5 Bases You Need Covered With Your Retirement Plan
Does your financial plan have a hole in it? Check to see if you have all five of the critical areas covered.


The road to retirement just keeps getting more difficult to navigate, with new products, new rules and new technologies.
It helps to have a guide.
And there are plenty of them out there — brokers, planners, agents and money managers, all offering to steer prospective clients to the lifestyle they long to have in their golden years.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Which one should you hire? This is going to sound kind of obvious, but I’d recommend the one who’s carrying the best map.
Let’s face it: There are lots of financial professionals today who can get you started down the right path with investment advice. They’ll happily take your money — whether it’s through a commission or a fee — in exchange for getting you into the “appropriate mix” of stocks, bonds and other securities. And that’s probably fine, if you’re young and just setting out.
But the professional who limits his or her leadership to investing advice is not going to get you comfortably and confidently to your retirement goals. And if you’re paying for advice, that’s what you should expect — a plan that focuses on these five key areas of your financial life:
Income Planning
You could spend decades in retirement, and you need to be sure you’ll have reliable income streams to pay your month-to-month expenses for the rest of your life. This area typically should cover:
- Social Security maximization
- Income and expense analysis
- Inflation
- A plan for the surviving spouse
- Longevity protection
Investment Planning
Once your income plan is established, it’s time to talk about your remaining assets (those that you won’t need to draw from every month). The conversation should cover:
- Assessing your risk tolerance
- Adjusting your portfolio to reduce fees
- Volatility control
- Ways to reduce risk while still working toward your goals
- Comprehensive institutional money management
Tax Planning
Your comprehensive retirement plan should include ways to decrease tax liabilities, including:
- Assessing the taxable nature of your current holdings
- Possible IRA planning
- Strategizing ways to include tax-deferred or tax-free money in your plan
- Strategizing which tax category to draw income from first to potentially reduce your tax burden
- Discussing ways to leverage your qualified money to leave tax-free dollars to your beneficiaries
Health Care Planning
Today’s retirees need a plan to address rising health care costs with minimum expense. Strategies should include:
- Looking at all aspects of Medicare parts A, B and D
- Analyzing options for a long-term care plan
Legacy Planning
It’s important that your hard-earned assets go to your beneficiaries in the most tax-efficient manner. Your adviser should work collaboratively with a qualified estate-planning attorney to help you:
- Maximize your estate and income tax planning opportunities
- Protect any assets in trust and ensure they are distributed probate-free to your beneficiaries
- Prevent your IRA and other qualified accounts from becoming fully taxable to your beneficiaries upon your death
If you’re paying somebody for advice and they’re not talking about these five areas, most likely you’re missing out. (If you’re doing it yourself, good luck.)
Right now, I know, it looks easy. We’re in an 8½-year bull market, and it’s hard to imagine anyone getting it wrong.
But there’s more to retirement than buying and selling. There are 30 or more years of financial security at stake. For that, you need a comprehensive plan and a specialist’s guiding hand.
Kim Franke-Folstad contributed to this article.
Investment Advisory Services provided by Hobart Private Capital, LLC, an SEC Registered Investment Advisor. Securities offered through GF Investment Services, LLC. Member FINRA / SIPC. 501 North Cattlemen Road, Suite 106, Sarasota, Florida, 34232. Phone: 941-441-1902.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Senior investment adviser Chris Hobart is the founder of the Hobart Financial Group, based in Charlotte, N.C. A graduate of the University of North Carolina at Chapel Hill, he is a Registered Financial Consultant, Investment Adviser Representative and licensed insurance agent. He is a nationally recognized financial commentator and frequently appears on CNBC, Fox Business, CBS and local Charlotte news programs.
-
Medicare Prior Authorization Expands to Ambulatory Surgical Centers
Starting in December, Medicare will begin requiring prior authorization for certain procedures when performed in ambulatory surgical centers.
-
Frontier’s GoWild! Annual Flight Pass: Is the $299 All‑You‑Can‑Fly Deal Worth It?
Frontier’s GoWild! Pass offers unlimited flights for $299, but blackout dates, standby rules, and fees apply. See who benefits and if it’s worth it.
-
Greed, Fear and Market Volatility: A Financial Adviser's Guide to Keeping Emotions Out of Investment Decisions
Don't panic! And don't be so confident in the stock market that you overlook risk. Instead, be logical. Your retirement security could depend on it.
-
Want a Financial Adviser Who Shares Your Faith? Look for One With a CKA Designation
Financial professionals with a Certified Kingdom Advisor certification are committed to integrating biblical principles with sound financial advice.
-
10 Ways to Stay Safe From Grandparent Scams and Other Fraud, Courtesy of a Financial Planner
Scams are increasingly hard to detect, and anyone can be fooled, from older people to educated professionals. Here are 10 ways to avoid becoming a victim.
-
This Is How the Student Loan Bubble Is Primed to Pop, From a Student Funding Expert
Fueled by easy money, inflated tuition and high default rates, the student loan bubble mirrors the 2008 subprime mortgage crisis. We could be headed for a potential financial collapse. What can we do?
-
More Than Money: The Hidden Toll of Financial Abuse of Older Adults
Financial abuse from schemes involving tech support, government impostors, false sweepstakes, grandchild hoaxes and online shopping issues can cause thousands of dollars in losses.
-
I'm a Financial Planner: Here Are Three High-Impact Ways to Make a Difference With Your Dollars
The world often feels out of control, but here are three ways to use your money — through investments, charitable giving and political donations — to help create a more just and sustainable future.
-
The Unsung Hero of Aisle 5: A Tale of Forgotten Change and Compassion at the Supermarket
This supermarket manager went above and beyond to help when a child forgot her change at the checkout counter. You might be surprised at some of the complications that supermarkets face when it comes to customers' forgotten change.
-
Train, Integrate, Retain: A Strategic Playbook for Adviser Onboardings
Build a thriving practice by training new advisers with clear goals, structured processes and consistent mentorship for strong team growth.