The new guidelines on retirement planning have been launched by Kadima Wealth, which is a fee-only fiduciary registered investment advisory company, to wealthy individuals about to retire through three main retirement planning mistakes.
The guidance is issued by Elias Friedman, CFP, Founder and Senior Wealth Advisor at Kadima Wealth, as more high-net-worth households transition from wealth accumulation to retirement income planning. According to the firm, the shift into retirement introduces more complex financial decisions and thus issues aid to the said parties.
Tax exposure in retirement
According to the company, this retirement planning issue can directly affect after-tax income and long-term asset preservation for affluent households, supporting Kadima Wealth’s broader goal of helping clients improve tax efficiency and maintain financial security in retirement.
As mentioned by the company, one of the most frequent errors made by retirees is failing to account for their tax liability during their retirement life, especially with multiple types of withdrawal accounts.
Risk reassessment before retirement
As stated by the company, another error that investors often make is not considering whether the risks associated with investing need to be recalibrated as the time comes closer to retirement.
This issue can materially affect retirement income stability and portfolio resilience, supporting Kadima Wealth’s broader focus on helping clients manage volatility and align investment strategy with changing income needs.
Coordinated income distribution planning
With the dedication to help clients create more structured and sustainable retirement income plans, the company focuses on the issue of coordinated income distribution planning that can affect the withdrawal sustainability.
The absence of an integrated income withdrawal strategy was also observed by Kadima Wealth to be a third mistake made by people, as this can result in unnecessary taxes and ineffective withdrawals.
Founder & Senior Wealth Advisor at Kadima Wealth, Elias Friedman says: “Retirement planning is much more complicated today than simply growing one’s savings. It requires families to formulate a cohesive plan involving tax planning, income sufficiency, and long-term risk management strategies.”
Elias adds, “Even for wealthy retirees, having an objective opinion can go a long way because any minor planning error can become significant after retirement starts. As an advisor, my duty is to ensure that you feel comfortable with all your decisions during times of economic uncertainty.”
The sharing of a retirement plan also reflects Kadima Wealth’s broader focus on serving affluent individuals, families, and retirees with personalized wealth management strategies. With this, the firm strengthens its market presence and supports continued growth as it responds to the evolving needs of clients approaching and living in retirement.
For more information about the company and Elias Friedman, refer to the details below.