As Baby Boomers prepare to retire, they are facing tough financial decisions in order to make their finances last for the duration of their lives. These concerns include:


  • The best time to take Social Security benefits
  • When to tap into retirement assets
  • Health and long term care insurance
  • Income producing investments to consider before liquidating a retirement profile


The end result of these decisions carry even more weight than they did when they were accumulated. However, there is not as much room for error as there was when mistakes and risks could be smoothed over by market fluctuations from the past.


John Reeve, a Redondo Beach based Financial Advisor specializing in the area of Retirement and Aging says “Each person’s situation is unique and the entire history must be considered.” He continues “the trend toward robo-advisors has left many Baby Boomers in the hands of software systems that are not as apt to consider a person’s individuality and needs. A personal advisor is able to implement informed withdrawal strategies that can minimize the total taxes paid during retirement which will increase that person’s wealth and financial longevity.”


Boomers are finding that their investment portfolios are falling short. Traditional income producing investments often lag behind inflation and unseen expenses may diminish the return. This is leaving some Boomers to scratch their heads and wonder “What do I do next?” “This is scary” says Reeve. “As we age, we lose the ability and the opportunities to accumulate wealth.” Most Boomers believe that the assets they have accumulated will be the only assets available for retirement. “There is no Golden Parachute awaiting retirees as they enter the Golden Years.”


A proficient tax advisor teamed with a savvy financial advisor are able to present strategies that a client may not be aware of that will be best for their individual situation. They may include investments in stock, bonds, cash or cash equivalents. A real estate trust, for example, can provide additional income as other assets are de-accumulated. And annuities can be instrumental in replacing pensions or other monthly cash flow.


Reeve says “Kevin and I recently worked a case with a retired couple. If the husband passed first, the surviving wife would lose his pension benefits. We repurposed some assets and positioned them to handle the lost benefit in the event of that unfortunate loss.”


Baby Boomers should seek guidance from reliable tax and financial planning professionals to address any investment risks they may decide to take in retirement. Their advisor will help them choose suitable options that are both traditional as well as alternative to make sure their portfolio is balanced, diversified and income producing.


John Reeve is a Financial Planner that is an expert in financial planning for Baby Boomers who are planning for retirement.


Kevin Thompson CPA is a tax professional that is an expert in tax planning for Baby Boomers who are planning for retirement.


Contact them here:  or call him @ (310) 450-4625.  or call him @ (310) 353-2355