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No one approach or retirement income product works best for everyone. Understanding which strategy is best for you means knowing more about your preferences and style. Identifying your style provides an important step forward in aligning you with retirement income strategies to achieve your desired outcomes.
Adopting an approach that fails to align with your preferences can lead to a plan that is poorly implemented throughout retirement. Frequently revising a plan is a potentially costly exercise that is prone to underperformance and inefficiencies.
Your Retirement Income Style
Our Principals, Alex Murguia and Wade Pfau, developed the Retirement Income Style Awareness® or RISA® Profile, which tested and quantified the role of six separate and distinct retirement income factors that make up your retirement income style. These factors identify a range of preferences around retirement finances and directly translate into a taxonomy of specific retirement income strategies.
- Primary Factors: Identifies Your Retirement Income Style -
Probability-based vs. Safety-first
How do individuals prefer to source their retirement income from assets?
Optionality vs. Commitment
What degree of flexibility do you seek with regard to income strategies?
- Secondary Factors: Helps to Understand Retirement Decisions -
Time Based vs. Perpetuity
Retirees ultimately have two funding strategies for building retirement income floors – fund an income floor for a specific period of time, or in perpetuity.
Accumulation vs. Distribution
Wealth management has traditionally focused on growing assets without factoring in the differences that apply in retirement. It is less about maximizing after-tax returns and more about ensuring assets can sustainably support your spending goals.
Front Loading vs. Back Loading
Relates to the amount and pace of income to be received throughout retirement. It is directly linked to the tradeoffs identified by the concepts of longevity risk aversion, or the fear of outliving your assets.
True vs. Technical Liquidity
Reflects whether you have assets specifically earmarked as reserves for future unexpected events that can derail a retirement income plan.
Starting by understanding your RISA® Profile can help make sense of the plethora of competing views about how to approach retirement income planning.
Learn more about your retirement income style
It's not what you make, but what you keep.
Taxes touch every part of your financial life and are a critical component of any retirement plan.
Tax planning is integrated into McLean’s planning and investment advisory services to identify opportunities as they arise. Examples of common tax planning opportunities are identification of tax-efficient savings vehicles, charitable giving strategies, managing capital gains, Roth conversions, tax credit eligibility, tax-loss harvesting, asset location strategies, and tax-efficient distribution strategies.
While we are not CPAs and do not prepare tax returns, it can benefit you to have another set of eyes review your tax return for planning opportunities. As opportunities are identified, we can run tax projections to illustrate the potential impact of a strategy, coordinating with your outside tax adviser as needed.
It’s all about you
McLean puts you front and center and spends our initial meetings talking about what is most important to you. Specifically, we review your feelings about money, discuss your values, relationships, interests, personal beliefs, and what you hope to achieve with your financial assets.
McLean feels strongly that the onboarding process cannot be streamlined. There is no way an advisor can understand your goals or accurately assess your current situation without having a detailed conversation about your personal circumstances.
Standalone Financial Plan
The standalone planning engagements can cover your baseline retirement income planning needs without a requirement for ongoing investment management services.
Geared towards those who may want assistance with planning and investment management. Includes professional coordination, ongoing advice, and implementation support.
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McLean Asset Management Corp. is not an accounting firm, and no portion of the firm’s services should be construed as accounting or tax advice. The effectiveness and potential success of tax planning services depend on a variety of factors, including but not limited to the client’s tax bracket, the amount of realized and unrealized capital gains or losses, and coordination with the client’s tax and/or accounting professional(s). Blog posts linked on this page are intended for convenience, educational, and informational purposes only. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. The adviser does not endeavor to update or remove blog posts and articles after initial publication. No linked content should be construed as individualized advice or recommendations, and the discussions contained are not a substitute for investment advice from a professional adviser. This commentary should not be regarded as a complete analysis of the subjects discussed. Not all services will be appropriate or necessary for all clients, and the potential value and benefit of the adviser’s services will vary based on a variety of factors, such as the client’s investment, tax, financial circumstances, and overall objectives. Neither personalized nor tailored services, including services informed by the client’s RISA® Profile, should be construed as a guarantee of client satisfaction or a particular outcome. Past performance does not guarantee future results. All investing comes with risk, including the risk of loss.