Retain Wealth In Retirement

Retain Wealth In Retirement

Becoming a millionaire isn’t necessarily about being born into privilege or winning the lottery. For many, it’s the result of a solid career, wise investment decisions, and robust money management habits. You may also take advantage of retirement planning and financial advisors in Torrance, CA, to make it all happen.

Regardless of how you attain your wealth, it’s crucial to ensure it lasts into retirement and beyond once you have it.

Read on for 7 solid retirement tips from an investment advisor. 


Investments in diversified investment vehicles can serve you well for years to come. Get your retirement investment advice today!


Over-plan for Retirement in Retirement

As you have built your retirement wealth through the years, chances are, you overestimated your expenses to ensure you saved enough. And after you retire, this over-planning will continue to serve you well.

For instance, planning to live longer than previous generations will allow you to make decisions that stretch your dollars. On the whole, life expectancy has grown in the last century; it’s not uncommon nowadays to see retirees enjoying life well into their 80s and 90s.

Assuming that you’ll need to make your money last will help you maintain your standard of living and remain wealthy enough to handle anything life throws your way.

 Stick to Your Financial Plan

Wealthy people who build and keep their wealth often do so by adhering to a long-term financial plan. It’s not about what you’re doing next year or even next decade: it’s about the rest of your life. 

As such, your financial plan should encompass more than just saving and spending habits. Instead, think comprehensively, from budgeting to estate planning to tax consequences.

Instituting the plan is only half the process. The second half is playing the long game and sticking to your strategy. Your financial plan has served you well, so now’s not the time to toss it by the wayside.

Keep in mind: you may need to tweak it occasionally, which is where a retirement planning professional in the greater Los Angeles area comes in handy.

Live Below Your Means

Living below your means, is a big part of sticking to your financial plan. New retirees tend to spend more in their early years checking items off their bucket list. Enjoying retirement is fine, but don’t blow up decades of hard work in the process.

Our financial advisory suggests planning out your big-budget retirement activities in advance to spread out your costs. Take care to keep your day-to-day expenses in check. 

Whenever possible, try to limit your prices to what your portfolio can replenish (or less).

Maintain Multiple Sources of Income

Living paycheck to paycheck is no way to get rich. But for most people, neither is relying on one source of income. If you wouldn’t do it to get rich, why would you stay wealthy?

One secret of building and keeping wealth is diversifying into multiple income streams. If one stream dries up, you have several more to replenish. This gives you the flexibility to handle challenges as they arise, all the while leaving your retirement intact.

Fortunately, it’s not too late to diversify your income, even in retirement. Your financial advisor should be able to direct you to new, risk-adjusted investments that can help grow your wealth. 

Modern investment management requires diversification.

Invest for the Long Haul – and Don’t Make Emotional Investment Decisions

The market doesn’t stop rolling because you’re retired. While it’s tempting to “save” your retirement plan when the market hiccups, making rash investment decisions can do more damage long term.

Remember: even in retirement, you’re still playing the long game (with a decreased risk tolerance).

Instead, when the market slumps, contact your financial advisor in Torrance, CA, to help you make calculated decisions. After all, the goal isn’t timing the market; it’s spending enough time in the market. A buy-and-hold, patient approach got you this far – don’t blow it now.

Track Your Expenses

“Build a budget” is cliché advice for a reason, though it’s no less crucial for its prevalence. But that’s not what we mean when we talk about tracking your expenses.

In this case, it’s not about constraining your financial life: it’s merely knowing where your money flows. Matching your incoming dollars to outgoing expenses can help you identify where you spend your wealth. 

And who knows – with a retirement planning professional in Torrance, CA, you may find a few leaks to plug in the process. 

Plan Around Your Tax

The wealthiest in society are typically subjected to the highest tax brackets, reducing your obligation to Uncle Sam a priority. You’ll likely find hiring a tax professional crucial to the process – but it’s always wise to know how others handle your money.

To start, keep an eye out for tax breaks and financial incentives that can lower your bill. From itemizing your charitable contributions to turning your vacation home into a primary residence to keep your profits when you sell, every penny you tuck out of Uncle Sam’s reach is a penny that works for you. 

Another way to prioritize long-term tax efficiency is allocating assets across several taxable and tax-advantaged accounts.

For instance, it’s common to keep your income-producing securities in tax-deferred or potentially tax-free accounts. This includes mutual funds, dividend-paying stocks, and funds with high turnover that may generate a higher tax burden. 

Meanwhile, your growth and tax-efficient fixed-income securities are usually better suited for your taxable accounts.


TAKWEALTH provides wealth management for retirees in LA. Connect with our CERTIFIED FINANCIAL PLANNER™ !


As you can see, wealthy retirees can leverage several strategies to not only keep their wealth but grow it for the next generation. From staying invested to diversifying your income streams, these methods can help you get rich – and keep you there.

But the dirty little secret is that few wealthy individuals go it alone.

Instead, they hire a knowledgeable team of professionals to help them reach and surpass their goals. Whether you’re in the wealth-building or wealth-keeping stage, our fee-only financial advisor in Torrance, CA, is ready to help. 

Read the TAKWEALTH standards. Then give us a call or stop by today! We look forward to serving you well.



More About the Author: Randy Takaki

Prior to founding TAKWEALTH, Randy Takaki graduated from the University of California, San Diego with a B.S. in Artificial Intelligence. He then spent over a decade as a senior advisor and AI contributor in the data-driven world of asset management. Randy’s main goal for TAKWEALTH clients is to build trust by creating a foundation that reliably and uniquely manages a client’s assets to meet their life goals. When Randy is not working hard for clients at TAKWEALTH, you can find him exploring the outdoors or planning his next computer science project.