We believe retirement is a reward for a life well lived. But reaching the milestone isn’t something that just happens; it takes long-term strategic planning. Together, we can work to create an investment plan designed to help you.
Whether it includes IRAs, employer-sponsored plans, or a combination of the two, we can collaborate to create a plan you feel comfortable with, understand and is tailored for your particular needs. When it’s time to begin taking distributions or planning the legacy you wish to leave loved ones, we’ll be there for those phases as well.
A well-designed financial plan grows and changes with you. It’s tailored to your objectives, needs, long-term goals, time horizon, risk tolerance and personal values. We’ll work together to target your goals while addressing key needs such as cash flow, budgeting, net worth, and the impact of income taxes.
One thing we’ll keep in mind as we work through your priorities is the four basic lifecycle phases of planning:
A saving and investing period that usually runs from your early working years until your late 40s.
A time to manage your funds and transition to more conservative investing, usually your 50s and early 60s.
The time when you begin your post-work life and live off your investment income.
A time to pass down what you’ve learned and gathered to the next generation.
One challenge many retirees face is generating enough income in retirement to meet their standard of living. Even those who’ve prepared well for retirement can be surprised at the change from a standard paycheck to receiving income from a variety of sources such as Social Security, pension, and/or other retirement plan distributions. What’s more, factors such as inflation, health care costs and market volatility can impact your retirement savings and how long it may last.
You’ll spend years saving for retirement. Don’t let that hard work go to waste. By working together now we can create a smart approach for living on your investment income during your post-work life.
Contributions to a traditional IRA may be tax deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax. A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.