Pre-Retirees and Retirees

As you approach or navigate retirement, you have a lot of decisions to make and changes to anticipate. You’re going to be moving from the accumulation phase of investing to the distribution phase and this can be a very scary time. You’ve probably worked hard to get where you are and protecting what you have accumulated will be more of a concern. The focus may become achieving the necessary returns to make sure you don’t run out of money rather than investing for the highest possible return. You’re likely wondering how to best cover your needs given the different tax buckets you have to draw from (i.e. Checking/Savings, 401(k)/IRAs, and taxable investments).  If you’re well into retirement, you may be focused on estate planning issues including gifting strategies to family and/or charitable bequests. 

As you consider possibly slowing down at work, and or retiring completely, here are some questions or issues you may be pondering: 

  1. Now that I have accumulated assets, am I on the right track or can I afford to retire? 
  2. When should I start drawing Social Security?
  3. What do I need to know about Medicare and Medicare supplements? 
  4. Given what I have accumulated, what can I expect to pull from those assets each year without running out of money?
  5. What is the best way receive income from my assets while still being tax efficient?
  6. Do I have all the necessary estate planning documents in place so that if something happens to me, my family and loved ones know where everything is and who to contact?
  7. Will my family inherit my assets in the most tax efficient way possible?
  8. When should I shift from insuring income (life, disability) to protecting against long-term care needs?
  9. Should I consider a Roth conversion? 

Our services include:

Withdrawal Strategies:

We help formulate a plan to take withdrawals from various assets and strategies in the most tax and cost-efficient manner. We provide projections as to what your withdrawal rates are (or will be) and help you determine whether these are likely to sustain you for the remainder of your and possibly your spouse’s life) or if additional adjustments need to be made from an income/expenses/savings perspective.

Social Security Analysis:

Based on your specific situation, we provide analysis as it pertains to when to apply for social security benefits. Should you draw early, at full retirement age and invest the funds, or possibly delay to age 70? There is no “one size fits all” solution and this decision depends on multiple factors, including your marital status, other income sources, longevity, and health concerns.

RMD Strategies:

As you get closer to age 73 (or 75 depending on the year you were born) we help plan for future Required Minimum Distributions from retirement accounts.  In addition to calculating the RMD, we guide you regarding the most efficient way to take those distributions in conjunction with your “non-qualified” distribution plan including charitable bequests.

Medicare Education:

About what needs to be done at 65 and what can wait until after you separate from employer sponsored health insurance. We can also help provide referrals to experts on Medicare supplement plans. 

Roth-IRA Conversion Analysis:

We provide an ongoing annual analysis to determine if a Roth-IRA Conversion makes sense, and if so, at what level. We also consult with your tax advisor before implementation. 

Risk Management Analysis:

Based on a variety of factors, we will review your current insurance policies (including life, disability and umbrella coverage) to determine if you are over or underinsured and can offer assistance and possible strategies. Many times, disability insurance can be reduced. 

Discuss Estate Planning Strategies with Attorneys:

In our ongoing analysis, we discuss possible planning strategies and techniques as it relates to your personal goals, objectives, and comfort level. We review account registrations and beneficiaries to make sure inter-generational transfers will take place outside of probate where possible and that tax consequences are minimized whenever possible. We also offer organizers for you to complete so that your loved one or beneficiary knows where everything is and who to contact.

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