Retirement Transition Tax Plan
Congratulations on reaching the point in your life where you can start focusing on enjoying life rather than just earning a living! There is often a lot of uncertainty with making this transition and you may be asking yourself questions like--
1.
Do I have enough in my 401k and other accounts to retire?
2. How should my accounts be invested so they can continue to grow even though I will be tapping into them for regular income?
3. At what age should I start drawing Social Security? How will that be taxed?
4. How should I manage health insurance and rising health costs when I am retired?
5. I’ve heard about Roth Conversions—how does that work? Is it something I should be doing?
6. I have enough that I’d like to help out my kids/grandkids with funds for college, first homes and missions. Can I deduct this on my taxes? Will they have to claim it as income?
7. How much can I draw from my investments without losing most of it to taxes?
8. My parents are getting older and requiring help from me—can I claim them on my taxes? How will inheritance work when the time comes?
9. After I pay the taxes, can I afford to live how I want to during retirement?
10. Since I’ve never done this before (most people only retire once!), is there someone to help so I don’t make costly mistakes and end up having to go back to work?
The answers to #1-9 above are “It Depends” and the answer to #10 is a resounding YES—WE CAN HELP!
2. How should my accounts be invested so they can continue to grow even though I will be tapping into them for regular income?
3. At what age should I start drawing Social Security? How will that be taxed?
4. How should I manage health insurance and rising health costs when I am retired?
5. I’ve heard about Roth Conversions—how does that work? Is it something I should be doing?
6. I have enough that I’d like to help out my kids/grandkids with funds for college, first homes and missions. Can I deduct this on my taxes? Will they have to claim it as income?
7. How much can I draw from my investments without losing most of it to taxes?
8. My parents are getting older and requiring help from me—can I claim them on my taxes? How will inheritance work when the time comes?
9. After I pay the taxes, can I afford to live how I want to during retirement?
10. Since I’ve never done this before (most people only retire once!), is there someone to help so I don’t make costly mistakes and end up having to go back to work?
The answers to #1-9 above are “It Depends” and the answer to #10 is a resounding YES—WE CAN HELP!
Unlocking a successful Retirement Transition Tax Plan involves three essential collaborators: You, a trusted financial advisor, and an experienced tax advisor.
You – Tailored for Your Priorities:
You – Tailored for Your Priorities:
- Define your priorities for retirement. How do you envision spending your time and resources? Our approach is anything but one-size-fits-all – your personalized tax plan is meticulously crafted based on your unique goals and aspirations.
- Rely on the expertise of your financial advisor to determine the amount needed for a comfortable retirement and balance the risk and reward of your investments. We seamlessly collaborate with your financial advisor, enhancing the tax efficiency of your retirement funding. Whether it's realizing your dream vacation, acquiring a new car, or leaving a substantial legacy, optimal results emerge when we work together in harmony.
- Distinguish the role of a trusted tax advisor from a mere tax preparer. Collaborating on a comprehensive tax plan provides you with peace of mind, knowing that every effort is made to preserve and efficiently utilize the wealth you've diligently accumulated. Our clients retain more of their hard-earned money, spending their retirement focusing on how they want to enjoy their time rather than stressing about financial decisions.