Whether you are approaching retirement or have already retired, you may find yourself standing on the precipice of one of your life's most important financial decisions. Where should you retire and live out the rest of your life? While we’re a bit biased, a recent study in 2021 showed that South Carolina ranked third highest where U.S. residents moved to live out their retirement years in style and comfort. 

The vibrant, thriving city of Greenville, with its southern charm, numerous amenities, and lower cost of living, is increasingly becoming a hotspot for retirees. And why wouldn't it be? Its mild climate, abundant recreational activities, and high-quality healthcare make Greenville a compelling place to spend your golden years. But, as you decide where to retire, planning a comfortable transition that may impact the rest of your life and your spouse's life is essential.

As a fiduciary financial advisory firm located in Greenville, SC, Global View Investment Advisors specializes in helping successful high-net-worth, high-income individuals and business owners with their retirement planning and wealth management needs.  In this blog, we’ll share three of the most frequent retirement planning questions we receive from our clients:

• How to Plan a Sustainable Retirement Budget?
• Which Investment Management Strategies Are Best in Retirement?
• Why is Estate and Tax Planning Important When You Retire?

Read our latest Quick Guide: Tax Planning Strategies in the Carolinas.

Tip #1: How to Plan a Sustainable Retirement Budget  

A critical component of a successful retirement plan is having a realistic, sustainable budget that funds your current and future lifestyle. It’s not just about maintaining a budget; it’s about crafting a realistic, affordable strategy in a volatile economic environment. It's crucial to regularly review and adjust your budget to cope with changes such as high inflation, market volatility, and fluctuating interest rates.  

Engaging a financial advisor in Greenville is invaluable for this process. A financial advisor, mainly a fiduciary investment advisor, offers expert insight, leveraging their deep understanding of financial markets and retirement planning to help you develop a sophisticated plan that adapts to economic change over time.

Our financial advisors in Greenville, SC, can work with you to create a retirement budget that doesn't just survive changes but thrives amidst them. We understand your desire for a secure, comfortable retirement and will work to ensure your budget aligns with your lifestyle goals.

Tip #2: Investment Management Strategies in Retirement

A core tenet of investment management during your retirement years should be diversification. This practice includes allocating investments across various asset classes to mitigate risk - too much money in one investment. 

Asset classes are investments with similar characteristics that behave similarly during the same market conditions. Each asset class is expected to reflect different risk and return investment characteristics, and they often perform differently in any given market environment. Here are some of the most frequently used asset classes:

1. Equities: Also known as stocks or shares, represent company ownership. They may yield dividends and appreciate over time, potentially providing capital gains.
   
   
2. Fixed Income: These assets are often government, municipality, or corporate-issued bonds. They pay a fixed amount over a specified period, providing a steady income stream. They are typically less risky than equities.
   
   
3. Cash Equivalents: These are the safest investments, including instruments like Treasury Bills, money market funds, and CDs.
   
   
4. Real Estate includes commercial properties, multi-family housing, and other real estate investments. These can provide income (e.g., rent) and potential appreciation.
   
   
5. Commodities: This class includes physical assets like oil, natural gas, agricultural products, etc. Commodities can act as a hedge against inflation and offer portfolio diversification.
   
   
6. Cryptocurrencies: A relatively new asset class, cryptocurrencies like Bitcoin and Ethereum have become popular investments. They can be highly volatile but also offer substantial returns in a short period.
   
   
7. Private Equity/Venture Capital: Investments in companies not publicly traded on a stock exchange. These investments are typically illiquid but can offer high returns.
   
   
8. Collectibles and Precious Metals: This includes gold, silver, artwork, vintage cars, wine, etc. They often act as a hedge against inflation and provide diversification.

At Global View, our experienced team of retirement planning advisors in Greenville, SC, can be invaluable in navigating a diversified strategy with multiple asset classes.  As fiduciaries specializing in retirement planning, we can assist in developing retirement-specific investment strategies that align with your risk tolerance, lifestyle goals, and financial objectives. 

Tip #3: Estate Planning in Retirement

Without an estate plan, there is a risk that your wealth may be distributed according to your wishes. For example, your estate might face unnecessary taxation, and your family might endure a complicated probate process during emotional grieving. These are all issues that can be mitigated with the right estate plan. Always consult a professional to ensure your estate plan is comprehensive, tax efficient, and compliant with current laws. 

Here are the primary reasons why you should have an estate plan in place, especially as you plan your retirement:

1. Asset Distribution: Without an estate plan, the distribution of your assets will be determined by state laws, which might not align with your wishes. An estate plan lets you decide who will receive which assets and how.
   
   
2. Minimizing Taxes: A well-structured estate plan can help minimize the amount of estate tax that might otherwise be owed upon the demise of your surviving spouse. For those with substantial wealth, the potential tax savings can be significant.
   
   
3. Avoiding Probate: Probate can be a lengthy and costly process. An estate plan that includes tools like trusts can help your heirs avoid the probate process.
   
   
4. Protecting Heirs: For those beneficiaries who are minors, elderly, or have special needs, a trust can provide protection and manage assets for them.
   
   
5. Privacy: If an estate goes through probate, the information becomes a public record, which may be undesirable for many people. A proper estate plan can ensure privacy for your financial and personal matters.
   
   
6. Asset Protection: Good estate planning can protect your assets from creditors or loss due to divorce or lawsuits.
   
   
7. Charitable Giving: If you wish to leave a legacy through charitable giving, an estate plan can help you organize contributions and maximize tax benefits.
   
   
8. Preparing for Incapacity: Estate planning is not just about death; it also covers instances of incapacity. Documents like a durable power of attorney and healthcare directives can protect you if you cannot manage your financial affairs.
   
   
9. Reducing Family Conflict: By clearly outlining your intentions, an estate plan can help reduce potential conflicts among your family members after your passing.

Retiring in Greenville, SC, can be an enticing proposition, but the journey can become stressful without comprehensive financial, retirement, and estate planning. 

Get to Know Global View Investment Advisors

Our founding members experienced a demanding financial environment after emerging from a Wall Street firm. The relentless push to generate substantial fees and commissions to meet the production targets of a publicly traded parent company was its priority, often at the expense of the client's objectives. The focus was predominantly on the company's bottom line, not the client's financial well-being.

Exhausted by the pressure to sell Wall Street firm mortgages to our clients and troubled by the unknowing deception of failing to offer them the best possible investments, we recognized the need for a change. As a result, we decided to break free and launch Global View Investment Advisors.

At Global View, we're a fiduciary firm operating fee-only. Our commitment is to provide sound advice instead of pushing product sales. Being independently owned by our principals ensures we can recommend the best investments tailored to our client’s unique needs. 

Prioritizing your financial needs above our own is just one of our guiding principles. By serving your interests first, we both prosper over the long term.

We practice what we preach by incorporating the same investments we recommend to clients in our families’ portfolios. When we employ outside funds, we require those managers to invest their capital alongside our clients. This is what we call 'skin in the game.' While it may be a rarity in Wall Street circles, our clients know that we are vested in how their assets are invested. 

If you want to collaborate with a wealth management team that cares, we’d be honored to talk with you.