Retire with $5 million - Required financial planning topics to discuss with your advisor

If you have $5 million in total assets and you're interested in retirement, the good news is that you can sustain a pretty hearty annual income from withdrawals for many types of lifestyles and at a variety of ages.
We think you need three things to retire successfully with $5 million:
1. A withdrawal plan that is tax efficient. Here we're talking about not only traditional retirement accounts like 401(k)s or IRAs, but also things like capital gains on business assets or brokerage accounts. You'll need a Roth IRA strategy, too, to help avoid significant tax expenses later in life.
2. An investment plan that is low-cost, straightforward, and can last for decades, especially if you're retiring early. At Arnold & Mote we are flat-fee advisors, so your investment balances over time are not eaten up by growing by a percentage fee for investment management. You need a diversified mix of short-term and long-term holdings in stocks and bonds to help fuel your current lifestyle and not be so complicated you can't understand investment performance on your own.
3. Lastly, a charitable plan becomes even more important in this asset range. Chances are with $5M, you'll have a significant pot of savings left over after your lifestyle needs are met, and you may want to consider how to put that money to work in your broader community. Things like Qualified Charitable Distributions, Donor-Advised Funds, and charitable annuities all have a place in a comprehensive charitable plan at this asset level.
You can flourish while retiring with $5 million, but a comprehensive plan that addresses taxes, investment choices, and charitable giving will ensure your satisfaction for decades to come!
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