Retiring confidently is the freedom to decide how you want to spend your time and money
For years you’ve worked hard and saved diligently. You look forward to the time when that hard work will pay off. Eventually, that day will arrive and because you’ve planned for it with our retirement planning services you’ll march confidently onto the next adventure.
How do you picture your retirement?
At Heritage, your goals are our starting point. Do you want to stop working entirely so you can travel, take up hobbies, start a charity, or look after grandchildren? Or do you want to continue working but have more balance in your days?
No matter your vision, a successful retirement requires thoughtful, proactive retirement planning to get there.
Planning for retirement isn’t a one-time event. We know life changes.
Our wealth management teams sit down multiple times a year to review your financial planning and retirement goals, celebrate your accomplishments, and make recommendations.
We identify opportunities to make tax-favored retirement contributions based on your personal situation and how your financial picture changes from one year to the next. And we stay apprised of legislative changes so you can keep more of what you earn and increase your overall wealth.
Want to know if you could retire earlier, spend more in retirement, or move to a different state? We can show you what that looks like.
Are you worried social security might not exist when you retire, or your benefit will decrease? Our financial planning team can model several “what-if” scenarios.
The ability to illustrate the impact changes can have on your retirement goals allows us to brainstorm ways to address your concerns, mitigate risks, and confidently plan for your future.
Our goal is to take the financial burden off your shoulders so you can focus on what matters most to you
We get to know you before you become a client through our detailed three-meeting process
Discovery
You talk. We listen. We learn all about your goals, objectives, financial situation, and what keeps you up at night.
State of The Union
We provide an analysis of your current financial position and compare that to your goals and objectives.
Recommendations
We present a detailed financial plan with custom recommendations and investment strategies.
Creating a comprehensive financial plan is more than just numbers
Our relationship starts with a personal conversation. We will dive deep into your goals, values, worries, and the legacy you want to leave.
Then, we’ll review your current financial situation−what your portfolio looks like and unique factors that may need special attention. Our experienced team members will identify risks and evaluate opportunities all to help you make informed, strategic decisions to reach your retirement goals.
Having a deep understanding of you personally, as well as financially, is essential to creating a comprehensive financial plan that can help you grow and protect your wealth.
PERSONALIZED WEALTH MANAGEMENT FOR BUSY, SUCCESSFUL PEOPLE
To get the ball rolling, send an email to hfsletstalk@heritagefinancial.net. Or, if you prefer, you can fill out this simple form.
The earlier you start planning for the retirement you want, the more confident you’ll be
Retirement Planning Services FAQs
The amount of money you need to retire comfortably depends on several factors, including your desired lifestyle, current savings, health, and expected expenses in retirement. A common rule of thumb is that you’ll need about 70-80% of your pre-retirement income annually to maintain your lifestyle. But that’s just an elementary starting point. Retirement can last for decades. These years are too important to depend on general strategies. Our financial planning process provides an in-depth analysis of your financial situation and retirement goals to help determine how much you need to retire comfortably.
The “4% rule” is a common retirement withdrawal strategy that suggests retirees can safely withdraw 4% of their savings in the first year of retirement, adjust the withdrawal for inflation each year after that and this should allow retirees to live off their portfolio for 30 years. The reality is that following this general guideline could leave you over- or under-spending. To help you make the most of your golden years, our detailed financial planning process considers your unique asset, income, tax, and estate circumstances before determining a withdrawal rate. The more detailed your financial plan is the more confident you’ll feel when deciding how you want to spend your time and money.
Paying off your mortgage before retirement can provide financial peace of mind by eliminating a major monthly expense. Without a mortgage, you'll free up income for other needs like healthcare, travel, or unexpected expenses. However, it's important to weigh the opportunity cost—if paying off your mortgage would deplete savings or investments that might grow faster than your mortgage interest rate, it might be better to invest instead. Additionally, keeping the mortgage may offer tax deductions, though these can diminish in retirement. Ultimately, the decision depends on your financial situation, risk tolerance, and retirement goals.
