Summitting: What To Watch For at This Stage of Your Retirement Journey | Guiding You Forward
During your working years, accumulating wealth through growth-focused investments is the priority. But as retirement approaches, preserving those hard-earned assets becomes increasingly important. Learn how to navigate this transition and avoid the financial “death zone.”
Retirement planning can be more complex than most people realize. Stephen Skokos, senior wealth advisor, and Brooke Angelovich, associate wealth advisor, both with Mountain America Investment Services, continue with their Mount Everest analogy to illustrate the dangers you may face on your way to retirement. Watch this episode of the Mountain America Credit Union Guiding You Forward podcast above.
In this episode, you’ll learn:
How to transition from growth to preservation
Why sharing your retirement plans with a professional is so crucial
The surprising connection between fulfillment in retirement and longevity
As retirement approaches, preserving those hard-earned assets becomes increasingly important. Completing the transition from growth to preservation requires a change in mindset. Stephen and Brooke review steps you should take during this time, including adjusting from growth-oriented investments to more conservative options, deciding when to start taking Social Security and meeting with a financial advisor.
Stephen shares a story about a couple who had accumulated a substantial retirement nest egg. Within months of retiring, they made a financial decision that resulted in a $400,000 tax bill and a serious lifestyle change. “The husband went back to work,” explains Stephen. “In less than six months of retirement, something they had worked 40 years to [achieve], they blew up their financial plan, and it was devastating.” The biggest mistake this couple made was not discussing the large purchase with their financial advisor. Watch the video above to hear the rest of the story.
As important as planning your finances in retirement is planning your time. Retiring without a clear plan for how you'll spend your days can lead to more than just boredom. This podcast episode touches on the surprising connection between fulfillment in retirement and longevity, sharing insights about finding purpose beyond the working years.
Watch the full episode to get more advice for beginning your retirement journey.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Mountain America Credit Union and Mountain America Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mountain America Investment Services, and may also be employees of Mountain America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Mountain America Credit Union or Mountain America Investment Services. Securities and insurance offered through LPL or its affiliates are:
| Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed |
| Not Credit Union Deposits or Obligations | May Lose Value |
This site is designed for U.S. residents only. The services offered within this site are available exclusively through our U.S. Investment Representatives. LPL Financial U.S. Investment Representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.
Mountain America Credit Union (“Mountain America”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay Mountain America for these referrals. This creates an incentive for Mountain America to make these referrals, resulting in a conflict of interest. Mountain America is not a current client of LPL for advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html.
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