Retirement Income Planning

Retirement Planning Today

Today’s work force faces retirement factors unlike those of earlier generations.  For example, someone who retires at age 65 today can expect to live longer than 20 years in retirement. You should expect more out of your long-term retirement plan, and we are prepared to help exceed your ever-increasing demands.


Lifetime Income Needs

You may be counting on Social Security, individual or employer-sponsored retirement plans, or individual savings or investments to fund retirement.  We will help you draw from these sources in the most tax-efficient manner. We will ensure your comprehensive plan provides sustainable income to fund the retirement you expect and deserve.


Long-term Care Needs

Your longer life expectancy might lead to more health issues as you age.  While the federal government provides Medicare, it may not be sufficient coverage, especially in cases of chronic illness.  We will help you plan for long-term care in the events of serious disability or chronic illness.


Estate Protection

Your retirement income usually requires savings that outlive you. Therefore, you should plan to transfer your assets to trusted recipients. Planning for an estate transfer can be as simple as drafting a will in accordance with your wishes. Larger estates may incur settlement costs and sizable taxes, which could force liquidation if improperly planned. No matter the size of your estate, we will develop a plan to transfer it in accordance with your preferences.


Social Security

Since the establishment of Social Security in 1935, retirement age has increased from 65 to 67. Given its subjectivity to change, it should be considered a secondary source of income to your personal or employer-sponsored retirement savings. Your comprehensive financial plan will provide flexibility and income beyond Social Security but will also take into account the benefits it may provide you.


Employer-Sponsored Retirement Plans

Your employer-sponsored plan will play a role in your comprehensive plan.  Depending on your employer’s size and structure, you may contribute to a 401(k) plan, a SEP-IRA, or a 403(b) plan. Your comprehensive financial plan will take these into account—we can even manage certain employer-sponsored plans for you.


Traditional and Roth Individual Retirement Arrangements

Individual Retirement Arrangements (IRA) are tax-advantaged retirement plans that allow you to save in addition to your employer-sponsored plan. A traditional IRA allows for contributions to be made on a tax-deductible basis and to accumulate without current taxation of earnings inside the account.  Distributions from a traditional IRA are therefore taxable.  A Roth IRA differs in that the contributions are taxable; however, the growth of the account and distributions are not. Deciding on the IRA that suits you depends on your age, income, and a variety of other personal factors.  We will guide you through this decision process and implement the best fit into your comprehensive financial plan.

Contact us today to discuss your retirement expectations and income needs.

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