You’ve worked hard your whole life and you’re ready to start thinking retirement. Now is not the time to rest on your laurels or to assume that Social Security alone will take care of your needs as you age. Smart retirees plan ahead, whether you’re ready to hang it up within months or whether you still have several more working years ahead of you.
1. Stay Ahead of Your Taxes
No one wants to be hit with a hefty tax penalty when you withdraw money from a savings account. Your dedicated financial expert will help you maximize tax efficiency and figure out how to remove the funds you need from different savings vehicles and incur the smallest tax burden.
2. Grow, Baby, Grow
Your ability to earn money does not end with retirement. With financial planning, you can strategically organize all your distributions to optimize growth, achieve income, and see returns on your investments, whether annuities, IRAs, or otherwise.
3. Evaluate What’s Going On
Retirees learn quickly that saying goodbye to the work force as they know it is not the end of a regular paycheck or an opportunity to invest and thrive. Working with a financial expert allows you to review asset allocation and evaluate your funds regularly during retirement so your assets end up in the right places for you and your goals.
4. Reduce Your Risks
Anyone who feels skittish about switching to retirement, especially where finances are concerned, would be wise to get help from experts who can recommend safer, conservative choices even before retirement officially occurs. There’s nothing wrong with playing it safe, and there’s nothing wrong with taking some chances. Your advisor will guide you and aid you in making the best decisions for your lifestyle and retirement.
5. Figure Out Benefits
Social Security and Medicare are available for retirees, but the best time to take Social Security varies for every person and their individual portfolio. Integrating these programs into your finances requires an education in how both systems work. Ultimately, the goal remains that you want to find the best way to maximize benefits available to you.
6. Plan Your Legacy
Retirees who want to reduce their portfolio risk as they age and move through retirement often explore the ideas of developing trusts or foundations through legacy planning, earmarking philanthropic funds, maximizing charitable giving, or making big moves with assets intended for future generations.
Discuss Your Retirement Plans
Retirees have a lot to consider as their careers wind down and the next stage of their lives begins. How will you live? What money will you use? What kind of savings do you have that will put you at ease? Get the help you need to support yourself and your family from now throughout retirement so you can enjoy this exciting time of your life and bask in the rewards you have earned over the years.
Contact Hollander Lone Maxbauer to discuss your financial needs with our team of select advisors and specialists.