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Retirement Income

Your Guide to Retirement Planning

Retirement planning is vital if you want to provide a secure and comfortable lifestyle for yourself and your family when you leave the workforce. It’s not enough to rely on Social Security benefits. Even setting up a 401(k) is only one step in your retirement plan. Our financial advisors are here to help you maximize your investment earnings and set you up to pursue your financial goals for a prosperous retirement. This includes selecting the retirement vehicles and funds that align with your goals and being mindful of the tax consequences of your investment decisions.

Retirement Income Planning

We understand the unique needs and challenges investors face who are retired or about to retire. It’s important to understand how you will structure your retirement income, how long your income will last, and which sources of income you should tap into first to potentially reduce taxes and increase income potential.

Through comprehensive planning, we can help you prioritize your goals and develop a strategy that seeks to conserve and grow your retirement assets. Whether you are in the accumulation phase or have already retired, a comprehensive strategy is critical to helping you:

  • Meet retirement income needs, desires and expenses
  • Maintain lifestyle choices and priorities
  • Ensure that long-term goals and aspirations are funded for travel, healthcare, estate planning, charitable giving and other goals

We can assist you with the following:

  • 401(k) distribution strategies
  • Traditional and Roth IRAs
  • SEP IRAs
  • Fixed and Variable Annuities

If you have questions about how prepared you are, or how long your income may last in retirement, we will be happy to meet with you to discuss your concerns and your objectives. There’s nothing more rewarding than the confidence that comes with knowing you are on the right path to pursuing your important financial goals. Contact Us to learn more.

No strategy assures success or protects against loss.

The Importance of Retirement Planning

Without a retirement plan, you’re leaving a lot of things up to chance when it comes to your financial future. With proper retirement planning, you’ll know exactly how much you need to contribute toward your retirement, when to apply for Social Security benefits, and how to ensure you don’t outlive your money during retirement. A retirement plan can save you money on taxes now and during retirement, too. 

The Accumulation Phase

The accumulation phase of retirement takes decades. During your working years, you’ll contribute to various retirement accounts. Depending on availability and income, you may contribute to a 401(k) or 403(b), IRA, Roth account, and private investment accounts. With every paycheck, you’ll also increase the Social Security benefits you’re eligible for.

To maximize your investments, our retirement planners can help you select the retirement vehicles and funds that are aligned with your financial goals. We can buy and sell assets on your behalf, keep your portfolio balanced, evaluate the performance of your asset, and help you pursue a prosperous financial future.

The Distribution Phase

You still need a retirement planner to help you during the distribution phase. Once you retire, you may have multiple income sources. Retirement income planning allows you to streamline your income, minimize your tax burden, and protect the other assets in your retirement account. Whether you use the bucket strategy to divide your retirement funds for the future or take advantage of annuities to provide a fixed income source, it’s important to have a distribution plan.

Florida’s Tax Incentives for Retirees

The state of Florida doesn’t levy a personal state income tax for its residents. This makes it very attractive for retirees. If you have investment accounts in another state, you may still have to pay state income taxes on that income. We can help you take advantage of Florida’s tax incentives by rolling over your retirement accounts into local investment accounts.

FAQs about Retirement Planning

Why Do I Need a Retirement Plan?

If you want to enjoy a comfortable lifestyle during retirement, you need a plan. Our retirement planners can help you set up your retirement accounts and manage those investments for you to help you pursue your financial goals. We’ll consider the effect on your income taxes now and during retirement to maximize your net income. Without a retirement plan, you won’t know if or when you can reach those goals.

Can I Live on My Social Security Income?

Most people cannot exist on Social Security benefits alone. They either continue working part-time or full-time, rely on another family member’s income source, or supplement those earnings with private retirement accounts or investment income. We can help you calculate how much you might receive in Social Security benefits to help you make the right decision, but you should expect to contribute to a retirement savings plan to finance your retirement years.

How Can I Make Sure I Don’t Run Out of Money during Retirement?

It’s important to create an income distribution plan for your retirement years. This prevents you from withdrawing more money than you can afford and allows you to make those retirement savings last. We’ll help you maximize your Social Security benefits and reduce your tax burden. Contact us today to create a retirement income plan to avoid running out of money.

<span style="font-weight: 400;" data-mce-style="font-weight: 400;">Let&#8217;s Create Your Personalized Retirement Plan</span>

Let’s Create Your Personalized Retirement Plan

You must have a retirement plan to prepare for your financial future. Your retirement plan will help you pursue your financial goals, minimize your current and future tax burden, and make your money last during your retirement. Make an appointment with our team of financial planners today to prepare for your future.