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  • Writer's pictureJames S. Falcone

How to Manage Wealth and Create Investment Opportunities for Retirement

A jar filled to the brim with silver coins and a plant on top.

Wealth management is the process of developing customized strategies to utilize various financial products and services based on your needs and circumstances. It takes a holistic approach and offers a wide range of services, including investment advice, real estate planning, accounting, retirement planning, tax services, etc.

It is essential to take wealth management seriously and start strategizing your post-retirement action plan to ensure a comfortable, secure, and enjoyable future. Regardless of how much you save during the accumulation phase, planning how to convert these assets into income is crucial.

When Planning for Your Retirement, Keep the Following in Mind:

  • Identify your retirement goals and the time required to reach them.

  • Identify the types of savings or retirement accounts needed to help you raise future funding.

  • Make fruitful investments that generate high ROI.

  • Don't forget taxes! When planning for your retirement, it's important to consider tax planning and look into how future taxes could affect your savings fund.

  • Understand your time range. If you are young or have been retired for more than 30 years, consider investing most of your assets in high-risk assets such as stocks.

  • Consider unexpected medical costs and emergency expenses, and have a realistic financial plan for old age.

  • Track real estate and life insurance planning; they are crucial steps to a balanced retirement and ensure that your wealth is fairly distributed after your death.

  • Don't touch your retirement savings. Otherwise, you may lose your principal, interest, and tax incentives and have to pay a withdrawal penalty.

5 Wealth Management Strategies to Consider Before Retirement

1. Consider How to Pay for Care

Medically, no one wants to rely on others for financial assistance. The first step to planning your retirement fund is to prepare for such possibilities in advance, especially after retirement. Be sure you invest in a Medicare plan that includes comprehensive coverage. Long-term care services at home, in community facilities, or in nursing homes may not be covered by more extensive medical plans or by Medicare and are often paid for by the average person from their income or other sources.

You could invest in long-term care insurance instead of paying the total amount from your pocket. You'd need to pay an annual premium to the insurance company while you're still earning. Doing so will bear the risk of health costs post-retirement and protect your wealth from rising medical costs. Life insurance and pensions with caregivers are other ways to cover these costs.

2. Create an Emergency Fund

An essential part of your retirement plan should be starting an emergency fund. You need to save enough money to meet basic living expenses for 3 to 6 months or have emergency access when needed.

The liquidity of your funds should be well-maintained. If this fund remains untouched until your retirement, it is a bonus for your post-retirement time.

3. Insurance Coverage

Insurance is vital, as it secures your life and health and protects you from a financial downturn. While you're still making money, you should consider investing in the following types of insurance:

  • Health Insurance: As previously mentioned, health insurance is a vital investment and is critical for post-retirement benefits. Be sure to choose your plan and think about long-term care insurance carefully.

  • Disability insurance: This insurance will ensure you're financially secure if you can't work. Your employer usually provides disability insurance, compensating around 60% of your salary.

  • Car insurance and homeowner or renter's insurance: If you own or rent a car or a home and can't afford to change your belongings from your pocket, make sure they are adequately protected.

  • Life insurance: Find the coverage (and level) that makes the most sense to you.

4. Contribute to Your Employer's Retirement Savings Plan

While a 401(k) Plan is an employer-sponsored retirement savings plan, you still need to sign up and make as much contribution as possible. This way, you can secure a higher amount post-retirement, reduce the payable taxes, help your business earn more, and make a habit of automatic monthly deductions and savings.

Tax deferrals, savings, and compound interest on this fund can significantly affect the accumulated amount. However, before investing in your employer's retirement plan, ensure you understand the plan and how long you need to contribute.

5. Plan Your Retirement Wisely

Fulcrum Wealth Advisors Guidebook Cover

Knowledge of retirement planning strategies and investment options is vital to creating an effective retirement plan. Our Retirement Planning Guidebook offers all the information you need to accomplish this. They say that you need about 80% of your current income when you retire. This figure assumes that retirement frees all work-related costs and taxes, repaid mortgages, and your children are financially independent.

It would also help if you kept a buffer for Medicare, which does not cover everything—like traveling, special occasions, and financial support for relatives and friends. Ideally, you would identify and connect these different scenarios to a retirement savings calculator. This will help you understand how much you will need when you retire and help you to start planning accordingly.

Creating a retirement saving plan is a responsibility that most people today capitalize on. Especially in the private sector, very few employees can rely on their employer's performance-based pension plan. Moving to a defined contribution plan like a 401(k) also means managing your investment is your responsibility—not your employer's.


It's crucial to balance realistic expected returns with desirable living standards, as well as to build a flexible portfolio that can adapt to market volatility and changes, as well as retirement plans. At Fulcrum Wealth Advisors, we offer professional assistance and expert advice on how you can create wealth using the most lucrative wealth management ideas.

You could also check out our Retirement Planning Guidebook for reliable retirement planning information.

Get in touch with us today!


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