Taking Distributions

10 Brilliant Ideas for investment planning

10 Brilliant Ideas For Retirement Planning

Transitioning from full-time employment to retirement is not just a significant lifestyle change but requires a shift from saving and accumulating wealth to spending those hard-earned dollars to fund retirement. Part of the transition requires making important financial decisions, which can have a significant impact on your long-term wealth.

This article addresses 10 of the key decisions to consider, including Social Security timing, rolling your TSP into an IRA, streamlining your financial life, and taking the appropriate amount of risk.

A fee-only, trusted advisor, who looks out for your best interests and is there for you when retirement presents its challenges, can be invaluable. Sometimes an advisor’s biggest role is preventing one from making an irreversible mistake. (ClearLogic is a fee-only, fiduciary advisor.)

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The Complexities Of Tax-Planning In Retirement

The Complexities Of Tax-Planning In Retirement

Tax planning is an important part of retirement planning, and retirement can create both tax complexity and opportunity.

In retirement your income may come from several sources that receive different tax treatments. For example, you may have a 401(k), Roth IRA, brokerage account, Social Security, an annuity, and/or a pension. These sources must be coordinated to prevent mistakes that unnecessarily increase your tax bill. Further, how much income you realize can also influence how much you pay for Medicare Part B and how much of your Social Security benefits are taxable.

A tax efficient plan that keeps all of these considerations in mind can help your retirement savings last longer by reducing the amount drawn out of your savings. After all, in retirement you have to cover both your living expenses and your taxes.  (CLearLogic specializes in balancing account withdraws to minimize taxes throughout retirement.)

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