Retirement Planning in Houston

Prudently planning for your retirement years will ensure your post-work life lives up to expectations

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Houston-area investors, and across the country, face many challenges when planning for retirement. Overcoming these challenges and successfully devising a plan that will enable you to live the life you desire in your Golden Years requires devoting time and effort to the retirement planning process, whether on your own or working with a financial advisor who offers retirement planning in Houston.

A first step in determining the type of approach that is most likely to get you where you want to be in retirement, is to take an in-depth look at some of the most significant challenges facing those planning for retirement.

Whether your retirement is a long way off or just around the corner, Financial Synergies Wealth Advisor’s retirement financial advisors are here to help individuals and families create a retirement plan that builds toward and protects your future.

Given that most people would like to retire at some point, or at least cut back on the time they spend working, just about anyone can benefit from retirement planning.

Not sure you need a retirement plan? Ask yourself the following questions:

  • How much annual retirement income do I need?
  • Where will my retirement income come from?
  • How does my current investment strategy account for my retirement goals?
  • What are my plans for my retirement healthcare needs?
  • Do I want to leave most of my assets to my heirs, or give some to charitable causes?
  • What will occupy my newly discovered “free time.”
  • Am I ready to retire?

Once your Financial Synergies retirement plan has been created, you will be able to answer these questions with assurance, knowing that your retirement is in trustworthy and capable hands.

It’s never too early to begin planning for retirement. Learn more about our retirement services and contact Financial Synergies Wealth Advisors to start creating your retirement plan today.

Retirement Planning in Houston at Financial Synergies Wealth Advisors

Retirement planning shouldn’t (and can’t) take place in a financial silo. That’s why we incorporate your retirement goals into a larger, comprehensive financial plan that takes into account your current lifestyle, financial goals, financial challenges, and more. Where other financial advisory firms may try to force your retirement aspirations into a cookie-cutter plan, we recognize that your retirement plans are specific to you and will create a custom plan for your retirement roadmap accordingly.

Whether you need help with retirement planning in Houston, or some other area of the country, our Certified Financial PlannerTM (CFP®) professionals have the knowledge and expertise to get you where you want to go. Our total wealth management solutions will cover all the bases when it comes to your financial plan.

Retirement Income Planning

Your retirement income should allow you to comfortably handle both expected and unexpected expenses during retirement – from housing costs, travel, and entertainment, to short- and long-term medical care. The sources and amount of retirement income can depend heavily on the age at which you retire as well as several other factors, including whether you plan on working after retirement.

When we build out your retirement plan, we keep the following retirement income considerations top of mind.

  • Your budget and regular expenses
  • Adjusting your income for inflation
  • Whether or not you desire to continue working during your retirement
  • Employer pensions and severance pay
  • Optimization, contribution, and distribution strategies for 401Ks, IRAs, and other personal savings and investments
  • Social Security benefits
    • Early Social Security benefits (age 62)
    • Full retirement age (FRA) Social Security benefits (age 66-67)
    • Maximum value for Social Security (age 70)
  • Medicare (age 65)
  • Required Minimum Distributions (RMDs) (age 70 ½)
  • Rental income
  • Life insurance policies
  • Your desires for transferring wealth, your estate, and gifting
  • And more …

Juggling all these different aspects of retirement planning can be overwhelming, time-consuming, and stressful. Working with a comprehensive financial planner at Financial Synergies Wealth Advisors allows you to enjoy the wealth and security you’ve spent your entire life building.

Retirement Investment Planning

As you near retirement age, your investment goals, tolerance for risk, and appropriate investment types may change. In keeping with our comprehensive financial planning philosophy, helping our clients navigate these changes is already baked into our investment management strategy.

We even have a dedicated investment program for retirees drawing income from their portfolios – Retirement Salary®. We developed this strategy for retirees to complement their comprehensive retirement plan. This retirement investment strategy is designed to be flexible, consistent, and growth + income oriented.

We believe that financial planning should be a collaborative, ongoing conversation, not a one-sided monologue. Financial Synergies’ financial advisors and portfolio managers regularly monitor our client’s investment portfolios and will frequently reach out to discuss adjustments and answer questions.

