How We Help Clients Prepare for Retirement in Their 50s

By Chris Palabe, CFS®, AIF®

Retirement planning isn’t always easy. There’s more to the process than simply figuring out how much you’ll need to live comfortably. You want to ensure a certain level of control over your finances and understand your situation. We find that many clients have the investments and resources they need but aren’t sure how to manage their earning potential. That’s where we come in. 

At Palabe Wealth, we help you prepare for retirement so you can look forward to the future. With us, you don’t have to limit your goals for retirement. We encourage our clients to tell us what they desire most in the future, and we do our best to help them make it happen. Whether it’s properly managing their portfolio or converting their retirement plans into more tax-advantaged investments, we’re focused on helping you make confident decisions about your future. Here’s more on how we help our clients prepare for retirement. 

We Help Them Create a Diversified Portfolio 

A more diversified portfolio increases your chances of retiring with confidence. To pursue your goals, you have to make sure your investments are properly allocated for your time horizon and risk tolerance. We want to help ensure you accomplish your retirement goals in the time frame that suits your lifestyle needs. We also want to consider the amount of risk you’d like to take on as retirement nears. 

Earlier in your career, a more aggressive investment strategy was most likely recommended. You had more time to take on risks and recover quickly. As you get closer to retirement, it is important to readjust your investment strategy to seek to protect your assets from drastic losses. That’s where we come in. We want to instill balance into your retirement plan so you can look forward to a confident financial future. If you have money in a traditional IRA, we can help you convert to a Roth to essentially create tax-free money during retirement. 

We Assess Your Insurance Needs 

When it comes to insurance, we can help you make the right decisions. We’re able to help you create a reliable income stream. Most new retirees only spend their guaranteed sources of income such as their Social Security benefits or pension to stay frugal in retirement. However, many others consider their insurance to be an added benefit during retirement. (1) Accessing and withdrawing your insurance is a great way to increase your income during retirement, which allows you to spend more freely. 

If you aren’t sure which account you should withdraw from first, our team can help you make the right choice. We consider tax implications, time horizon, risk, and earning potential to create a comprehensive retirement strategy for you. 

We Help You Develop a Customized Plan 

The best part of our job is customizing a financial plan that fits your lifestyle and long-term goals for retirement. Our goal is to help you invest smarter, reduce your tax burden, and retire with confidence. We provide our clients with a blueprint of where they are in their financial life. If you’re nearing retirement, we strategize the best ways to go about doing so. 

We use specialized financial planning software to build your plan, track its success, and adjust for the unexpected. We carefully design your investment portfolio to bridge the gap between your goals for retirement and personal needs. 

Some of the ways we help our clients retire with confidence is through the services we offer:

• Retirement plan analysis 
• Comprehensive portfolio management 
• Tax strategies 
• Insurance optimization 
• Income distribution
• Social Security timing

Our mission is to keep you on track for financial success with a comprehensive plan that encompasses where you want to go in life. 

We Can Help You 

We at Palabe Wealth are interested in hearing about your vision for retirement. If you’re ready to consider a comprehensive approach for your retirement planning needs, we can help. Schedule a 15-minute introductory phone call or call us at 847-249-6600 to learn if we are the right fit for your financial goals.

About Chris

Chris Palabe is the founder and CEO of Palabe Wealth, a financial planning firm providing retirement plan strategies for businesses and individuals. For 25 years, Chris has been serving his clients with customized plans and a boutique approach. He started his firm because of his passion for making a difference in others’ lives and a genuine desire to build long-term relationships with his clients so they can seek to achieve their ideal retirement and manage risk. Chris is a Certified Fund Specialist (CFS®) and Accredited Investment Fiduciary (AIF®) professional and has a degree from Université Denis Diderot (Paris VII). When he’s not working, you can usually find him riding horses and competing in dressage at a national level. He also loves reading, watching movies, and eating out. To learn more about Chris, connect with him on LinkedIn.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Asset allocation does not ensure a profit or protect against a loss.

This material was prepared for Palabe Wealth, Inc.’s use.

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(1) https://www.newyorklife.com/newsroom/decumulation-paradox-retirement-investments-and-wealth