You may have developed a solid relationship with an advisor who used on an accumulation strategy to help you grow your assets so that you could retire. One of your biggest challenges lies right in front of you, and you might not be able to recognize it. You need a new strategy so that you can take income for the rest of your life – without having a job.
Before you retire, you should re-evaluate your advisor’s ability to help you map out a distribution strategy. The accumulation strategy that served you until now is probably no longer enough. You will face new risks, and may need new strategies to address them.
When you retire, your focus may shift to providing for the needs of others in a few decades. The wealth transfer process can be full of surprises. Many of these can be avoided through proper planning. Seek the counsel of your advisor for strategies to maximize the impact of your assets.