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4 things Pre-retiree/Retirees should consider

Updated: Jan 17, 2022

So you've built up a mountain and now it's time to come down from it. I'm sure you have a lot of questions regarding the best way down. How can you enjoy the view the most? How can you make it last longest? Are there any slippery steps you need to watch out for?

Analogy aside, this blog post serves to be thought provoking for those close to retirement or in retirement. Here are four questions you should consider:

1.) What order should I withdrawal my funds and how much?

Today's retirees tend to have a lot of options. 401k, Roth IRA, Traditional IRA, pension, annuity, taxable accounts, etc. With taxes in consideration, what is the best formula for withdrawing these funds? Should you withdrawal tax deferred assets first? What about tax free? Should you do a Roth conversion? These questions can only be answered based on your individual situation. These are questions we like to answer for clients.

2.) When should I take Social Security?

As you may know, the longer you wait to take social security the higher your monthly check could be. Which age will be optimal in your retirement plan? Would more years being paid less be better than less years being paid more? We will find the answer for you!

3.) How should I manage my investments?

How should you allocate your investments in retirement? What percent into bonds? What percent into stocks? How much cash? When will you rebalance your portfolio? Is your portfolio diversified enough? These are all questions you must answer and we are happy to help.

4.) How will I pass my assets on?

Do you have a want to be charitable? Do you have a will? Do you have beneficiaries on your accounts? Does it make sense to create any trusts? Will your heirs pay taxes unnecessarily? Will your heirs think your plan is fair? Do you have a plan or will the state decide who gets what? These are all questions you should know the answer to and we are glad to play quarterback among a team of professionals estate planning can require.

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