If you are nearing retirement or have already retired, having a financial plan is more than just a good idea—it’s an essential tool to help you preserve the wealth you’ve worked so hard to build.  If you have $1 million or more in investable assets, you may be wondering:

• Will our retirement money last into our 90s? 
• Are we making the right financial decisions to protect our future security? 

With the right professional guidance, financial planning can help you confidently answer these questions. 

In today’s blog, we’ll look at three benefits of having a professionally crafted financial plan.  Can you create a financial plan on your own? Certainly, but remember, as your wealth grows, so does the complexity of your financial future.  This is where the services of a St. Louis financial planner like Trinity Wealth Advisors can be very beneficial to your financial well-being.  

We know accumulating wealth and making it last for the lives of both spouses are your top retirement priorities. 

Will My Money Last? 

It’s common to feel uncertain whether your savings will carry you through the next few decades of your retirement years. This question can be a source of constant worry, especially given the unpredictability of markets, persistent inflation, and rising healthcare costs. 

A professionally created financial plan gives you clarity by laying out your current financial position and mapping out a clear path forward. With a prudent financial plan, you’ll know exactly where your money is going and how long it’s likely to last, helping you control your financial future.

Your financial plan should consider your unique circumstances, including risk tolerance, life expectancy, spending habits, and legacy goals. By tailoring the plan to your specific needs, you can be confident that your financial future is based on realistic assumptions and supporting data—not guesswork.

For example, let’s say you have Social Security plus $2 million in retirement assets. A St. Louis CFP ® can help you understand how long these sources of income can support your lifestyle while factoring in inflation, potential market downturns, and rising healthcare costs. With a clear picture of your financial future, you can make informed decisions that protect your wealth during decades of retirement.

Protection Against Unexpected Risks and Expenses

Unpredictable expenses can be another cause for concern, especially after retirement when replacing assets that produce income is more difficult,  For example, since no one can fully predict your future medical needs, there is the potential that healthcare costs can create a large financial burden on you and your family late in life: a catastrophic illness, assisted living, skilled nursing, or memory care. 

Another risk that can impact you in retirement is excessive inflation, which can erode the purchasing power of your wealth faster than expected, leaving you vulnerable late in life. Proactive risk management can address these concerns head-on by incorporating various financial tactics into your retirement plan. 

St. Louis financial planners specializing in comprehensive financial planning understand that protecting your wealth is just as important as growing it. In fact, once you have accumulated a critical mass of assets it can be more important. Planners can help you build a diversified portfolio designed to address market fluctuations and prepare you for the impact of inflation and the possibility of unforeseen medical or long-term care healthcare expenses.

Consider this scenario: You have $2 million in your portfolio. You withdraw 4% per year to help cover your cost of living. Your St. Louis financial planners specializing in comprehensive financial planning understand that protecting your wealth is just as important as growing it. For example, you need a 7% return to offset erosion caused by inflation (3%) and distributions (4%). How much risk are you willing to take to produce that rate of return?

They help you build a diversified portfolio designed to withstand market fluctuations, inflation, distributions, and the possibility of unforeseen medical or long-term care expenses.

How Can I Turn My Investments Into a Steady Income for the Next 30 Years?

Another common concern for retirees with significant assets is generating a reliable income stream without spending their principal.  One way to address this concern is to work with your St. Louis financial advisor to create a sustainable income stream by structuring withdrawals to minimize tax impact thereby decreasing distributions while improving the longevity of your portfolio.

Having a tax-efficient withdrawal strategy in place can maximize your retirement income while minimizing taxes. They can recommend specific strategies for withdrawing money from different accounts—such as traditional IRAs, Roth IRAs, and taxable investment accounts—in a tax-efficient manner. By optimizing withdrawals, you can make your retirement savings last longer.

For example, suppose you have a combination of taxable and tax-deferred accounts with $2 million of investable assets. Historically you might think to utilize a withdrawal strategy that minimizes taxes in the early years of your retirement, allowing your tax-deferred accounts to continue growing. This approach may be the right approach for you; but with high government debt levels today, it may make more sense to take taxable distributions now before tax rates increase. As you can see answers aren’t always cookie-cutter and will frequently benefit from interaction with an advisor.

Is Trinity Wealth Advisors Right for You?

At Trinity Wealth Advisors, we go beyond simple financial strategies by offering a comprehensive financial plan through our unique Life-Wealth Planning process. This approach integrates the personal and financial goals of your family to create a holistic plan that aligns your wealth, the life you want to lead, and your legacy after you are gone.

The Life-Wealth Planning process starts with understanding your unique dreams and aspirations. We believe wealth is a tool, not just a number on a balance sheet. By fully understanding your priorities—whether it’s living a comfortable retirement, leaving a legacy, or supporting charitable causes—we craft a financial plan that helps protect your assets, gives them purpose, and supports a fulfilling life for all of your remaining years.

Our firm operates on Judeo-Christian principles, and our values—truth, kindness, faithfulness, patience, and charity—shape everything we do. We are committed to providing clear and straightforward communication, acting with kindness, and remaining dedicated to helping you through every step of your financial journey. With these values at the core, we build financial plans that reflect your deepest values and long-term vision.

By integrating investment management, tax planning, estate planning, and charitable giving strategies, our comprehensive approach addresses all aspects of your financial life, leaving you more confident and focused on what truly matters.
Contact us today to explore how we can assist you in creating a personalized financial plan that aligns with your wealth and values. We’re here to help you lead a purposeful, intentional, and financially confidence-filled life.