Effective financial planning services for pre-retirees help prepare for the shift from earning income to drawing income, rather than simply managing a portfolio. This includes evaluating retirement readiness, determining when you may be able to retire, creating retirement income strategies, and building a long-term withdrawal framework. 

Our approach goes well beyond investments and pulls together multiple areas of your financial life into one comprehensive strategy, and typically includes:

• Retirement income projections and withdrawal strategies
• How to minimize taxes in retirement
• Employer benefits
• Social Security timing decisions
• Insurance and risk management
• Estate and legacy planning

As individuals approach the transition out of the workforce, they’re faced with navigating a wide range of interconnected decisions. Factors like ever-changing tax laws, rising healthcare costs, and long life expectancies all add layers of uncertainty that must be carefully managed as you plan for retirement. 

At the same time, individuals must consider Social Security timing, retirement income savings, employer-sponsored benefits, investment allocations, and more. Each decision is integrated and can have a ripple effect across the broader financial picture. That’s why working with a team that can help create a plan that is coordinated and forward-thinking is key. 

Realities Facing New Jersey Families:

• New Jersey is frequently ranked as one of the most challenging states for retirement due to high cost of living and taxes.
• Americans are living longer, and many retirees may need to fund 25 to 30 or more years of retirement.
• More than half of those 65+ in New Jersey are classified as “economically insecure,” meaning they lack enough income for life’s basic needs.

Social Security remains the largest single income source for a majority of the retirees in the United States, particularly those with lower savings.

Pre-retirement services may be particularly valuable for individuals and families who:

• Are 45+ years old and within five to 15 years of retirement.
• Are considering early retirement and are looking for information on early withdrawal penalties and minimum retirement ages.
• Need to understand benefits regarding pre-retirement death or terminal illness.
• Have multiple financial moving parts, like employer benefits, tax considerations, or estate planning goals.
• Want greater clarity, confidence, and structure around when they can retire and how to support their lifestyle throughout retirement.
• Have served or are currently serving in the U.S. military.
• Value an ongoing relationship with a local financial advisor who understands their community.

Legacy Wealth Advisors takes a relationship-centered, fiduciary approach to pre-retirement planning. We focus on understanding each client's goals and circumstances to build a strategy that fits their unique situation.

Pre-retirement planning requires both individuals and wealth advisors to look at a wide set of interconnected factors to help the transition from accumulating assets to using them to find a long-term lifestyle. Key factors to consider include:

• Retirement timing and lifestyle goals
• Tax planning strategies
• Income needs and cash flow planning
• Debt and liability management
• Investment strategy and risk management
• Healthcare and insurance planning
• Inflation and longevity risk
• Estate and legacy planning
• Contingency and flexibility planning
• And more

At Legacy Wealth Advisors, we offer a comprehensive fiduciary and highly coordinated pre-retirement planning process. Rather than focusing only on investments, our team integrates all key areas of a client’s financial life into one cohesive strategy.

Effective pre-retirement planning in New Jersey requires a clear understanding of the local financial landscape and the types of people preparing for retirement in the area. 

In Monmouth County and surrounding Central New Jersey communities, many pre-retirees are corporate professionals, executives with stock-based compensation, and business owners preparing for succession or exit strategies. A significant portion are also long-time New York City commuters or recent relocators. 

Legacy Wealth Advisors' familiarity with these local dynamics helps inform strategies that reflect the realities pre-retirement clients face in Central New Jersey.