Retirement changes the job your money has to do. For decades it was about saving and growing. Now it has to produce a paycheck, keep up with inflation, stay tax-efficient, and last for what could be 30 years or more, while still leaving room for the people and causes you care about.
I'm Scott Ward, CFP®, AIF®, AIFA®, SVP, Wealth Advisor at Compound Planning. I work with people in their 50s, 60s, and beyond, many of whom have a meaningful share of their wealth in real estate. As a CFP® professional, I'm required to act as a fiduciary when providing financial advice.
What retirement planning covers
- Retirement income. How much you can spend, from which accounts, in what order. Building an income "bucket" so short-term needs aren't exposed to market swings.
- Social Security and pensions. When to claim, and how it interacts with the rest of your income.
- Taxes. Withdrawal order, Roth conversions, required minimum distributions, and asset location.
- Investments. A diversified portfolio built for growth and income across a long retirement, with a plan for rebalancing.
- Real estate. Whether to keep, sell, or exchange rental property, and how that income fits the plan. See the 1031 exchange guide.
- Risk and longevity. Inflation, health care costs, and the chance that one spouse lives well into their 90s.
- Estate coordination. Beneficiaries, gifting, and how heirs would inherit, working with your attorney.
For landlords approaching retirement
Rental income can be a great retirement asset, until the calls about broken air conditioners start to feel like a second job. Many of the owners I meet want to keep the income but lose the work. A 1031 exchange into more passive real estate, such as a net-leased property or Delaware Statutory Trusts, is one option. Hiring a manager, selling and diversifying, or holding for heirs are others. The right answer depends on your whole plan, not just the tax bill.
In Birmingham, or wherever you are
I'm based in Birmingham and meet clients in person around the Birmingham area, including Mountain Brook, Vestavia Hills, Homewood, and Hoover. I also work with clients across Alabama and around the country by video. If you own rental property, see 1031 exchange planning in Birmingham, which also covers Alabama retirement tax basics and the areas I serve. Compound Planning works with clients nationwide where it is registered or exempt from registration.
Read more from Scott
Retirement planning FAQ
When should I start working with a retirement planner?
Five to ten years before you plan to retire is a good time. That leaves room to adjust savings, plan taxes and Social Security, and decide what to do with real estate or a business. It's never too late to get a plan, though.
Do you work with retirees outside Birmingham?
Yes. Scott meets in person in the Birmingham area and works with clients nationwide, including throughout the Southeast, by video and phone, through Compound Planning, Inc.
Can you help me decide what to do with my rental properties in retirement?
Yes. That's a core focus. Scott looks at keeping, selling, or exchanging property through a 1031 exchange, alongside your income needs, taxes, and estate plans, working with your CPA and attorney.
Is a CFP® professional a fiduciary?
CFP® professionals are required to act as fiduciaries when providing financial advice to a client, meaning they must act in the client's best interest. You can verify a CFP® professional's status at cfp.net.