Maybe you’re considering an annuity, bonds, exchange-traded funds, or mutual funds. Maybe you have questions or need recommendations about annual withdrawal rates. No matter the issue, our Financial Synergies investment advisors are always here to discuss your portfolio and provide guidance. If you are seeking retirement planning in Houston, rest assured our team will construct an investment portfolio that delivers the growth and income you need to retire comfortably. 

Risk Management

When most people think about risk management for retirement, one of the first things that often comes to mind is managing portfolio risk. Financial Synergies clients can rest assured that our team of retirement financial advisors consistently monitors your portfolio for issues surrounding principal, purchasing power, and longevity, all with the goal of managing investment returns and volatility.

When building your financial plan, we also account for another crucial aspect of risk management: Insurance – which acts as your last line of defense from the financial consequences of unforeseeable issues, including premature death, long-term disability, property damage, liability, etc. Our financial planners can help review your current policies, check for gaps in coverage, and look for opportunities to optimize your coverage.

Estate Planning

Even if you’re in great shape, it’s still never too early to begin putting the affairs of your estate in order. In our experience, clients who work on estate planning early enjoy significant peace of mind during their retirement once they know that their legacy is being protected, and that everything necessary for passing on their assets is truly in order.

At Financial Synergies Wealth Advisors, we include many aspects of estate planning as part of our comprehensive financial planning services. We also coordinate with your estate attorney and tax advisor to implement effective and efficient tax strategies. The process of retirement planning in Houston will not be adequate without proper tax and estate planning.

Tax Planning

Taxes will continue to play a significant role in your financial life, even in retirement. And we plan for taxes each step of the way:

  • Taxable vs. tax-deferred account distributions
  • Social Security taxation
  • Capital gains mitigation
  • Tax-loss harvesting
  • Required minimum distributions (RMDs)
  • Charitable giving
  • Family gifting
  • And more…

Tax planning is built into every financial plan we create. Our retirement financial advisors will leave “no stone unturned” when accounting for every aspect of your financial life, and this includes taxes.

How Can a Financial Advisor Help You Plan for Retirement?

Given the specialized knowledge needed to plan for retirement in today’s complex financial landscape, there are numerous ways a financial advisor can be of assistance when it comes to planning for retirement.

  • A financial advisor can help you select realistic goals for your investments and identify investment vehicles to help you meet those goals. A financial advisor can also help you weather market volatility when it picks up.
  • A financial advisor can help model various retirement planning scenarios and determine what it would take to achieve your goals.
  • Most financial advisors have access to sophisticated financial planning software that can clearly demonstrate different savings options – for instance, how much money you should set aside now to put yourself in a good position to amass the retirement savings you need to successfully navigate retirement.
  • Many financial advisors operate as part of a team of financial, tax and legal experts in order to offer you a comprehensive financial planning perspective. Due to the complexity of modern finance, access to a variety of sources of expertise can be an important advantage of working with a financial advisor. This is especially true for retirement planning, given that there are a number of tax considerations to take into account when planning for retirement.
  • A financial advisor can also assist with the technical knowledge needed to select from various retirement plan options (whether this involves choosing the type of plan that best fits your individual circumstances, or whether you should start taking Social Security payments as soon as you are eligible).

Finally, in addition to helping you draw up a retirement plan and choose the appropriate retirement plan types and investments, a financial advisor can provide assistance in offering ongoing monitoring of your progress toward your plan’s objectives and suggest changes as needed.

What Makes Retirement Planning Different at Financial Synergies Wealth Advisors?

Financial Synergies Wealth Advisors is a fiduciary, fee-only financial advisory and wealth management firm with a boutique, high-touch environment that provides our clients with comprehensive retirement planning in Houston. Our advisors are legally required to act in your best interests and provide you with the highest standard of care. As such, we provide the utmost in thoughtful, careful service when it comes to helping you plan for your retirement and beyond. We coordinate with your entire financial team, including CPAs, estate lawyers, and more, providing you with more time and freedom to enjoy the wealth you’ve built. Together, we’ll Simplify Your Financial Life.