Phone: 253-853-3383  •  Fax: 253-853-3640  •  Toll-Free: 877-302-2300  •  P.O. Box 409, 3202 Harbor View Drive, Suite A, Gig Harbor, WA 98335

 Stewart & Rosenbloom Financial Group

Home > Services > Retirement Planning > Nearing Retirement

Nearing Retirement

Assessing Your Current Situation

Do you know how much income you need your assets to generate once you retire?


YesChances are you should reevaluate your retirement plan. Your financial circumstances, personal situation or retirement goals may have changed since the last time you reviewed your plan. Market turbulence may also have adversely affected your portfolio, making a fresh look important.

As you revisit your plan with us, we will take a look at factors such as:

  • Your income sources
  • Your assets and anticipated expenses
  • The rate at which you’ll be able to spend in retirement

You’ll also want to consider what appropriate adjustments may entail for you, for example:

  • Paring non-essential spending
  • Reallocating your investment assets
  • Reevaluate your retirement priorities and discuss tradeoffs

Contact us for help with reviewing your retirement plan and making the necessary adjustments to put you on the path to a comfortable retirement.

There is no assurance that any investment strategy will be successful. Investing involves risk and investors may incur a profit or a loss. Past performance is not indicative of future results.


NoIt's time to get started. Accurately determining the income your investments can generate and building in a buffer to preserve your retirement under difficult conditions takes considerable time and work.

Part of building a retirement plan is articulating your priorities and goals for life in retirement. By working with us, we'll identify these factors and discuss others that play a key role in a successful retirement plan, such as:

  • Your income sources
  • Your assets and anticipated expenses
  • The rate at which you'll be able to spend in retirement

Having a plan and continuing to adjust it over time can help put you on the path to a comfortable retirement. Please contact us to get started on formulating a plan to help meet your specific goals and objectives.

There is no assurance that any investment strategy will be successful. Investing involves risk and investors may incur a profit or a loss. Past performance is not indicative of future results.


Making a Plan

First, make sure your retirement team is in place, starting with your financial advisor. Depending on your situation, we may also act as your team's "quarterback," coordinating and working with family members, your CPA, an estate attorney, and insurance and trust professionals.

Next, establish your priorities. We can assist you in understanding factors that will impact your retirement plan, such as your retirement lifestyle, risk tolerance, retirement date, unknown risks and your desire to support your family members or a favorite charity.

You must also have a thorough understanding of your situation. We can assist in putting your retirement into perspective by taking a financial inventory, which includes identifying your income sources and assets and distinguishing between your needs and wants.

Legacy Planning

You may want to fund a comfortable retirement, while still allocating funds to leave an inheritance for family or donate to a charity. But your first priority should be to ensure your expenses can be met before you leave a monetary legacy behind.

We can assist with estate and legacy planning, including helping to optimize your assets, potentially minimize tax implications, and determine the course most appropriate to your situation. We can also help select effective vehicles to implement your plans.

Evaluating Your Retirement Income

Although many individuals nearing retirement have at least one 401(k), IRA or defined benefit plan, rarely will those income sources meet the full range of retirement expenses.

You may need to adjust your rate of withdrawal based on future market performance. The sustainable rate of withdrawal is historical and will fluctuate. If your rate of withdrawal is greater than the growth of your assets, you may exhaust your principal.

Social Security benefits are another important aspect of your retirement plan. A variety of factors, such as your age, spouse's earnings and other sources of income, can affect when you may need to begin receiving your benefits.

Contact us to gain the insight you need to help determine the most appropriate course for you.

Planning for Social Security

Most Americans consider Social Security benefits to be a significant source of reliable income in retirement. Deciding how and when to start drawing benefits will have a significant impact on your income, and thus your lifestyle in retirement, so it’s especially important to understand the options available to you.

The decision around when to begin taking Social Security is a key factor – but there are other important factors to consider:

  • Your health and life expectancy
  • Your spouse's or ex-spouse's benefit
  • Whether or not you plan to work after age 62
  • Your taxable income or other income sources in retirement

Learn more about Social Security decision factors.

