Look At The Big Picture
I like to look at everything that could impact your retirement: income, legacy, Social Security, investments, extended care, Medicare, and taxes among other retirement risks. Depending on the decisions you make pertaining to these items, each could be an asset or liability to attaining your goals. You and I will explore these areas more and I'll help you create & manage a comprehensive retirement plan that addresses longevity risk (outliving your money).
Retirement Income
In retirement, your income may shift from a steady salary to Social Security and pension benefits, but can often be inadequate. Creating a reliable income stream can include various sources such as a 401(k), IRA, CD, or annuity.
Social Security
Social Security is a major source of income for most retirees. Claiming it too soon can reduce your monthly amount as much at 25% permanently and waiting can boost it by 32%, making the claiming decision is more important than most people realize. Click Below to find your Social Security retirement age.
Investments
Investments such as mutual funds, bonds, and alternative investments can play a big role in meeting your expenses and lifestyle expectations in retirement. Having a healthy mix of asset protection, guarantees, and at-risk dollars may help you achieve your retirement goals.
Legacy Planning
Legacy Planning is deciding while you're alive how you want your estate distributed after your death. But it can be more than just leaving your children an inheritance. Failing to plan for your own death may leave your life partner or other loved ones in financial trouble.
Can your surviving spouse afford to lose your income?
Medicare Planning
Healthcare is one of the biggest expenses in retirement. A bad healthcare decision can cost thousands of dollars annually, and a lack of planning could ruin a retirement plan. Prescription drug prices are particularly worrisome for many retirees. If health care costs will consume so much of your Social Security check each month, how will you pay for other expenses?
Long Term Care Insurance
This refers to when you need help performing at least 2 activities of dailing living such as: eating, bathing, dressing, transferring, toileting, continence. Sadly, long term care is not considered medical care and not covered by Medicare.
Taxes
Because income sources are taxed differently, strategizing your withdrawls is necessary to avoid the myriad tax pitfalls, such as being taxed at higher rates. Use this calculator to determine your Required Minimum Distribution (RMD) from a traditional 401(k) or IRA. In general, your age and account value determine the amount you must withdraw. Note that taxes may be due on the distributions. Do not include balances from a Roth IRA or Roth 401(k).