RETIREMENT PLANNING

Here are some of the most common decisions we help clients with:

• How will you define your standard of living and the amount of money you need to live on?
• What is your target retirement date? How realistic is your target?
• How much do you need to save each year to attain these goals? Can you afford it?
• How long will your money last? Will you run out of money?

 As you head into retirement, let us help you make important planning and timing decisions such as:

• Determining the best pension option and when to start Social Security
• Understanding your 401k rollover options
• Determining when and how much to draw on your investments
• How to manage the tax impact of your income decisions
• Understanding your Required Minimum Distribution 

There are many variables to consider based on your circumstances. Do you have a pension? If so, should you take the single-life or the joint-life payout? Should you start drawing Social Security before your “full” retirement year? When should your spouse start? What other assets do you have to draw on? We work with you to determine the answers that best fit for your circumstances.

If you participated in an employer-sponsored retirement savings plan, such as a 401(k), SIMPLE IRA, SEP, 403(b), or 457, you may consider rolling it into an IRA.  We can help you understand the benefits and drawbacks in that decision and provide guidance on how to invest your retirement accounts.

Retirement can often put you in control of when and from where your income comes. We can help you determine the blend and timing of when to start drawing on your investments. 

Taxes become an important variable of the timing of when and from where you choose to draw your income. While it is assumed retirees will fall in a lower tax bracket because of reduced earned income, there are many factors that can bump earned income back up and factor into taxes on things such as  Social Security. We provide recommendations for these important, strategic decisions. 

We hope our retired clients are busy enjoying life...but not too busy to check on their required minimum distribution, or RMD. Not taking the RMD from an IRA or 401(k) and the like — or miscalculating the amount  —  can result in a penalty on the amount not taken. We can help you calculate your RMD, time when you'll receive it throughout the year, or correct a mistake if you don't take your RMD.