Transition Planning for Retirement

It’s a Beginning…. Not an Ending

Retirement is a complicated transition. Although you may have been looking forward to this day for many years, it can still be a very confusing and complicated time. You will need to decide how to spend your time, since you no longer have work responsibilities.  You will, perhaps for the first time in your life, need to figure out the sources of cash flow to pay your bills, since you will no longer have a regular paycheck. You will need to find new ways to add value and make a difference in your world. Your new life needs to be a life that provides satisfaction and stability.

To help you successfully navigate this major life change, you need experienced, knowledgeable advisors who understand the complexities of this major life event. The planners of The Enrichment Group have extensive experience in helping clients make wise choices, manage finances, create cash flow from investments, and navigate the many decisions you will be asked to make.

Answering Tough Questions about Money Management and Retirement

Before, during and after retirement it’s common to have tough questions about money management and retirement. As a part of our financial transition planning services for retirement, we will help you answer those questions:

  • Is it the right time to retire?
  • Have I saved enough, or will I need to work part-time?
  • Is it safe to retire?
  • What pension options should I choose?
  • What do I do with my employer retirement plans?
  • What do I do with my deferred compensation?
  • How do I get the cash flow I need to live?
  • How do I know if I’m spending too much in retirement?
  • Should I take Social Security now or is it better to wait?
  • Which Medicare plan should I choose?
  • Do I need a Medicare supplement or drug plan?
  • What do I do with my free time?
  • How can I create value in my life?


John & Nancy

Have Recently Retired

John and Nancy are retired and loving it. Over the years they have accumulated a rather large nest egg, but they aren’t quite sure how to manage their investment portfolio. They need regular monthly cash flow with some capital appreciation to help them maintain their comfortable lifestyle. They also want to learn how to reduce taxes.

It’s very important to them to enjoy their retirement with each other, and with family. They want to be able to travel, visit with children and grandchildren, spend time in community activities, and live out their retirement dreams – all without worrying.

Have you recently retired?

Contact the Enrichment Group for Advice >>

The Transition Process for Retirement

At The Enrichment Group, our experienced and credentialed financial planners will guide you through our proven step-by-step Transition Process, which has been used to help dozens of clients retire comfortably and successfully for more than 26 years.

Here’s a glance of what the process might look like if you are retiring:

Step 1: Evaluate

Assess the Situation

What is the situation? How much money is available to you in various retirement accounts? How much income will you have in retirement? Do you have enough to retire now? Is it safe to retire now? Do you have a company sponsored pension plan? Are you entitled to other pensions from previous employers or veterans’ benefits?

Step 2: Organize

Categorize the Situation into Logical Groups

  • Cash Flow: How much money will I need each month? Where will it come from?
  • Pensions: Whom do I need to notify? What choices should I make? Should I take a lump sum or a monthly income? Should I choose to provide a survivor benefit for my spouse?
  • Insurance: Do I need to replace any employer provided benefits?
  • Taxes: How do I withhold for taxes? Will I need to make estimated tax payments?
  • Lifestyle Changes: Should I plan to downsize my home? Is this a good time to move to another place? Can I afford a vacation home? How much travel can I afford?

Step 3: Prioritize

Define what is Urgent and Important

Which decisions need to be made now, and which ones can wait until later? Pension and health and life insurance decisions may need immediate attention.

Step 4: Stabilize

Deal with the Most Critical Issues

Have we made all of the critical decisions? Do you have enough cash to pay bills for a couple of months? Do you have health insurance? Have you chosen your pension option?

Step 5: Insulate

Create a Decision-Free Zone

Take time to adjust to your new situation, to make your plans, to think about working, traveling or volunteering. Set aside time to think, dream and assimilate to this new change in your life.

Step 6: Financial Life Planning and Investment Management

Start Planning & Living Your Goals

Now it is time to begin to visualize your new life. Where would you plan to travel? How often would you visit your family? What will you be able to do that you have been postponing? Will you volunteer? What kind of a part-time job would be most rewarding?

How much do you need in a savings account, money market or CD’s to feel safe? How much cash flow will you need each month to make sure you can always pay your bills? How much insurance and what kinds of insurance do I need? Do I need to revise my will, my trust or other estate documents?

What rate of return do you need to achieve your goals? How much risk are you willing to take? How much risk can you tolerate? How do I get an income from my portfolio? What is an appropriate investment portfolio?

If you, or someone you know, is approaching retirement and could benefit from the Enrichment Group’s financial planning services for retirement, please give us a call at (305) 274-1600 or contact us online today.