You’ve got Questions, We’ve got Answers
Q: How can I retire and know my money will last my life expectancy?
It begins by adding up your monthly living expenses to determine your annual lifestyle income requirements. This is not perfect math but it does provide a broad frame work of what your needs are to live the life style you are accustomed too. We then review your Social Security benefits and your accumulated investments to develop a safe approach to income sustainability for your life.
Q: Is a tax advantaged retirement income more favourable than a taxable retirement income?
Many individuals save for retirement with sponsored qualified plans-401K and IRA’s- which postpone the tax calculation and savings that you thought you might have saved. The IRS is your partner with these plans and they want their money back with interest when you are ready to withdraw your funds. What that means is all withdrawals are taxable compared to accumulating savings in tax advantaged accounts which are tax free or at the minimum, marginally taxed.
Q: How can I get the most favourable return on my money with out losing it?
There are many strategies and products that have the ability to protect your assets when the economy is in a recession. These products are broadly available outside the traditional stockbroker realm and the banking channels. Keeping ahead of inflation with no risk is achievable with sound advise.
Q: When should I take my Social Security benefits?
This is a very controversial topic with no clear-cut answer that fits all. If social Security is to be your main retirement benefit like a pension plan, then consider taking it when you get your full benefit or perhaps even delay it if you are still working. If we could predict our own mortality it would be a very simple decision! Should you be healthy and longevity is in your families DNA then consider holding off for as long a possible for the benefit of an indexed pension plan.
