Accounting Today Podcast
Your client's retired. What now?
Jun 24, 2024
John Napolitano, Founder of Napier Financial, discusses the importance of ongoing financial planning post-retirement. Topics include income changes, Social Security, estate planning, managing debt, and balancing a portfolio. Emphasizes avoiding overspending early in retirement, staying flexible, and planning for unexpected events to ensure financial stability.
26:16
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Quick takeaways
- Post-retirement financial planning should extend beyond the retirement date to address social security, Medicare, and estate planning.
- Retirees need to adjust financial strategies continuously post-retirement, considering changing circumstances and family responsibilities.
Deep dives
Planning for Retirement Beyond the Retirement Date
Many financial plans tend to focus primarily on the retirement date as a definitive endpoint, emphasizing accumulation and savings to ensure financial security post-retirement. However, it is crucial to consider the period beyond retirement, which involves a shift towards using accumulated assets effectively for post-retirement life. Clients and planners often overlook vital aspects such as the decision on social security timing, replacing lost benefits like group life insurance, navigating Medicare complexities, reconsidering beneficiaries and estate planning integration.
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