Retirement

Below is a checklist that we will review with you during the pre-retirement process, to make sure you have all bases covered for a successful transition into retirement. We advise to begin  establishing three years' worth (approximately 15%) of future retirement income prior to your anticipated retirement date. 

Your rollover process will begin by requesting a 401(k) rollover from your company retirement plan. We will assist you with any needed information to make this a quick and seamless process. Depending on the provider, this should only take a few business days to receive your distribution. 

We will open up an IRA (Individual Retirement Account) for the receipt of the pre-tax portion of your 401(k). If you have after-tax savings in your existing plan, we will also open a Roth IRA.

The great thing about IRA accounts, is that you have unlimited investment options. We will tailor an initial retirement portfolio based on your needs and monitor, for future needed adjustments throughout your retirement years.

Based on your amount of retirement savings, and your retirement income needs, we will establish an income stream based on your needs. A general rule of thumb is approximately 5% in distributions annually. This can be done with monthly ACH direct deposit to your personal banking account, or taken based on life needs at any point.

We advise having an ongoing relationship with a trusted personal tax-adviser. Although taxes can be fairly straightforward once you get setup on a steady retirement income stream, taxable life events could alter things at any time.

Your healthcare plan is one of the most crucial elements for a comfortable, and sustainable retirement. It is important to review your options very early on in your pre-retirement process.

You can visit www.ssa.gov to manage your social security benefits. We will assist in helping you choose the best time to begin this income stream based on your retirement needs. 

Just like having a trusted tax-adviser, it is important ot have a relationship with an estate planning attorney as well. They, along with our help, can assist in advising for any estate planning you might need, such as a Will. We will also review insurance policies, powers of attorney, and beneficiaries to make sure your future wishes are met.