Retirement Planning
Retirement planning requires analysis of every part of your financial life because everything changes once you are no longer getting a paycheck. Once you retire, you have to start generating an income by taking money out of your retirement savings instead of putting money into your accounts. Watching accounts dwindle can cause a lot of anxiety as people don’t know how much they can withdraw, and they fear running out of money. In fact, since the decline of the pension and rise of the 401(k), one of the biggest fears in retirement is running out of money.
This is not just a fear to be overcome; it’s a fear that should be overcome by effective retirement planning. Keep in mind that if you have a large traditional 401(k) or IRA account, those withdrawals will be subject to ordinary income taxes whenever you take money out. And you will have to take money out, because the IRS mandates that annual RMDs (required minimum distributions) begin at age 73. At Connect Tax and Wealth Management, we are here to help with retirement income planning, Medicare planning and policies, tax-saving strategies, and much more.
Ask yourself these questions:
- Are my taxes considered as a fundamental part of my retirement plan?
- Do I have a plan in place to address the ordinary income taxes I will owe in retirement?
- Do I have a plan in place for RMDs (required minimum distributions) that must begin annually starting at age 73?
- Do I have income streams that, when combined with my Social Security, can cover my living expenses?
- Has my advisor considered annuities to supplement my income?
- Is there too much risk in my portfolio based on my age and risk tolerance?
- Do I feel confident that I won’t run out of money in retirement?
Our Services
At Connect Tax and Wealth Management, we seek to provide each client with a comprehensive approach that allows you to simplify your life and make one phone call to manage almost everything related to your finances. Here are just some of the services we may provide as part of your custom financial and tax plan. Be sure to reach out to us for a complimentary conversation to discuss your life and financial goals and how we might help you reach them.
