Standalone Financial Planning

The standalone planning engagement is meant to cover the most common financial planning topics. It provides a general overview of your financial health with recommendations for attaining your short and long-term goals.

search-icon

Reliable Income Analysis

An analysis of your retirement funding sources and calculation of your reliable income funding gap. We will review the reliable income funding sources available to address your income gap (if applicable) along with implementation recommendations. The Reliable Income Analysis includes:

eventschart

Risk Mitigation
Highlight potential risks to your spending goals and recommend ways to mitigate them.

Spending Needs Analysis
A review of your essential and discretionary spending needs, with recommendations for ways to fund them. Includes recommendations for ways to adjust your funding sources to better align with your spending goals.

Income Flooring
Identifies the level of annual real income your assets will support over the life of your plan to maintain a stated standard of living in retirement, given a set of underlying assumptions.

Social Security Optimization Analysis
A review of potential claiming strategies available to optimize your Social Security income stream.

Retirement Income Solution Recommendations
Summarizes the reliable income analysis and provides implementation recommendations based on your objectives.

retired-man
risa-logo

Retirement Income Style Awareness® (RISA®) Profile

For those that have not yet completed the RISA®, we will provide access, allowing you to complete the assessment. We will also work with you to interpret your results and evaluate the potential application to your financial plan.

We believe that there are many ways to construct a successful retirement income plan. However, the best way for you largely depends upon your retirement income style preferences. The RISA® serves to evaluate your preferences, aligning them with an approach to retirement income planning. Think of it as a personality test for your retirement income preferences.

clipboard-icon

Investment
Guidance

barChart-icon

Tax Analysis
and Projection

A high-level review of your current investment portfolio and overall strategy. Includes a review of your portfolio expenses, investment diversification, and composition. Note that investment guidance is limited to allocation considerations, such as how much to allocate to stocks, bonds, or annuities, and will not offer specific investment or product recommendations.

A review of your prior year's income tax return to identify tax planning opportunities. Includes a review of your retirement income plan for tax efficiency and recommendations for tax saving strategies such as asset location changes or Roth conversions (when applicable).

calendar-clipboard

Learn more about working with McLean

checkmarkAndShield-icon

Insurance
Review

McLean will review existing life insurance, annuity contracts, disability policies, and long-term care policies, recommending changes where appropriate. As part of your goals-based financial plan, McLean will evaluate your coverage needs and analyze whether insurance products can increase your plan's probability of success.

Note that there is no obligation to implement any insurance recommendations with McLean.

retired-couple-in-hammock
orangeCliboard-icon

Other
Considerations

screen-icon

Presentation of Goals- Based Financial Plan and Recommendations

As applicable, McLean will incorporate goals such as debt repayment strategies, impact of housing and domestic relocation, as well as gifting and legacy considerations.

The goals-based financial plan reflects the probability of success in meeting your goals based on a Monte Carlo analysis. Includes a base plan that shows your likelihood of success in meeting your goals before and after implementing your planning recommendations.

If applicable, the following services
will be included at no additional cost:

piggyBank-icon

Pension Review
A review of your current pension(s) and how to best utilize them within your retirement income plan to meet your goals. The pension review includes an analysis of available pension distribution options with an implementation recommendation based on your goals and circumstances.

shield=icon

Medicare Election Consulting
For individuals age 63+, the engagement includes a discussion with McLean’s strategic Medicare partner to determine recommendations for Medicare elections based on your situation.

gradHat-icon

Education Planning
Includes a review of expected education expenses and recommendations for how to fund them.

question-icon

Got questions?

The Importance of Your Savings Rate

How much you save for retirement goes a long way to determining how much you can spend in retirement. The more you save while you’re working, all else equal, the more you can spend in retirement. It sounds straightforward, but it seems to be something that many people forget, or at the very least, seem…

Read More...

Medicare Open Enrollment 2022

Medicare beneficiaries can join, switch, or drop a plan during the annual Open Enrollment Period, which runs from October 15 – December 7, 2022. Each year, Medicare plan costs and coverage typically change. In addition, your healthcare needs or network of doctors may have changed over the past year. Also known as Medicare’s annual election…

Read More...

A Terrible Way to Protect a Retiree From Inflation

People seem to think commodities (especially gold) are suitable guards against inflation. I want to explain why that’s not true – at least over any useful time frame – and then tell you about some of the much better tools available. Commodities are just things. They don’t produce any value in and of themselves. They’re…

Read More...
megaphone

Get in touch

We'd love to hear from you!

(866) 827-0636

Book an Appointment

calendar-clipboard