Retirement should never mean slowing down your financial momentum. In fact, for many families in Springfield, retirement is the perfect time to start thinking more seriously about legacy—about the kind of wealth that outlives you. Whether you’re already retired or approaching it soon, there are strategies that can potentially help your wealth last beyond your lifetime.
LaTour Asset Management in Springfield takes pride in helping individuals and families build long-term financial clarity. Here are four actionable ways to potentially build generational wealth, even in retirement:
- Align Your Investment Strategy With Legacy Goals
Your retirement portfolio doesn’t have to be frozen in place. Yes, you might shift to more conservative investments to preserve capital, but you may not want to overlook growth entirely.
We often meet with clients in Springfield who assume legacy planning requires some radical change. It doesn’t. It just means refining your strategy to support multi-decade outcomes. That could mean:
- Allocating a portion of your portfolio to long-term growth vehicles, like ETFs or dividend-producing stocks.
- Rebalancing accounts annually to ensure your mix supports both income and inheritance.
- Considering tax-advantaged investments that are easier to pass on efficiently.
- Reviewing beneficiaries regularly—not just on retirement accounts, but on trusts, insurance policies, and TOD (transfer on death) designations.
Small changes often create a major ripple effect when you’re planning for future generations.
- Get Serious About Roth Conversions and Tax Positioning
If you’re looking to pass on more of your wealth, tax strategy matters more than you might think. Many Springfield retirees find that converting a portion of their traditional IRA into a Roth IRA can be a powerful tool. Roth accounts grow tax-free and don’t require RMDs (Required Minimum Distributions), which means:
- Your money can grow longer, untouched.
- Heirs can receive distributions without a surprise tax bill.
- Your overall tax burden can be reduced over time.
Timing is everything. The decision to convert should be part of a wider retirement tax strategy. Our team helps evaluate when it makes sense and how to make the most of it.
- Consider a Trust
A will is important, but if you truly want control over how your assets are distributed, a trust might be a better tool. Trusts allow you to:
- Avoid probate, saving your heirs time and legal costs.
- Set specific terms for when and how assets are distributed.
- Protect beneficiaries from creditors or other outside claims.
- Keep your legacy plan private and simple to understand.
Trusts can feel intimidating. Our Springfield-based wealth managers can help connect you with estate planning partners and make sure your financial strategy fits seamlessly into your estate goals.
4. Teach as You Go, and Leave Behind Lessons
Generational wealth includes knowledge. If your children or grandchildren don’t understand how to manage wealth, even the most carefully constructed financial legacy can disappear quickly. What should you think about doing now? Consider these options:
- Host annual family financial conversations, even if they’re informal.
- Involve heirs in planning meetings when appropriate.
- Make giving part of the conversation—philanthropy is a legacy, too.
Leave a Legacy You’re Proud Of—We Can Help
Whether you’re already retired or just beginning to plan your next chapter, it’s never too late to build something lasting. The key is intention and guidance.
At LaTour Asset Management in Springfield, we help you build a financial legacy that reflects your life, your values, and your goals. If you’re ready to talk about how to create meaningful generational wealth, call us today at (877) 888-5724.
