James and Evelyn, both in their early 70s, had spent the last few decades building a life they were proud of. They raised three children, enjoyed meaningful careers, and were now entering retirement with a sense of freedom—and a growing list of questions.
As they sipped coffee one morning overlooking their garden, their conversations increasingly turned to what came next—not just in terms of travel or hobbies, but how they wanted to be remembered. James had just received a letter about his required minimum distributions (RMD’s), and Evelyn had been reading about qualified charitable distributions (QCD’s). Both had been organizing old files and revisiting their estate plan.
“It’s not just about what we leave behind,” Evelyn said, “it’s about the impact we can make while we’re still here.”
Their story is one we often hear—a couple with more time to focus on family, travel, and passions, while also considering how to align their wealth with their values and legacy. Whether you’re looking to simplify, share, or steward your wealth more intentionally, your 70’s are an ideal time to revisit your financial plan. Here are five areas to focus on to live—and give—with greater purpose.
Giving isn’t just about what happens after you’re gone. Many couples like James and Evelyn find joy in witnessing the impact of their generosity now.
Consider:
RMD’s are the IRS’s way of ensuring that tax-deferred retirement savings are eventually taxed. Starting at age 73 (or 75 for those born in 1960 or later), you’re required to withdraw a minimum amount annually from accounts like IRA’s and 401(k)’s.
At Gatewood, we help ensure your RMD strategy supports both your lifestyle and your legacy. For James and Evelyn, this meant setting aside what they needed for living expenses, donating through QCD’s, and reinvesting any surplus to align with their future goals.
Your estate plan is your voice for the future. By your 70’s, it’s critical to ensure:
We recommend a full estate plan review every three years—or sooner if there’s been a major change in your family, finances, or goals.
Part of good legacy planning is making life easier for your loved ones when the time comes. James and Evelyn decided to:
These steps aren’t just practical—they’re a profound expression of care.
Legacy is about more than money—it’s about how you live, what you value, and how you share that with others.
James and Evelyn chose to:
They realized that living well now is one of the most meaningful legacies they could offer.
At Gatewood, our goal is to help clients go beyond the numbers to live and give with purpose. Whether you need help structuring gifts, updating your estate plan, or simply organizing your financial life, we’re here to guide you.
Your legacy doesn’t start after you’re gone—it begins with how you live today.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
There is no assurance that the techniques and strategies discussed are suitable for all investors or will yield positive outcomes. The purchase of certain securities may be required to effect some of the strategies. Investing involves risks including possible loss of principal.
There is no guarantee a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification
and asset allocation do not protect against market risk.
The information provided here is general in nature. It is not intended, nor should it be construed, as legal or tax advice. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.