steps to

optimize your
retirement
strategy
From the personal financial advisors
at Goldman Sachs
5 steps designed to help you minimize
financial stress, and maximize your
return on life—today and tomorrow

Achieving a successful and financially secure

retirement is one of the most important goals in life
for most working people. However, many people are Our retirement-planning
uncertain about what financial steps they should
take to plan for a successful retirement.
guide provides a step-
by-step plan to help you
identify and implement
key actions that seek
to minimize financial
stress and optimize your
retirement strategy.

5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 2

The five steps

01
This guide offers specific advice What do you want your
on topics such as goal setting retirement to be?
and income planning, as well as
practical tips on managing cash
flow, tax considerations and
investment management. 02 Determining the financial
resources you’ll need
These five steps can help you distinguish

03
central issues and factors in your control—and
what you can do about them. Applying these Creating a retirement
steps may help you achieve your financial goals
for maximizing your return on life today and
paycheck
throughout retirement.

04 Minimizing your taxes

05 Building your asset

allocation strategy

5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 3

01
What do you want your
retirement to be?
There are lots of routes to and through retirement. Many people save and
invest with a certain age in mind for retiring. Some retire more than once,
taking time away from work to explore the world, care for a loved one, or
build a business. Others opt to work throughout their retirement.

Before you create a financial plan or make investment decisions, it’s

important to take the time to fully understand how your life and money
connect.

At Goldman Sachs Personal Financial Management, our personal financial

advisors work with clients to help them answer a very important question:
“What do I want my retirement to be like?”

Our advisors go deeper to get to the heart of your relationship with

money so that you can learn how your values, priorities and beliefs impact
your financial decision-making. It’s an in-depth process to help you
understand your financial mindset—what shapes your view on money—
and how your life and money connect. Then, we would work with you and
those you care about to determine the top five financial life goals you Take our free MoneyMind quiz
want to achieve. now! Visit goldmanpfm.com/
get-personal/moneymind
Our financial advisors can help you build a personalized retirement
strategy around your priorities, so you can feel more confident using
money to maximize your return on life today, while you plan for tomorrow.

The graphic shown above does not reflect an actual account. It is presented for illustrative purposes only. 5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 4
02
Determining the financial
resources you’ll need
Once you know your retirement life goals, it’s important to
understand how much income you’ll likely need. Everyone’s
situation is unique, but a common rule of thumb is to
plan for 70–85% of your pre-retirement income. Also, it’s Most of us will
important to not withdraw more than 4–5% per year from
your investment portfolio to avoid outliving your money. naturally budget for
Determining how much you can spend every month basics like housing,
requires creating a budget using a comprehensive budget
worksheet. Most people spend more in retirement on
transportation and
certain expenses such as health care, travel and interests/ food, but you also
hobbies. Other expenses in retirement might require less,
such as gasoline or clothes. have to consider and
Of course, some expenses might inflate or grow faster than
plan for unexpected
others. And while we can’t know what inflation will be like retirement expenses.”
in the future, we’ve historically assumed an average annual
– Cary Carbonaro, financial advisor
inflation rate of 3%* for most expenses and 5-7% for
healthcare costs.

* Historical Inflation Rate (average rate from 1913- Q1 2022 was approximately 3.1%) officialdata.org/us/inflation 5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 5
03
Creating a
retirement paycheck
Before retirement arrives, you’ll need a plan to transform the
savings you’ve accumulated and the benefits you’re eligible for
into sufficient income to sustain the lifestyle you want. Primary
sources of retirement income typically include:

Social Security
Pension: Annuity or lump sum payout Creating a portfolio
Retirement accounts 401(k), 403(b), IRA to help produce
Investment income income is a must for
most retirees.”
Aggregating all possible sources of income and noting them – Byron Ellis, financial advisor
in your plan can help you understand what your current
retirement paycheck could look like. Once you’ve determined
your total monthly income, we can analyze whether you’ll likely
have enough to meet your total monthly needs.

You can gauge how well your current retirement savings and
resources match up against your spending and goals by
working with our advisors. The strategy they create for you will
indicate whether or not your retirement is likely overfunded,
underfunded or optimally funded.

