Retirement Planning

Planning Areas:

Creating Your Tax-Efficient Retirement Income

You have a lifetime after retirement and the need to be able to provide for a steady stream of income that cannot be outlived is more important than ever. With the prospect of paying for retirement needs for as many as 20 or 30 years, retirees need to be concerned with maintaining their standard of living. How do you use your accumulated assets to fund your lifestyle? Which accounts do you draw from and in which order?

We ensure that the income you receive in retirement is sourced from your assets in a tax-efficient manner. 

Strategic Future-Oriented Financial Planning

Strategic future-oriented financial planning is a must for retirees. This is because your financial situation is ever-evolving, your desires may change over time and the economic/ legislative landscape fluctuates. We ensure that we are dynamically planning for the life you want to live in a way that incorporates all of the variables in your control and out of your control. 

Managing Required Minimum Distributions (RMDs)

If you have retirement accounts, you will reach an age in which the government requires you to begin taking money out of your accounts. It is important that you adhere to the IRS's distribution rules as they are complex and everchanging. The problem that many retirees face is that these required minimum distributions can push them into higher tax brackets and result in paying taxes at elevated rates. There are a number of planning strategies that can be utilized to reduce your RMDs and lessen your tax burden in retirement.   

Social Security Optimization

Social Security was established in the 1930’s as a safety net for people who, after paying into the system from their earnings, could rely upon a steady stream of income for the rest of their lives. The age of retirement, when the income benefit starts was, originally, age 65 which was referred to as the “normal retirement age”. Now, for a person born after 1937, the normal retirement age is being increased gradually until it reaches age 67 for all people born in 1960 and beyond. The amount paid in benefits is based upon the earnings of an individual while working. If a person wanted to continue to work and delay receiving benefits, they could do so build up a larger benefit. Conversely, early retirement benefits are available, at a reduced level, as early as age 62.

We help you optimize your benefit strategy around when to take social security.  

Future Health Care Needs

Longer life spans can also translate into more health issues that arise in the process of aging. The federal government provides a safety net in the form of Medicare, however, it may not provide the coverage needed especially in chronic illness cases. Planning for long-term care, in the event of a serious disability or chronic illness, is becoming a key element of retirement plans today and cannot be ignored.

Estate Planning

Planning for the transfer of assets at death is a critical element of retirement planning especially if there are survivors who are dependent upon the assets for their financial security. Planning for estate transfer can be as simple as drafting a will, which is essential to ensure that assets are transferred according to the wishes of the decedent. Larger estates may be confronted with settlement costs and sizable death taxes which could force liquidation if the proper planning is not done.   

To learn more about how we help retirees make tax-smart financial decisions and live their ideal lives, please contact us today.