Many people think of retirement planning as saving enough money to live the lifestyle they’ve envisioned and do the things they’ve planned. But that’s only part of having a successful retirement. The financial skills and planning you need for this new phase of life are different and often more complicated — and should be implemented even before retirement begins. We can help you develop a spend-down strategy to decrease your tax costs and increase your odds of having enough money in retirement.
How We Help
We work with you to develop a customized spend-down plan that protects your wealth from excessive taxes and that comes into play when you are no longer earning income. Our goal is to help you avoid getting locked into a high tax bracket throughout retirement. This sets up the next phase of retirement, when you begin taking required minimum distributions from retirement accounts at age 70½. The detailed planning we provide can achieve significant savings for you, your family and your legacy plans – helping you maximize the wealth you share with future generations and the causes most important to you.
Our spend-down strategies include:
- Recommending strategies to minimize taxes while you’re still accumulating wealth
- Moving past the traditional tax goal of paying the least amount in a single year to losing the least amount of wealth over your lifetime
- Defining the amount of money you need to achieve your desired retirement lifestyle and implementing a plan to fund that lifestyle
- Optimizing your Social Security payout to achieve maximum benefits
- Reducing the income taxes you pay by updating estate-planning documents to reflect current tax law
- Sharing proven, field-tested strategies that our specialists have used to help others through this transitional phase
- Identifying opportunities to lower taxes through IRA conversions and distributions and rebalancing and managing your portfolio
- Putting your plan in writing so you understand how your retirement lifestyle will be funded