Retirement is the beginning of the open highway!
Retirement is a golden time in your life to enjoy and spend time with your loved ones without stressing about money.
In retirement planning, it's crucial to avoid common mistakes and implement key tips gathered from insightful client conversations:
- Prioritize First Decade Market Returns: Early market performance holds more weight than later years. Ensure a secure portfolio for initial withdrawals during market downturns.
- Strategic Account Sequence: The order of drawing money from accounts significantly impacts growth and tax benefits.
- Timely Social Security Withdrawal: The timing of initiating social security withdrawals is a pivotal decision.
- Prepare for Social Security Changes: Safeguard against potential benefits reductions by incorporating steady income strategies to replace social security if needed.
- Account for Longevity: With increasing life expectancy, avoid relying solely on optimism and plan for sustained financial security.
- Anticipate Higher Expenditure Years: Plan for spending spikes, like funding a daughter's wedding, by diversifying with tax-efficient growth instruments.
- Mitigate Excessive Taxation: Analyze potential excess taxes from Required Minimum Distributions (RMD) post-age 72 due to over-saving in pre-tax retirement accounts. Sometimes, less savings in these accounts can yield more in this scenario.
For personalized retirement cash flow projections and income planning, leverage our cutting-edge technology and expertise.
In retirement planning, it's crucial to avoid common mistakes and implement key tips gathered from insightful client conversations:
- Prioritize First Decade Market Returns: Early market performance holds more weight than later years. Ensure a secure portfolio for initial withdrawals during market downturns.
- Strategic Account Sequence: The order of drawing money from accounts significantly impacts growth and tax benefits.
- Timely Social Security Withdrawal: The timing of initiating social security withdrawals is a pivotal decision.
- Prepare for Social Security Changes: Safeguard against potential benefits reductions by incorporating steady income strategies to replace social security if needed.
- Account for Longevity: With increasing life expectancy, avoid relying solely on optimism and plan for sustained financial security.
- Anticipate Higher Expenditure Years: Plan for spending spikes, like funding a daughter's wedding, by diversifying with tax-efficient growth instruments.
- Mitigate Excessive Taxation: Analyze potential excess taxes from Required Minimum Distributions (RMD) post-age 72 due to over-saving in pre-tax retirement accounts. Sometimes, less savings in these accounts can yield more in this scenario.
For personalized retirement cash flow projections and income planning, leverage our cutting-edge technology and expertise.
Ready to Get Started?
Meet with us today to see if your money could be working harder for you. Receive a free, no-obligation consultation.