Enjoy smooth sailing in retirement with proper income planning.
A common question we are often faced with is whether the current value of our client’s retirement savings is sufficient to maintain a comfortable lifestyle once retired. We’ll walk you through the steps in understanding how to accumulate your funds, how to efficiently distribute your funds, and the preservation/transfer of your retirement funds. We understand that retirement is a daunting task for many retirees because there is much to learn, and for most, the information is new and so we educate and tailor a plan specifically for you.
Planning for your retirement may require a shift in mindset, and a solid understanding of the difference between retirement savings and retirement income. Prior to retirement, your financial life was dictated by your paycheck. Once you retire, however, you can no longer rely on a paycheck, which means you will be left to find other sources of income. You’ve worked hard to save for retirement, and now the time has come to find methods of creating income from what you’ve saved. Although this can represent a challenge for many, it also represents a great opportunity to help grow your savings beyond what you’ve saved — this is by organizing a plan of action that is specific to you and your financial situation.
We will work with you to help you uncover the various opportunities and concerns of eachphase. Additionally, we will walk you through the process of:
- Determining how much retirement income you will need
- Determining how much retirement income you will receive from fixed sources (ie.Pension, Social Security, etc.)
- Calculating how much additional income you may need
- Estimating how long your current income plan may last
- Evaluating your additional income sources (ie. 401(k), IRA, etc.)
Because taxes play a major role in any financial planning process, our firm will utilize tax advantaged vehicles and strategies to accommodate your retirement income goals in areas such as traditional IRAs, Roth IRAs, 401(k)s, and IRA rollovers.
Keep in mind, while the numerous options for your retirement savings may seem overwhelming, we at Retirement Systems are here to help you make sense of it all.
Ensure your legacy lives on and serves a purpose.
Proper legacy planning is one key element of any successful retirement plan, helping ensure that your legacy carries on to assist your loved ones and that your final wishes are respected. We can help you plan your legacy in a variety of ways based on your unique desires and whether it’smost important to you to preserve assets for future use, or transfer your wealth to beneficiaries.
It is important to carefully plan for the transfer of your assets to allow the wealth you’ve worked hard for to serve a meaningful purpose. From starting the conversation with you, to guiding you through the actual transfer of assets, we at Retirement Systems are here to educate you on the process and guide you through every step.
Creating a strategy for your legacy is more than simply managing estate taxes. There are anumber of methods and tools that may be put to use to protect your wealth and ensure it is transferred according to your wishes. It’s important to understand helpful instruments to use during the legacy planning process, including:
- Wills
- Revocable living trusts
- Powers of attorney
- Advanced medical documents
In addition, both term and cash value life insurance policies may be options to consider. These policies can be designed to serve different helpful functions.
Overall, legacy planning and preservation of your wealth and assets require a coordinated effort. Our firm is uniquely positioned to provide protection and peace of mind to yourself, your loved ones and any of the channels in which you wish to eventually distribute your wealth and assets you’ve worked hard over time to accumulate.