
Managing the Retirement Income Plan
- Choose a tax-compliant and tax-efficient strategy for planned withdrawals from tax-advantaged plans.
- Recommend the best health insurance options.
- Select a method for funding long-term care needs.
- Help with retirement housing decisions.
- Consider the ethical issues in retirement income planning.
- Create and manage retirement income portfolios appropriate for your individual situation.
Common Questions About Retirement Planning
Investment management is one component of retirement planning, but it is not the entire process. Investment management focuses on how your assets are allocated and managed—whether the goal is growth, income, or a combination of both—and may involve market-based investments or other strategies designed to support long-term financial objectives.
Retirement planning, however, looks at the complete financial picture. It involves determining how your investments will translate into sustainable income, coordinating Social Security and pensions, managing taxes, planning for healthcare and long-term care costs, and ensuring your estate plan is aligned with your wishes. In other words, investment management represents one important piece of the puzzle, while retirement planning brings all of those pieces together into a coordinated strategy designed to support your life in retirement.
Yes. As a value-added service for our existing clients, we create personalized retirement income plans designed to show how your assets can be converted into reliable income throughout retirement. These plans analyze how much income your portfolio can reasonably generate, where that income should come from, and how different withdrawal strategies may affect taxes over time.
By looking at income sources, timing, and tax consequences together, the goal is to create a clear and sustainable strategy that helps support your lifestyle while managing risk and efficiency.
This depends largely on how your portfolio is structured. Portfolios that involve more market exposure are typically reviewed more frequently—often quarterly—to ensure everything remains aligned with your goals and current market conditions. More conservative portfolios generally do not require reviews as often, since they are designed for stability and long-term income.
Anytime you have questions or would like to schedule a review for any reason, just let us know and we'll get it on the calendar.
Yes. In fact, the better way to think about it is that adjustments are not just possible—they are expected. Life changes over time, and your financial situation, goals, and priorities will naturally evolve as well.
Because of this, retirement plans are designed to be flexible. As your circumstances change, we will work with you to review your plan and make any adjustments necessary so that it continues to support your goals and your lifestyle.
Markets will always change—that is simply the nature of investing. However, the primary focus of our approach is less on short-term market values and more on the income your portfolio is designed to produce.
When a portfolio is structured around more conservative, income-producing investments, day-to-day market fluctuations tend to become less significant because the objective is to generate consistent income. As a result, even when markets move up or down, the goal is for the income your portfolio produces to remain stable and continue supporting your retirement needs.