Breaking Free

You always thought of retirement as the end of the financial race. But now you realize it’s a beginning, too. And while it’s exciting to finally have the freedom to pursue activities you’ve always reserved for “some day,” you’ve got to figure out how to generate the income to fund your new life — and replace those benefits you’ve left behind.

If this sounds familiar, you’re negotiating the challenges of Breaking Free. It’s more complicated than most people imagine, but a First Command Financial Advisor can help.

Investments

For as long as you can remember, you’ve invested diligently toward your retirement with the goal of growing your assets. Now your focus is on protecting your nest egg and determining how much you can afford to withdraw every year. Your First Command Financial Advisor can help you:

  • Establish a retirement income plan that takes into account all of your sources of income, including Social Security; factors in inflation and the expected growth of your assets; and creates a realistic budget and defines a prudent rate at which you can withdraw from your assets.
  • Define and implement an asset allocation strategy that addresses your goals for returns while considering your tolerance for risk.
  • Our Select Investor Program could be a solution, offering a menu of continuously monitored model portfolios and a deliberate process for selecting the one that best matches your needs and risk tolerance.
  • Consider annuities to help address your income needs. As company pensions slip toward extinction, finding sources of regular income is a higher priority. Your Financial Advisor can introduce you to fixed and variable annuities with a wide array of withdrawal options. While we view annuities as  only a partial income solution and not right for everyone, when used appropriately they may be able to reduce your market dependency and lower the overall volatility of your portfolio.
  • Make an estate plan. Your Financial Advisor can refer you to estate-planning attorneys and tax advisors capable of providing guidance and executing the trust agreements that will allow you to direct the distribution and use of your assets.

Insurance

People often assume that, once they retire, they no longer need life insurance. But there are at least two factors that need to be carefully considered: the source of your retirement income and your total net worth. If a significant percentage of your retirement income comes from one spouse’s pension, it may be wise to continue to insure that person. And if you’re concerned with protecting significant assets from estate taxes when they pass on to heirs, your Financial Advisor can help you determine the most prudent way for you to proceed.

Banking

First Command Bank is a resource you can turn to for help managing your everyday finances. Our no-fee Platinum Visa® card is the perfect traveling companion, and our money market savings accounts and CDs may be ideal solutions for maintaining the flexibility and liquidity you'll need in retirement. Maybe it’s time to make some long-discussed home improvements or downsize to that more manageable condo you’ve had your eye on for a while. Our friendly loan consultants can assist you with a low-interest home equity or mortgage loan. And for help with your estate plan, First Command Bank’s Trust Services delivers all the fiduciary services of administering your trust and investment management account to help preserve, protect and enhance your financial legacy.

Summing it up

Retirement has been shimmering in the distance for so long that you’ve almost come to think of it as an illusion. But now it’s here, and smart financial decisions can help you make the most of your resources. To learn more about how we can help, contact a trusted First Command Financial Advisor today.

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