Financial Planning For Your Seventies and Beyond

Financial planning in your 70s takes on a new dimension, primarily balancing the need to maintain your lifestyle with the realities of aging. The following addresses the common challenges faced during this stage of life and key strategies to navigate them effectively.

Manage Portfolio Risks 

One of the primary challenges people face in their 70s is balancing the need for capital preservation with maintaining their lifestyle. Many retirees rely on their investment portfolios to cover daily expenses, making it essential to regularly review and adjust them to manage risks while ensuring a consistent income stream.

Given the potential volatility of the financial markets, seniors must understand how these fluctuations can affect their lifestyle both in the short and long term. Diversifying investments and adopting a balanced approach can help mitigate these risks.  

Plan for Required Minimum Distributions (RMDs) 

Starting in the year you turn 73, you are required to begin withdrawing a specified percentage from your pre-tax retirement accounts, such as IRAs and 401(k)s. It is key to gain a detailed understanding of your income, cash flow needs, and the role Required Minimum Distributions (RMDs) will play.

Failing to consider the tax consequences of these withdrawals within your overall plan can be costly. Many seniors reduce the resulting taxable income from these withdrawals through qualified charitable donations (QCDs).  These donations can serve as a way to leave a legacy and support causes you care about.

Finalize Long Term Healthcare and Estate Plans   

With increasing life expectancies, it’s essential to plan for potential healthcare needs, including long-term care insurance or other funding methods, to avoid depleting assets and ensure quality care.

Develop a plan to address end-of-life challenges, including physical and financial considerations. Discuss healthcare preferences and ensure that important documents, such as powers of attorney, are easily accessible to trusted family members or advisors.

Additionally, estate planning and legacy goals are important for transferring wealth to the next generation in an appropriate manner. Wills, powers of attorney, healthcare directives, and other estate planning documents should accurately reflect current wishes in order to provide beneficiaries with clarity and peace of mind.

Have Fun!

While it’s important to plan financially for a comfortable retirement, it’s equally important to remember that retirement is also about enjoying life. Whether it’s through travel, hobbies, or new experiences, making the most out of life should be a priority.

Accumulating wealth shouldn’t be the ultimate goal; rather, it should be a means to enhance one’s life experiences. It’s essential to take the time to savor life’s journey!


As we enter our 70s and beyond, financial planning requires a comprehensive approach that balances our short-term desires with future responsibilities. Consider consulting a financial advisor who can help answer questions and tailor strategies to your individual circumstances.


For more helpful content delivered directly to your inbox, sign up for our newsletter at the bottom of the page.



certified financial planner Marshall Clay wears a gray jacket and white shirt while posing for professional photo in office

Marshall Clay CFP, J.D., is a Partner and Senior Advisor at The Welch Group, LLC, specializing in providing Fee-Only investment management and financial advice to families throughout the United States. Marshall is a graduate of the United States Military Academy in West Point, New York, the Cumberland School of Law in Birmingham, Alabama, and is a CERTIFIED FINANCIAL PLANNER™.  In addition, Marshall is a frequent guest on local television stations as an expert on various financial planning matters.



Please remember that past performance may not be indicative of future results.  Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by The Welch Group, LLC [“Welch”]), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful.  Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions.  Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Welch. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Welch is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of Welch’s current written disclosure Brochure discussing our advisory services and fees is available for review upon request or at  Please Note: Welch does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to Welch’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly.