Do I have enough money to retire? Will I run out of money in retirement? When can I retire? Almost every retiree that walks through our doors ask the same questions. The answers, however can be very different for each client because each and every one has a unique situation and circumstances. As you shift from the accumulation phase (building wealth) to the distribution phase (withdrawing from assets for retirement income), your strategy must transition as well.
Incorrectly calculating when to elect Social Security and withdrawing money from the wrong accounts for income can quickly turn into increased Medicare premiums, taxation of your Social Security, and potentially running out of money in retirement. Comprehensive retirement planning is vital for this phase of life. Our allegiance is to your path, and our job is to show you the options that can help you reach your goals.
Effective retirement planning includes making the most of your employer-sponsored retirement plans and IRAs, conducting rollovers when indicated. Determining how much you need to retire in comfort, we can help with managing assets before and during retirement. And in retirement, tax management strategies are critical especially if most of your money is in qualified, tax-deferred accounts like traditional 401(k)s which will be taxed as ordinary income when you start taking money out.
We’ll help make sure you don’t pay a penny more in taxes than the law requires, and we are always looking for ways to help minimize your current and future tax burden in coordination with your qualified tax specialists.