There are advantages and disadvantages to taking your benefit before your full retirement age. The advantage is that you collect benefits for a longer period. The disadvantage is your benefit will be reduced. Factors such as your health, marital status, working history, cash flow needs, and tax situation can impact your timing decision. There is also a growing concern about the viability of the system, and the potential for a reduction in future benefits due to regulation. Our retirement planning tools can help weigh the opportunity costs of your available choices, as well as the impact of lower-than-expected payments. Together, we can make a decision that best fits your needs.
It is commonly recommended to adjust your investment asset allocation as you get older, gradually shifting towards more conservative investments (i.e. less stocks, more bonds). But in some cases, maintaining or increasing stock exposure throughout retirement may better serve your needs. Besides time to take risk, willingness to take risk and ability to take risk are variables that should matter when determining how a portfolio is constructed.
Our financial planning team can test different scenarios to help identify the capacity for risk within your financial plan, as well as the likely impact of different approaches.
You should plan to save a significant amount for healthcare costs in retirement, as they can be substantial. These costs could include Medicare premiums, deductibles, co-pays, out-of-pocket costs, and long-term care. Actual needs vary based on your health, location, and coverage choices. Health savings accounts (HSAs) and long-term care insurance can help offset some of these expenses. Our financial planning team builds personalized health care cost estimates into your financial plan to help you achieve your retirement savings goals.
In retirement, you'll likely face some new or increased expenses that you may not have today. Some of these include:
Lifestyle Changes: You may spend more on services like snowplowing and lawn care that you used to do yourself. Or on hobbies, travel, or entertainment, as you'll have more free time.
Home Maintenance: If you plan to stay in your home, you may need to budget for repairs and modifications for aging in place.
Healthcare Costs: Medicare premiums, out-of-pocket expenses, long-term care, and prescription drugs.
Long-Term Care: Nursing home care, assisted living, or in-home care may become necessary as you age.
What Our Clients Say
We feel very fortunate that we chose Heritage to be our financial managers. We know our savings are in good hands.
Kathy & Gary , Massachusetts
Over the years that I have been a client at Heritage, they have done a superb job of listening to my financial goals, and helping me achieve them. Thanks to them, and all things being equal, my retirement is and will be calm, financially sound, and will allow me to remain as independent as I wish. I value their insight, respect their continuing research, and appreciate that they continuously study to remain informed and current about the markets and the financial future we can all look forward to.
Sue , Massachusetts
Mary and I have long thought that one of the best things we have done is to use Heritage Financial to take care of our financial affairs. In that regard, we feel Heritage Financial is doing an excellent job and quite frankly, we sleep well at night without any money worries. But more than that, we have met very nice, friendly, professional people at Heritage. Mary and I value these relationships very highly. The service that you both provided me today is deeply appreciated and more “frosting on the cake”.
Heritage Clients , Massachusetts
Our experience with Heritage Financial services, has been nothing short of admirable. We have been with Heritage Financial for a long period of time, in which we’ve developed a strong and lasting relationship and friendship with many of the wealth advisors there. The advisors have been kind, honest, trusting and compassionate. Their advice has helped us make important financial decisions. We have recommended Heritage Financial to many of our friends, and family, and we will continue to recommend them.
Heritage Clients , Massachusetts
Peace of mind and a feeling of security is what all of us wish for as each year flies by during these uncertain times. I wish I had not waited until 2019 before enlisting the help of HFS, but better late than never!
The team at HFS is approachable, accessible, professional and they can explain even the most complex financial topics in laymen terms. The HFS team practices the perfect blend of the science as well as art of financial planning. I thank them for taking me and my family on as clients!
From a grateful client and her entire family , Massachusetts
This testimonial has been given by a current client of Heritage Financial Services. No compensation was provided for this testimonial.
Awards & Recognition
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