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Chicago-based financial planning and investment management firm serving clients nationwide

Retiring couples Retirement is a process. Not a point in time.

Be prepared for your whole retirement.

There’s more to retirement than just the starting point. A big part of what we do at EMBREE FINANCIAL is help you envision your whole retirement. Do you plan to travel? Do you plan to leave a legacy for your descendants or your favorite charity? Do you want to live somewhere else? Answers to these questions and more can significantly affect your retirement readiness.

If you’re like most people, you’re also probably wondering when it will be best for you to finally retire. Every individual and couple is unique, but we can run financial projections to show you the implications of many different retirement points in time. And all of those projections will be based on your personal goals, income, and potential expenses.

Common situations we can help with

  • Deciding exactly when to retire
  • Clarifying savings and investment goals pre-retirement
  • Other spouse finally retiring
  • Thinking about relocating
  • Consolidating and potentially selling some assets
  • Optimizing finances after retiring
  • Adapting to changing circumstances

We’ve stayed with EMBREE for 20 years because they work to know us, our goals and concerns. And they’re always available”

– Current client, Bill Steel

Common questions

When should we start Social Security?

The decision of when to start collecting Social Security benefits is highly dependent on your individual situation. The general rule of thumb is to try and delay the benefit to at least your Full Retirement Age (FRA), or further (e.g., age 62 earliest / age 70 max) in order to maximize the amount you can collect. This general rule may not be best for everyone, however. Talk to one of our advisors to determine the best strategy for you and your retirement.

What will be our income in retirement? 

It is important to review your income sources as you approach your retirement. Helpful income sources include, but are not limited to: rental income, Social Security, pension or annuity income, deferred compensation, business distributions, distributions from your portfolio, etc. 

How much do we need to retire?

This is very specific to each client because you will have different needs and expenses than someone else. For example, if Social Security covers your full income need, then you can retire with much less. In contrast, if Social Security or other fixed income sources only cover a small percentage of your income need, you may need more portfolio assets to support your lifestyle. We can help project your need by reviewing anticipated spend (fixed and miscellaneous), longevity, current savings rate, and current investable assets.

What if one of us dies or becomes disabled? 

Death and disability are part of our planning process with you. Having the proper estate plan and beneficiaries in place is very important as you enter retirement. Working with an advisor to address these “what if” scenarios is a great way to make sure you have all your bases covered.

How do we choose appropriate Medicare options?

If you are like most clients, you’ll want to select Part A and B to start. You’ll also want to look at the total costs to you. Medicare is income-based, so the more income you earn the higher the cost. Supplemental health care insurance usually is done in conjunction with Medicare Part A. We can do a cash flow analysis for you to determine if your insurance needs will be met.

Should we create a trust?

There are many factors to consider when determining the ideal answer for you. For example, trusts can be useful to avoid probate, ensure your assets are transferred in your preferred manner, help protect your assets from creditors, avoid or reduce estate tax, contribute to a charity, etc. Speak with one of our advisors to see if a trust makes sense in your situation.

Where is the best place to live when we retire?

Most of this decision comes down to personal preference and where you are happy. However, there are states that offer a more favorable financial environment for retirement, lower taxes, or even no state tax on retirement income. Some of these states include Florida, Texas, and South Carolina.

Should we buy long-term care (LTC) insurance?

LTC comes in many forms. You can buy a pure LTC policy. You may also be able to get LTC coverage from your Life Insurance policies. The big question is whether your portfolio could sustain the cost of a LTC need. If not, it may make sense to add protection, and a planner can help you determine your best options.

You’ve worked hard.
Now it’s our turn.

Matt Stadler specializes in giving people different blueprints for how retirement may look. From running projections and helping consolidate accounts to focusing your portfolio on higher yields after you retire, Matt can help.