Retirement Services
On Rules of Thumb
“One of the first things I like to emphasize about retirement planning is that rules of thumb might be useful for broad conversations, but they almost never apply directly to any one individual’s situation. For instance, someone might hear that they need to withdraw a specific percentage of their portfolio every year, or that they should allocate their investments in a particular way based on their age. While these guidelines can serve as a baseline, they fail to account for the complexities of your personal life—your expenses, goals, and the kind of lifestyle you want to lead.
Retirement planning is not one-size-fits-all because no two people have the same numbers or priorities. If we approach planning as though there is a universal formula, we risk missing the nuances that make your situation unique.”
Why Personalization is Essential
“Every individual’s financial situation and aspirations are different. That’s why I approach planning by starting with you—your expenses, your risks, and your emotional comfort with different financial tools. The goal is to create a dynamic plan that evolves with your life. Here’s how we personalize it:
- Expense Categories:
- We look at your fixed expenses like property taxes, utilities, and groceries—things that must be covered regardless of what’s happening in the world.
- Then we add discretionary expenses such as dining out or vacations, which you could adjust if needed.
- Finally, we account for aspirational expenses, like funding a wedding, a major family trip, or charitable giving.
- Risk Management:
- We layer your assets into high-risk, low-risk, and no-risk categories. The goal is to ensure your fixed expenses are always covered, even in a worst-case scenario, so you never feel forced to make decisions out of fear.
- Customizing the Plan:
- We don’t rely solely on rules of thumb because the way you think about money at 50 is different from how you’ll think about it at 65, 75, or 85. Your retirement plan needs to grow and adapt with you.
- For example, some clients prefer to have an annuity to guarantee part of their income, while others prefer to build a larger cash reserve. It’s not about one option being better—it’s about what makes you feel most secure.
- Avoiding Emotional Decisions:
- A key part of the plan is putting you in a position where financial stress doesn’t lead to poor decisions. For instance, during market downturns, if you have a solid cash reserve or guaranteed income, you won’t feel the need to panic and sell investments at the wrong time.”
What Personalized Planning Achieves
“When your plan is built specifically for you, it allows you to:
- Maintain confidence in your financial future, even when markets are unpredictable.
- Focus on enjoying life, knowing your essential needs are covered.
- Adapt to life’s changes without worrying about derailing your retirement.
Ultimately, my goal is to help you feel financially secure not just because things might go well, but because your plan is built to handle anything that might go wrong. It’s about creating a strategy that works for you—not for anyone else—and evolves as your life does."
This publication is not intended as legal or tax advice. Financial Representatives do not render tax advice. Consult with a tax professional for tax advice that is specific to your situation
Most people associate the phrase "estate planning" with having a will – a legal document that names your beneficiaries and spells out who gets what when you die. And while the transfer of your assets is an important part of estate planning, a will or a trust is just one aspect of a broader estate planning strategy to ensure your wishes are known, honored and carried out as efficiently as possible when you're no longer able to articulate them.
We work with a team of estate planning experts at Northwestern Mutual. Together, we can help you develop an estate planning strategy that may include the following:
- A strategy to help reduce or eliminate gift/estate taxes for your heirs
- A plan to protect your estate from mismanagement or from claims of creditors or ex-spouses
In addition to the expertise our team can offer, you'll want to work with an estate-planning attorney to establish:
- Health care directives and a living will that specify the extent to which you want health care professionals to treat you if you become ill or incapacitated.
- Powers of attorney that grant people you trust the legal authority to act on your behalf in case of sudden accident or illness.
- A will or trust to ensure your assets are transferred according to your wishes. And Northwestern Mutual Wealth Management Company can serve as trustee, co-trustee or successor trustee in a wide range of situations.
- The naming of a legal guardian for children under the age of 18.
Our wealth management services go above and beyond what you might expect from a financial services provider. Northwestern Mutual Wealth Management Company offers:
Investment advisory services, designed to:
- Provide high-quality investment services and products.
- Build and monitor diversified portfolios.
- Develop objective, personalized plans.
- Focus on long-term results.
Trust services and partnerships, designed to:
- Provide continuity of stewardship that can last multiple generations.
- Preserve family harmony when carrying out your intentions.
- Carry out detailed record-keeping and accounting.
- Calculate taxes and file returns.
Northwestern Mutual Wealth Management Company serves as trustee on Irrevocable Life Insurance Trusts. In addition, through our Trust Alliance Program, we partner with nationally-recognized trust administration firms that offer a broad range of services to revocable trusts, charitable trusts, endowments and foundations.