Contact us to take the first step toward understanding when and how to apply for benefits.

As of May 1, 2011, new recipients of federal benefits, including Social Security retirement benefits, are required to establish direct deposit; physical checks will no longer be issued. Starting March 1, 2013, all federal benefits distributions will require direct deposit, so if you’re already receiving benefits on this date, you will need to establish electronic transfers to your bank or financial institution.

Managing Risk

Regardless of your age or your financial situation, every investment decision entails some sort of risk. We will work with you to identify the factors and risks most relevant to your situation and plan for them, including:


Longer life expectancy means your assets have to last longer. You have to consider the possibility of living 20 or 30 years after you retire.


For example, health insurance premiums and prescription costs are rapidly increasing. If you are retired, this would increase your cost of living, erode the value of your savings and reduce your purchasing power.


Overspending, living beyond your means or withdrawing more than the recommended percentage from your retirement funds can adversely affect how long your assets last.


Market declines and the timing of these declines pose risks. How and where your assets are allocated across different asset classes plays a key role in managing this risk.


Major health events, disability, long-term care needs and other unexpected occurrences can complicate a retirement plan.

Contact us for more information on how we'll work together to help address these risks by applying a comprehensive process to plan your retirement.

Healthcare Considerations

It’s never too early to start thinking and planning for retirement, especially when it comes to major expenses like healthcare. For one thing, Americans are living longer. Yes, increased longevity is wonderful, but it also comes with a greater risk of experiencing changes in health, which could mean greater expenses as healthcare costs rise. The fact is, even with insurance and Medicare, out-of-pocket healthcare costs in retirement can be expensive, with the potential to derail even the best-laid plans. Understanding potential costs, evaluating your options and developing a comprehensive plan that accounts for those expenses can help you achieve a secure, comfortable retirement.

Healthcare Wild CardCosts to take into consideration:

  • Medicare premiums, deductibles and copays
  • Supplemental coverage costs
  • Prescription copays 
  • Hearing, dental and vision costs
  • Long-term care insurance
  • Other out-of-pocket expenses

To learn more read a white paper about how healthcare costs could affect your overall retirement income plan. 

Business Succession

If you’re a small business owner and haven’t already determined your exit strategy, don’t wait any longer. Among many other decisions, you’ll need to determine the most appropriate structure for divesting your business and tapping into the value it represents.

The checklist below shows some of the key options you could consider when thinking through this part of your planning:

Check mark

  • Sell it to a competitor
  • Sell it to one or more key employees
  • Keep it in the family

Positioning yourself to reap the benefits of the work, time and effort you’ve put into your business requires time, thought and skill. Feel free to contact us to discuss in more depth how these options may fit into your specific situation.

There is no assurance that any investment strategy will be successful. Investing involves risk and investors may incur a profit or a loss. Past performance is not indicative of future results.

Please note, changes in tax laws or regulations may occur at any time and could substantially impact your situation. While we are familiar with the tax provisions of the issues presented herein, as financial advisors of Raymond James we are not qualified to render advice on tax or legal matters. You should discuss any tax or legal matters with the appropriate professional.


Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside the United States are subject to securities and tax regulations within their applicable jurisdictions that are not addressed on this site. Contact us for information and availability.

Securities offered through Raymond James Financial Services, Inc., Member FINRA / SIPC.
Stewart & Rosenbloom Financial Group is not a registered broker/dealer and is independent of Raymond James Financial Services.
Investment advisory services offered through Raymond James Financial Services Advisors, Inc.
Copyright © 2022 Stewart & Rosenbloom Financial Group. All rights reserved.

Links are being provided for information purposes only. Raymond James is not affiliated with and does not endorse, authorize or sponsor any of the listed websites or their respective sponsors. Raymond James is not responsible for the content of any website or the collection or use of information regarding any website's users and/or members.

Privacy Policy    Site Map    Legal Disclosures    Terms of Use