Retirement Planning

Retirement planning is the process of determining retirement income goals and the actions and decisions necessary to achieve those goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program and managing assets. Future cash flows are estimated to determine if the retirement income goal will be achieved.

Different Aspects of Retirement Planning

Retirement planning includes a lot more than simply how much you will save and how much you need. It takes into account your complete financial picture.

Your Home: For most Americans, their home is the single biggest asset they own. How does that fit into your retirement plan?

Estate Plan: Your estate plan addresses what happens to your assets after you die. It should include a will that lays out your plans, but even before that, you should set up a trust or use some other strategy to keep as much of it as possible shielded from estate taxes.

Tax Efficiency: Once you reach retirement age and begin taking distributions, taxes become a big problem. Most of your retirement accounts are taxed as ordinary income tax. That means you could pay as much as 39.6% in taxes on any money you take from your traditional 401(k) or IRA.

Insurance: A key component to retirement planning is protecting your assets. Age comes with increased medical expenses, and you will have to navigate the often-complicated Medicare system. Many people feel that standard Medicare doesn’t provide adequate coverage, so they look to a Medicare Advantage or Medigap policy to supplement it. There’s also life insurance and long-term-care insurance to consider.

Need Help With Retirement Planning?

This is our job. We love helping people. Before you do anything else, schedule FREE case evaluation Today! We can help you understand your best options available to you now and in the future. Get Started Now