Claiming Social Security

Every retiree should develop a plan for how they will claim Social Security.  Many simply claim Social Security when they stop working.  That may make sense for you; for many others they are putting their families at risk with this strategy.  Social Security is a complex program with a wide variety of programs available.  You paid your hard-earned money into this program; you should attempt to get your money's worth back out of it!

Retirement Account Distribution

If you are close to retirement you probably have significant assets in 401k's, IRA's, and possibly taxable investments.  Do you have a plan for which accounts to use first?  There are some general rules of thumb (taxable, tax-deferred, non-taxable), but a better approach looks at your long-term retirement in light of your Social Security income, RMD's (required minimum distributions), tax situation, and other factors.

Market Volatility

If you are drawing income from your investments, you should plan ahead for the ups and downs of financial markets.  You do not need to give up the possibility of good returns out of fear.  You do not have to exchange your money for an annuity.  That is a reasonable choice for some, but it is not the only way.  Many investors don't have a plan to weather market crises and then make mistakes when those days come.

Roth Conversions

Many investors end up being forced to withdraw more than they need from IRA's because of required minimum distributions (RMD's).  Retirement to age 72 is a great time to strategically convert taxable retirement accounts to Roth accounts.  Conversions must be handled carefully, though, in order to prevent higher medicare premiums from IRMAA (Income-Related Monthly Adjustment Amount).

Legacy Planning

What will your family and community look like after you are gone? Will your spouse and children be taken care of? Will your money help those who receive it or hurt them? Great tools are available to you to be sure that your money makes an impact after your death.

Wills & Trusts

Financial advisors do not write wills or trusts, but they can help you design your will or trust so that they meet your goals. Creating a will or trust should fit within the broader context of your personal financial values and goals. If you don’t think about your legacy in a more thorough way than just numbers, you could very well be hurting the very people you intend to help.

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