Online access to your account, so you can review:
- Comprehensive monthly statements.
- Performance reporting.
- Account access on a secure website.
- Current account balances on your investment holdings.
- Detailed transaction records on all accounts.
When your financial plan includes wealth protection and risk management, you'll be helping to ensure your family — and your vision for the future — is secure.
We'll work with you to develop strategies to:
- Provide for your family in the event of death.
Life insurance policies can be designed with different needs in mind. They can provide temporary protection, cash accumulation or may be utilized as part of an estate plan. Through our association with Northwestern Mutual, we have access to Northwestern Mutual's high-quality, competitively priced life insurance products, including permanent, term, combination and variable policies.
- Provide for you and your family in the event of a disability.
Disability income insurance helps to protect your most valuable asset, your ability to earn an income. But what if the unexpected happened and you suddenly weren’t able to earn a living because of illness or injury? Not only would you have the stress of meeting everyday living expenses, but you might also have to put other goals, like saving for a child's college or for retirement, on hold.
- Provide for long-term care.
Long-term Care events can have a significant impact on your financial security. Planning for long-term care events can help provide options on how to fund and receive care, should you need it.
Most people hope to enjoy a long and healthy life as long as it’s on their own terms, which likely includes the desire to live as independently as possible. But life doesn’t always happen according to plan.
An unexpected accident, illness or injury can profoundly change your life — sometimes suddenly. And if it does, you may find yourself needing help with the tasks of everyday living.
Long-term care planning may be one of the most important steps you can take to help ensure the future financial security of you and your family.
Our long-term approach to investing and wide range of options can help meet your unique financial needs—giving you the edge you and your family need to enjoy your wealth today, and for generations to come.
With more ways to invest than ever before, it can be hard to make sure your money is working its hardest for you. That's where we come in. We’ll provide investment expertise based on our time-tested philosophy, disciplined process, research-based insights, and proprietary capital market assumptions.
When you’re ready for more sophisticated wealth management, you'll have access to a variety of options there too, including investment advisory services, tax-smart strategies, trust services, and specialized products.
Brokerage services
Build your ideal portfolio with a range of investment vehicles—no matter what goals you have. If it's time to roll over a retirement account, find a unique lending solution, save for a child’s education, or arrange for charitable giving, we’ll figure out your options and help you figure out how to get it done.
Investment advisory programs
When you’re looking for more hands-on investment advice and ongoing portfolio oversight, we’ll carefully select one of our Advisory Programs (curated by our Wealth Management Investment Team) that best fits your investment goals. Along with monitoring market conditions and your investments, we’ll be ready to adjust your portfolio as needed should your goals or priorities shift.
These books explore practical advice, scientific research, and philosophical perspectives on aging, health, and retirement planning:
- The Blue Zones: Lessons for Living Longer From the People Who've Lived the Longest by Dan Buettner - This book explores regions of the world where people live exceptionally long lives and distills their habits into lessons for longevity.
- How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor by Ernie J. Zelinski - Offers inspirational advice on how to enjoy life to its fullest in retirement.
- Younger Next Year: Live Strong, Fit, and Sexy - Until You're 80 and Beyond by Chris Crowley and Henry S. Lodge - Focuses on how exercise, nutrition, and a positive outlook can reverse the aging process.
- The Longevity Book: The Science of Aging, the Biology of Strength, and the Privilege of Time by Cameron Diaz and Sandra Bark - A comprehensive look at the aging process and how to age with strength and grace.
- The Longevity Economy: Unlocking the World's Fastest-Growing, Most Misunderstood Market by Joseph F. Coughlin - Explores the economic potential of the aging population and how businesses can cater to this demographic.
- Successful Aging: A Neuroscientist Explores the Power and Potential of Our Lives by Daniel J. Levitin - This book delves into the neuroscience of aging and how to optimize the later years of life.
- Retire Inspired: It's Not an Age, It's a Financial Number by Chris Hogan - Offers financial advice for planning a retirement that's rich in both wealth and personal fulfillment.
- AgeProof: Living Longer Without Running Out of Money or Breaking a Hip by Jean Chatzky and Michael F. Roizen - Combines financial planning with health advice to prepare for a long and active retirement.
- Boundless: Upgrade Your Brain, Optimize Your Body & Defy Aging by Ben Greenfield - A comprehensive guide to biohacking for longevity, covering diet, exercise, sleep, and stress management.
- The 100-Year Life: Living and Working in an Age of Longevity by Lynda Gratton and Andrew Scott - Discusses the implications of increased lifespans for careers, finances, and social structures.
