Retirement Planning

  • Social Security/Medicare Planning

    “So, should I just retire at age 65?”

    Our answer is: “It depends!”  Two of the biggest factors to consider in this equation are applying for Social Security and Medicare.  For example, your monthly income from Social Security can vary greatly depending upon when you choose to file.  Filing later in life will not bring you the same benefit each year that you delay. There are a host of factors that come into play.  (This is not simple arithmetic.)

    Medicare is another tricky issue.  People who take early retirement before age 65 might be in for a rude awakening.  They might find themselves with extra expenses because they will have to purchase gap insurance until age 65.  Given the fragile financial state of Medicare, the Federal Government might have to consider tighter requirements for eligibility in the future.  Again, this is a complex subject.

    We can help you navigate through the complexities of these 2 issues.

    come talk to us

  • Monitoring of RMD

    You have worked hard to get to where you are.  You still need to think ahead even in retirement.

    After age 59.5, you can begin to withdraw money from your regular IRA without penalty but still be taxed at the regular tax rate.  Even if you choose not to take any money, after age 70, the Federal Government will require you to take out a certain portion and be taxed.

    Additionally, you might have inherited an IRA as a beneficiary from the passing of a loved one.  You will still be required to take out money and be taxed based on your life expectancy.

    This is called “Required Minimum Distribution” (RMD).

    We are well-versed in the issues relating to RMD.  There are ways beyond just taking money out and paying to the tax man.  We also want to make sure you do not have an unpleasant surprise from owing taxes if you were not to manage RMD’s properly.

    want to hear our ideas?

  • Retirement Distribution Strategies

    Taking distributions from the wrong accounts could cost you more in taxes. For example, what type of investment strategies in how to take distributions could cost you thousands (taxable, Roth, IRA, Pension, etc.). Our goal is to know the entire picture and help you make better decisions in taking distributions.

    Following the wrong sequence of accounts could cost you extra money to the tax man that you otherwise could have saved.  For instance, when should you take money from a ROTH vs. a regular IRA?  What should you do if you want to exit part of an investment held both in retirement and taxable accounts?  Where would you want to house different types of income-generating investments?  How will your choices impact taxation on Social Security benefits?

    We have worked with numerous clients in navigating through the issues of distribution in retirement.

    we can help you navigate retirement

  • Asset Preservation (Medicaid)

    Families with limited resources might have substantial health care expenses. An assets preservation trust might help to provide for these expenses, yet also leave some legacy for their children.  If not handled properly, that might mean no inheritance for your children or grandchildren.

    Based on our experience with other clients, we might have some solutions to help you navigate this challenging situation in life.

    We can help you craft a plan that satisfies both objectives.

    Schedule a listening session