As you approach retirement or settle into your golden years, you might wonder: “Is it too late to build generational wealth?”

At Intelliplan Financial, we believe the key to building wealth at any stage is careful planning and optimization. When it comes to long-term wealth strategies, our team understands the unique challenges that you face as a pre-retiree or retiree.

Let’s explore how to secure your financial legacy in whatever planning stage you’re in for you and generations to come.

An Intelligent Plan for Building Generational Wealth

There isn’t just one type of wealth one can have, which means there are more ways than one to help you grow and protect your assets. That’s why creating generational wealth starts with a comprehensive approach to your own finances.

Many of our clients come to us with concerns about their own retirement security and the future financial well-being of their children and grandchildren, all of which can be addressed with a holistic plan.

Holistic wealth management looks at your entire financial picture, including retirement income planning, tax management, asset management, legacy planning, and protection planning. If you structure these five key pillars of your wealth into a cohesive plan, you’re laying the groundwork for prosperity that can last generations.

Building And Protecting Your Assets

To cultivate the kind of wealth that helps ensure your savings last throughout retirement, minimizes your tax burden, and safeguards against the unexpected, it’s important to consider where you are in your financial journey.

Consider The Money Cycle, which describes the three key phases we all go through in life: accumulation, preservation, and distribution. Each of the following phases plays a vital role in your financial journey, especially as you focus on compounding generational wealth.

Accumulation Phase

This phase typically spans from childhood through your working years. It’s when you build your life savings, contribute to retirement plans, and grow your wealth. Many of our pre-retiree clients are in the later stages of this phase, maximizing their savings in the final years before retirement.

Preservation Phase

As you approach retirement (typically within 10 years), it’s crucial to shift some of your hard-earned money into this phase. This is where many people make a critical mistake – they skip this phase entirely, moving directly from accumulation to distribution.

At Intelliplan Financial, we emphasize the importance of the preservation phase to protect your wealth from market volatility and ensure you have stable assets to draw from in early retirement.

Distribution Phase

This final phase occurs during retirement when you begin drawing income from your savings and investments. It also includes the eventual transfer of wealth to your beneficiaries, which is a key aspect of building generational wealth.

Avoiding Common Retirement Mistakes that Hinder Asset Growth

One of the biggest mistakes that can affect the wealth you currently have and slow your growth is investing aggressively right up to and through retirement as if you’re still in the accumulation phase. Market corrections can sometimes force you to sell investments at a loss to generate income, potentially depleting your savings faster than anticipated and exposing your savings to unnecessary risk.

By incorporating a preservation stage in your planning, you can protect a portion of your assets from market volatility while still allowing for positive returns.

A Three-Step Approach to Building Wealth

We utilize The Bucket Plan® philosophy to help our clients protect their assets and navigate these phases successfully. This strategy involves preserving a portion of your assets into three buckets:

• “Now:” Preserved assets for immediate needs in early retirement
• “Soon:” Moderately growing assets for mid-term needs
• “Later:” Growth-oriented assets for long-term needs and legacy planning

Implementing this approach can help you balance your desire to manage your retirement income efficiently for yourself, while allowing a portion of your wealth to continue growing for future generations.

Legacy or Estate Plans for Long-Term Assurance

What good is building a legacy for your family if they can’t access it? Future generations, even your spouses, aren’t guaranteed your assets when you’re gone. You have to establish a plan that will answer the following questions:

Where do your assets go? Who is in charge? What are the rules?

During the planning process, we provide you with a Legacy Builder to help you consolidate important information and ensure your assets are handled according to your wishes.

Passing Down a Wealth of Wisdom

One of the best ways to help keep the generational wealth you’ve built and set up a trajectory for your family to continue expanding on your assets is financial wisdom. As you build generational wealth, you should also be guiding your adult children in making sound financial decisions and helping fund your grandchildren’s education endeavors or first homes.

By investing back into your family and helping them build their own nest eggs, your wealth becomes truly multi-generational.

Taking the First Step Towards Your Retirement Legacy

At Intelliplan Financial, we’re not here to dazzle you with complex jargon or push you into decisions. We understand that thinking about long-term wealth strategies can feel overwhelming, especially as you navigate the complexities of retirement. Our team of experienced professionals will take the time to understand your retirement goals and legacy wishes, develop a customized strategy, implement your plan, and provide ongoing support as your needs evolve.

Let us help you plan smarter and live better — Reach out to us to start your journey towards a secure retirement and lasting generational wealth.

Disclosure: Financial Planning and Advisory Services are offered through Prosperity Capital Advisors (“PCA”), an SEC-registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. Intelliplan Financial and PCA are separate, non-affiliated entities. PCA does not provide tax or legal advice. Insurance services offered through Intelliplan Financial are not affiliated with PCA.