Retirement Planning

What are your income sources in retirement, and what should you withdraw when?

- Pensions

- Social Security

- Drawdown of retirement savings
- Part-time work
- Other (e.g. rental property)

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These income sources may start at different times, so you many need income bridges as well as a plan on which order to withdraw money from accounts

What is your optimal social security strategy?

Do you know the best age for you and your spouse to take social security? Have you considered the impact of spousal and survivors social security? Do you have a pension that will cause your social security to be reduced by WEP or GPA?

What are your retirement needs and goals?

We can help you define your goals such as: When do you wish to retire? Will you be relocating or moving house? Any expenses such as a vacation home or boat? Do you wish to leave an inheritance or help children/grandchildren? Any legacy or philanthropic goals? Do you have plans to pay off your debt?

What are your expected expenses in retirement?

Will your expenses be similar to working years? Often there is a retirement expense smile, where expenses are higher in the earlier years while your health is good and your time is filled with travel and other fun items. Expenses may then gradually slow until licking up in the final years with higher medical expenses.

Have you considered Roth Conversions?

Roth Conversions can be a very useful tax planning strategy to generate income in the years between stopping work and taking social security or RMDs and to take advantage of your lower tax bracket during this time. Any amounts converted will be tax-free within a Roth account and reduce the effect of RMDs taking you into the higher tax brackets.