When They Benefit the Most

Ages & Stages of Life

The majority of our clients at California Retirement Advisors (CRA) seek our assistance within the 12 to 24 months of their anticipated retirement date, or after they have already retired. The sooner people seek assistance, the more we can help them plan for this milestone event. However, even when people are already retired, there are still several life events or incidents that can create the opportunity to make smart financial decisions or bad ones resulting in costly mistakes.

Considerations for California Retirees

  • Higher cost of living
  • Higher home prices
  • Higher property tax and state income tax
  • Costs of more active lifestyles
  • Longer Longevity
  • And more
24/7 Wall St. reviewed the city in each state that has the longest and shortest life expectancies at birth. A child born in the San Jose, California metro area is expected to live 83 years, the longest life expectancy of any U.S. area.

Source: 247WallSt.com

Today, more than ever people in retirement are living a cyclic lifestyle, moving in and out of various life stages, rather than merely experiencing a linear life plan as was common in older generations. And this is especially true for people retiring in California as here we don’t usually strive to merely grow old gracefully. We tend to be more active in travel, hobbies, education, volunteering and other activities, which means we tend to experience multiple life stages, even within the life stage of retirement itself. Therefore, retirement in California poses numerous unique financial considerations that benefit from local perspective and expertise.

Ages to Know About

  • Age 50 to 59 ½ Plus – Key window to consider your retirement and make a plan
  • Age 59 ½ to Age 70 ½ – Key tax reduction planning window of opportunity
  • Age 62 to Age 70 – Important time to consider your Social Security distribution options
  • Age 70 ½ Plus – Important age to plan for Required Minimum Distributions (RMDs)
  • All Ages – Review of your basic core financial strategies for reaching and maintaining a successful retirement

For more important ages to know about, click here to download a checklist from the Financial Planning association, or contact us at 310.643.7473

Stages and Life Events to Know About

  • Retirement
  • Being laid-off
  • Changing jobs or careers
  • Starting your own business
  • Selling your own business
  • Getting married
  • Getting divorced
  • Being widowed
  • Getting re-married
  • Becoming a parent
  • Becoming a grandparent
  • Loss of a family member
  • Receiving an inheritance
  • The sale of real estate property

Each of the above life ages, stages or events trigger important financial planning opportunities very often overlooked. If you or a loved one are facing one of these critical life stages or events, please call 310.643.7473 or contact us today to understand the financial considerations and options you may have available.