Shakespeare Wealth Management, LLC

Planning for Life

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Retirement Planning

Comprehensive Retirement Planning Services

For years, you’ve dreamed of retirement, when your time will truly be your own. Whether you enjoy traveling the world, volunteering, spending time with grandchildren, or simply tending to your garden, retirement is what you’ve been working toward your entire life.

Step 1: A Comprehensive Financial Plan

Retirement planning isn’t a one-time event; it’s a journey we take with you to ensure that you will be financially secure when you retire. We start by creating a comprehensive financial plan that helps us understand your current situation. This plan, drawn from our Definitive Financial Planning Checklist, also helps identify immediate opportunities and implement solutions to existing deficiencies.

Then, by harnessing decades of combined experience and cutting-edge retirement planning tools, we'll help you achieve peace of mind as we navigate complex areas that include Social Security, Medicare, and your 401k, IRAs, and other individual retirement account types.

Step 2: An Efficient Income Replacement Plan

At retirement, we’ll create an income replacement plan that efficiently draws from your assets and provides the means to live your dreams. This plan is coordinated with your tax plan, Social Security and pension income, Medicare premiums, insurance needs, financial goals and more. When you’ve worked your entire life to build a nest egg and now want to live off those assets, it’s imperative that you have a financial partner with the experience to make your dreams a reality.

The Shakespeare Difference

There's a reason our retirement planning services are among the most trusted in the Milwaukee & Waukesha areas among high-income individuals ($1,000,000+ in investable assets). Here are just a few of the benefits we provide:

  • Financial planning is the core of our business. We look holistically at your entire financial situation, not just your investments, which allows us to provide the highest level of fiduciary advice.
  • We are fiduciary advisor, which means we’re investment agnostics. In other words, we will give you truly balanced advice.
  • We have a deeper level of technical competence than most financial planners. That translates into better advice on planning your future.
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  • Retirement Planning
  • Tax Planning
  • Investment Management
  • Women and Wealth
  • Selling a Business
  • Death Of A Loved One
  • Legacy Planning
  • Career Change
  • College Planning
  • Insurance Preserve & Protect
2017 Retirement Planning ebook
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Retirement Planning FAQ

Do I have enough money to retire? Expand

A comprehensive financial plan will help you answer this. We will include all current and future income, expenses, and assets in your plan and stress test your plan based on various ‘What If’ scenarios to anticipate future surprises. Shakespeare helps answer this question on a continuous basis and make necessary adjustments to assure you have a successful retirement.

How do my various retirement and investment accounts work together when I need money? Expand

Properly structuring withdrawals from various types of accounts to coincide with your tax situation, both present and future, is critical to helping you maximize your finances. Try to anticipate your future required minimum distributions (RMDs), Social Security, and pension payments to best answer this question.

How do I begin living off my assets when I retire? Expand

We create a ‘synthetic paycheck’ from your assets, with scheduled monthly withdrawals to be deposited into your checking account to meet your cash flow needs. The withdrawal amount should be stress tested through your financial plan and continuously reviewed. For more information see ‘Income Planning.'

How does health insurance work in retirement? Expand

Medicare is a relatively cost effective health insurance that starts at age 65. Prior to 65, there are an array of options, including Cobra Insurance and individual health insurance purchased through the Healthcare Exchange/Marketplace. Identify if you can qualify for tax credits for your health insurance. Understand the many ways to structure an individual health insurance policy. This is a relatively complex issue with unlimited choices to consider.

My spouse is several years younger/older than I am. Does this impact our planning? Expand

The age of your spouse impacts Social Security claiming strategies, pension elections, insurance decisions (life, disability, LTC, health), required minimum distributions, investment allocations, withdrawal strategies, tax planning and more. When working with you, we will incorporate your age difference into your financial plan and stress tests various planning strategies and scenarios.

Will working an extra year or two in my career or working part-time in retirement beneficial to my financial plan? Expand

Additional earnings makes every financial plan last longer, even if you earn a modest income. When it comes to earnings, more is almost always better. Running a ‘What If’ scenario to your financial plan will show the impact of extra earnings on your plan.

If I’m already retired, is there anything to consider related to my financial plan? Expand

Retirement planning is a process that lasts throughout the entirety of your life. We will continuously review your budget, income plan, tax plan, RMDS, charitable contributions, estate planning, insurance planning, gifting, and more. Surprises in retirement are best identified early, to minimize the impact to future years.

Which retirement account(s) should I save in? 401k, IRA, Roth IRA, 457(b)? Expand

The answer to this question is hidden in your financial plan. Understanding your current and future income, assets and expenses will guide you to the best answer. If your employer offers a 401k matching contribution, you should always try to earn this ‘free’ money before considering other options. After that, the answer is truly dependent on your situation.

Should I save for retirement or pay for my children’s college tuition? Expand

If you have to choose between the two, we recommend saving for retirement first, and paying tuition next. You can take out a loan to pay for college, but you can’t take out a loan for retirement. If you aren’t able to pay as much of your children’s tuition as you had hoped, keep in mind you can help them pay back student loans in the future if your employment and finances allow for it.

Should I do a Roth Conversion? Expand

The simple answer: If you think you’ll be in a similar or higher tax bracket in the future, relative to today, then you should convert. If you hope to leave assets to children, the Roth IRA is the ultimate asset to leave, because of its tax free status. For the most accurate answer, a comprehensive financial plan is required, along with consultation between Shakespeare and your tax advisor.

Which document determines who inherits my retirement accounts, my Will or Beneficiary Form? Expand

A beneficiary form trumps a will or trust, and should be coordinated with your overall estate plan. Making sure beneficiary forms are properly worded is imperative to fulfilling your intentions.

Do retirement accounts have asset protection? Is this important? Expand

Retirement accounts do have asset projection features. They are generally exempt from bankruptcy and other judgements, but still subjected to seizure in cases of fraud. If you are facing financial distress or bankruptcy, consult an Shakespeare before making withdrawals.

How will my budget change in retirement relative to when I’m working? Expand

Most people spend 80-100% of their pre-retirement budgets in the first few years of retirement, then settle into a pattern of spending that is closer to 80% of their last years' expenses. Everyone’s situation is different. The key is quantifying your expenses, making sure you account for all spending, including some unexpected expenses.

Should I retire to a beach or a mountain top? Expand

Both! We recommend the beach from October through February with a move to the mountains from March through September -- but we’ll leave that up to you.

Retirement Planning Videos

01:34
Living off Assets in Retirement - Shakespeare Wealth Management Vlog
December 12, 2016
01:17
If You're Already Retired - Shakespeare Wealth Management Vlog
December 12, 2016
0:56
Monthly Income or Lump Sum - Shakespeare Wealth Management Vlog
December 12, 2016
1/5
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  • Death Of A Loved One
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  • Career Change
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  • Insurance Preserve & Protect

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Shakespeare Wealth Management, LLC®

N22 W27847 Edgewater Dr.
Pewaukee, WI 53072
262-814-1600

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