Savant Wealth Management

Transition into Retirement

Design Your Next Chapter

Retirement – as we know it – is changing and evolving. For some, it may still mean the end of full-time work and a complete transition to leisure activities. But for others, it’s an opportunity to design an ideal future: one that may include work, volunteering, starting a business, traveling the world, and more.

Whether you’re 45 or 65, successfully starting your “next chapter” requires a plan. At Savant Wealth Management, the goal of our advisors is to help you prepare – with answers to your financial questions and guidance to help you envision the life you want to live.

Retired woman gardening with her grandchild
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Retirement Countdown Guidebook

7 Questions to Answer When You’re Within 5 Years of Retirement

As you prepare to retire, you’ll encounter challenges and complex decisions. Savant’s Retirement Countdown Guidebook outlines vital questions to answer before you retire.

Retirement Transition FAQs

Am I Really Ready to Retire?

Retirement readiness can depend on both financial and non-financial considerations. Before making the decision to retire, you’ll want to revisit your values, vision and goals, reevaluate your financial position and your ability to fund your ideal future, and reorient if things have changed significantly from your original plan.

Download our Retirement Countdown eBook to learn the seven questions you should be asking yourself when you’re within five years of retirement.

How Do I Account for Social Security, Medicare, and Taxation in Retirement?

Social Security, Medicare, and your retirement accounts all play a role in making your retirement comfortable and secure, but learning the rules is key to maximizing their value and avoiding costly missteps. As you prepare to retire, you’ll hit a number of critical milestones in which you’ll need to make decisions or follow government rules regarding enrollment or distributions. Managing these milestones can be difficult, with common pitfalls including facing penalties or higher tax consequences.

To learn more about your retirement milestones and how to manage them, click here.

How Do I Plan for Health Care Costs in Retirement?

Recent studies have shown that a 65-year-old retiring now could expect to spend an average of more than $300,000 on health care and medical expenses in retirement. It makes sense to plan ahead. If you are still working, a great way to help stockpile funds to pay for health care in retirement is by contributing to a Health Savings Account. Although you must have a qualifying high-deductible health plan to open an HSA, having an HSA enables you to save pre-tax dollars to cover health care costs that your insurance won’t cover.

Learn more about how HSAs work and how you can save for health care costs in retirement here.

Should I Consider Hiring a Financial Advisor Before I Retire?

Whether you work with a financial advisor already or manage your finances on your own, it never hurts to get a second opinion. As you approach retirement, it’s common to wonder if you’re doing all you can to protect your portfolio from losses and take advantage of buying opportunities.

Just as you might seek the expertise of a medical specialist to confirm a diagnosis or seek a new treatment, you can consult with a financial advisor to review your goals, investment strategy, and portfolio performance. A second opinion could help you determine whether you are taking the right amount of risk, whether your portfolio is properly diversified, and if you are paying too much in fees.

Savant’s team of advisors stands ready to help answer your questions and review your finances with you. Learn more about getting a second opinion and why, sometimes, you need a professional.

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Retirement Transition Planning

Leading You Closer To, and Through, Your Ideal Future

Your Savant team is here to help you design, transition to, and live the life you envision. We’re with you on the journey as you transition into retirement— supporting your plans, keeping you on track, and celebrating with you as you enjoy the ride.

Our financial planning, tax, and estate planning specialists work with you to understand your needs, recommending ways to help grow your wealth, protect your health, minimize the impact of taxes, and live comfortably now and in the future.

Savant Wealth Management (“Savant”) is an SEC registered investment adviser headquartered in Rockford, Illinois. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy, including the investments and/or investment strategies recommended and/or undertaken by Savant, or any non-investment related services, will be profitable, equal any historical performance levels, be suitable for your portfolio or individual situation, or prove successful. Savant is neither a law firm, nor a certified public accounting firm, and no portion of its services should be construed as legal or accounting advice. You should not assume that any discussion or information contained in this document serves as the receipt of, or as a substitute for, personalized investment advice from Savant. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement.