Atlanta's Financial Advisors

Retirement

Retirement

Are you nearing partial retirement or considering retiring completely? What is your income distribution plan? We can plan for a specific retirement date but our final end date is a mystery. Will your resources last as long as you?

Retirement Five Step Process:

  1. Vision: What do you want your retirement to look like?
  2. Budget: Establish a Current verses Retirement budget that realistically distinguishes wants from needs. Consider health care, long-term care, assisting family members and other expenses.
  3. Income distribution Plan: Create and implement a retirement income distribution plan that incorporates dependable income streams and establishes income producing assets.
  4. Estate, Tax and Legacy Planning: Ensure that you have a tax and estate plan in place.
  5. Retire: Set the date to step back or completely retire.

 

Considerations prior to and at retirement

  • Impact of taxes on Social Security benefits; minimizing tax burden.
    • Are you leaving money on the table by not understanding Social Security Options.
  • Rules affecting Roth IRA distributions.
  • Roth conversions and the consequent tax impact.
  • When is the best time to start claiming Social Security? What if you’re divorced or widowed?
  • Required Mandatory distributions (RMD) and reaching age 70 ½.
  • Cash Value/Whole life insurance and distribution rules.
  • Taxes on non-qualified tax deferred annuity distributions.
  • How does your income impact the premiums you pay out of pocket for Medicare?
  • Government work-sponsored pension planning – what is your best strategy?
  • Long Term Care needs

*Scarlet Oak Financial Services does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstance.

*Not associated with or endorsed by the Social Security Administration or any other government agency.

 

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