The planning and investing you do while preparing for retirement will change when you finally arrive at that point of retirement. 

What should you be looking for from your retirement plan as you approach taking that step? 

Many advisors start with or only look at investments. They are essential to grow your money, and they are key in getting your nest egg to last as long as you need it to. But in order to ensure your retirement plan is personalized for your situation, it needs to be cohesive with the 5i’s. 

The 5i’s of Retirement Planning 

There are 5 main areas of planning that all need to be addressed as you approach retirement:

1. Income Planning

2. Investment Planning

3. Insurance Planning

4. Income Tax Planning

5. Inheritance Planning 

The most effective way to approach planning for each of these critical areas is through Integration, a distinguishing factor of Carlson Financial. Integration is the best way to get a complete picture that works for your needs in retirement and to create one plan that takes every factor into account. It is a disjointed approach to handle each area through a separate advisor, accountant, insurance agent, or lawyer. Each one only has perspective on one portion of the plan, not the complete picture.

We address the 5i’s in one cohesive plan to ensure they work together to enhance every aspect of the plan and not go against one another. 

Why Integration Matters 

Two simple examples demonstrate how Integration, or lack of it, affects your plan and leaves money on the table. 

Example 1: 

You have been saving and investing diligently for years, and now it is finally time to retire and draw money from those assets. Having a tax plan that is integrated with your income and investment plan will allow you to see how each piece fits into the bigger picture of retirement. Integration can help you avoid paying more in taxes, pulling money out at the wrong time if the market is down, or selling low instead of pulling money from a different account that is not down. You could potentially be giving up significant value, and in the long run, it will leave you with less to live on or a smaller nest egg for your future. 

Example 2: 

Having an integrated tax and inheritance plan will ensure that when the money comes out and it is time to pay taxes, those who inherit will not be paying the IRS more than necessary. If you will leave assets to someone in a higher tax bracket, we need to take that into account when planning. 

Your advisor should be talking about more than just investments. If you have not integrated all 5i’s, or if you have been in the same investments for a long time, it is time to get a second opinion. Addressing all 5i’s puts all the pieces in sync and adds significant value to your retirement plan.

Give us a call at 844-CARLSON (844-227-5766), and set up a time to speak with an advisor today.