5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 6

04
Minimizing your taxes
Some retirement myths are repeated so often they’re mistaken for
truth. For example, has anyone ever said that you’ll be in a lower
federal income tax bracket when you retire?
Consider consulting a Goldman
The truth is you might be or you might not. Federal income taxes
Sachs PFM advisor who can help
are not the only taxes to consider. Distribution rules and tax
consequences for tax-advantaged accounts vary. As a result, tax you implement a personalized,
planning is just as important in retirement as it is on the way to comprehensive retirement strategy
retirement. A comprehensive tax plan typically answers questions like: with your values, priorities and
beliefs at the center.
What types of investments should I hold in taxable, Acting as a partner in your corner, backed
tax-deferred or tax-exempt accounts? by the power of Goldman Sachs, they can
help you access and navigate our in-house
Should I move money from Traditional IRAs to Roth IRAs?
resources spanning across your financial life—
Is a rollover the right choice for appreciated company stock including tax planning.
in my 401(k)?

How much should I withdraw from certain types of accounts

during retirement?

How much will I need to withdraw from certain types

of accounts during retirement?

5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 7

05
Building your asset
allocation strategy
A major component of your retirement plan is your investment
portfolio. We believe it should be as unique as your plan and
designed to accommodate your financial obligations today, and
your goals throughout retirement. An appropriate asset allocation
strategy adopts an optimal amount of risk based on your time
horizon, financial situation, market shifts and your risk tolerance.

Create a personal portfolio. We can develop and

Investing your assets in retirement can be challenging implement a strategy
because there are several aspects to consider. The key
attributes to integrate into your portfolio are: built entirely around
your unique needs—
Diversification * then make adjustments
Minimizing investment costs as your life unfolds.
Utilizing tax-efficient planning strategies

Long-term market growth potential

Focus on total return to generate income

Mitigating market risk

Periodic rebalancing

* Diversification does not ensure a profit or protect against loss. 5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 8
Our Checklist

01 What do you want

your retirement to be? 04 Minimizing your taxes
Uncover what shapes your mindset and views Design a comprehensive financial plan
on money with our personal financial advisors. to address the impact of taxes with our
team of experienced financial advisors.
Determine your top five financial life goals you
want to achieve.

05 Building your asset

02 Determining the financial allocation strategy

resources you’ll need Determine a suitable asset allocation for you.

Create your budget for retirement. Implement your investment plan.

Review and rebalance your portfolio.

03 Creating a retirement paycheck

Review your financial assets with your advisor
and receive your financial strategy.

5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 9

Summary

Personalizing
your retirement
You’ve worked hard to get where you
are—and while there are many tools and
resources out there to help you manage Backed by over 150 years of Goldman Sachs
your money on your own, having a experience, we pair a deep and broad knowledge
partner in your corner can help you of the financial complexities high-net-worth
enjoy your ideal life in retirement. individuals face with the unparalleled investment
resources of Goldman Sachs.
At Goldman Sachs Personal Financial Management,
our financial advisors go deeper to understand your Our advisors can help you navigate the firm’s in-house
mindset and views on money. These insights will form resources such as wealth strategies, estate planning,
the foundation of a personalized strategy tailored to tax planning, investments, insurance and many other
your values, priorities and beliefs. disciplines.* They also coordinate across relationships
and providers, acting as your “personal CFO”, applying
As life unfolds, our advisors will be at the ready to multiple financial disciplines to every decision.
adjust your strategy, proactively identify opportunities
and help you avoid obstacles. Acting as a partner
in your corner, they can help you gain more clarity To begin, request a complimentary consultation.
around the different aspects of your financial picture; Call us at 1 (877) 882-1612 or visit
feel more confident about using your money to live goldmanpfm.com/contact-financial-advisor
the life you want today, while planning for tomorrow;
and feel more in control.

All services are subject to suitability and availability. 5 STEPS TO OPTIMIZE YOUR RETIREMENT STRATEGY 10
Maximize your return on life,
today and tomorrow.
Connect with a Goldman Sachs Personal Financial Advisor at:
goldmanpfm.com/#locations or call us at 1 (877) 882-1612.

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