Retirement Planning

Everyone has seen an online retirement calculator or read an article on how much you need to start saving when you turn 22 years old to retire on time. The major problem with these projections is they assume you live your life in a straight line. That you will save the exact same amount every year and nothing will change in the next 10, 20 or 30 years. We know that real life is much “messier” than a straight line. That is why we build plans to withstand the unknown.

Every retirement plan we create is custom to each client and their unique goals and needs. We know life changes, so we build each plan with the knowledge that things are guaranteed to be different in the future. The plan will constantly be adjusted and fine-tuned each year.

Retirement planning encompasses a very long time period which includes the crucial decisions leading up to your retirement date, as well as, 20 or 30 years of living in retirement. Today, more than ever, planning for retirement is a necessity. The combination of Social Security and company retirement benefits are often insufficient to provide the necessary income to enjoy a comfortable retirement.

Retirement planning is more than just setting up your investments to generate a defined amount of income; it requires a comprehensive strategy that encompasses various aspects such as portfolio management, tax management, and estate planning.

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Portfolio Management

A well-diversified investment portfolio is essential to protect and grow your wealth over time, even in retirement. It requires a careful balance of generating income and growing your assets to protect against inflation and future uncertainty. By allocating your assets across different investment classes, such as stocks, bonds, and real estate, you can mitigate risk and increase the potential for long-term returns. Our expertly managed portfolios can help you navigate the complexities of the financial markets and adjust your investments as needed to align with your retirement goals.

Tax Management

Taxes can significantly impact your retirement savings and income. With a comprehensive retirement plan, you can strategically manage your tax liabilities. By utilizing tax-efficient investment vehicles, such as Individual Retirement Accounts (IRAs) or 401(k)s, you can potentially reduce your tax burden both during your working years and in retirement. Additionally, planning for tax-efficient withdrawal strategies during retirement can optimize your income and help you avoid unnecessary tax consequences. RMDs (required minimum distributions) can become very large as you age and generate significant tax liabilities. Strategies like QCD (Qualified Charitable Distribution), Donor-Advised Funds and Roth Conversions can help manage taxes generated from RMDs.

Estate Planning

Estate planning is often overlooked but is a critical component of retirement planning. It involves creating a plan for the transfer of your assets and wealth to your loved ones or chosen beneficiaries. By establishing a well-thought-out estate plan, you can minimize estate taxes, ensure your assets are distributed according to your wishes, and provide for your family’s financial security even after you’re gone. This includes creating wills, trusts, and designating beneficiaries for retirement accounts and life insurance policies.

By integrating portfolio management, tax management, and estate planning into your retirement strategy, you can create a robust and comprehensive plan that addresses your long-term financial goals. Neglecting any of these aspects may result in missed opportunities, increased tax burdens, or difficulties in passing on your wealth to future generations.

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Schedule an introduction meeting today and find out how we can help you navigate through wealth management, retirement planning, estate planning, and tax planning.

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