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Prepare Clients for Spending Changes in Retirement

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Financial planner Bryce Sanders offers some pointed advice on managing expectations on the types of things your clients will likely to spend on, and what they'll need to budget for when they officially retire from the workforce.

Feb 14th 2022
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Many of you have helped your clients, generally, prepare for retirement, but have they given thought to how their spending will change once this happens?

and annual bonus. When they filed their taxes you let them know if they were getting a refund or needed to send in an additional payment. Self-employed clients made estimated tax payments on a quarterly basis.

This may change in retirement. If they are taking distributions from their retirement plans, their financial services firm should ask what percentage they want withheld. Although the focus of this article is on personal expenses and overhead, as their accountant you will discuss taxes they will be paying in retirement and how they will be paid.

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