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:
- Vision: What do you want your retirement to look like?
- 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.
- Income distribution Plan: Create and implement a retirement income distribution plan that incorporates dependable income streams and establishes income producing assets.
- Estate, Tax and Legacy Planning: Ensure that you have a tax and estate plan in place.
- Retire: Set the date to step back or completely retire.
Considerations prior to and at retirement
- Impact of taxes on Social Security benefits; managing 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.