Distribution | Investment Services
You’ve made it! You’ve spent so much time preparing for retirement, and it’s finally here! But now what? Of course, you’ll want to ensure your estate plan, including the beneficiaries on all your accounts, are kept up to date. You also have a few things to manage as you navigate your retirement.
Budgeting
Unless you have accumulated substantial wealth where money is not a concern, you face a critical task when you reach retirement: making sure that your assets will support you through your lifetime.
When you retire and no longer earn an income to pay for your bills and living expenses, developing and adhering to a financial plan, where cash flow is clearly defined, can help you balance your income and expenses. As longevity continues to rise among certain demographics, this task is more critical now than ever before. For instance, the “average” person who retires at age 60 can expect to live 25 or more years after they retire.
There are important steps that you can take to maximize your cash flow and better manage your income and expenses during retirement.
Distributions
Seventy-three is an important age milestone for those in or near retirement, as it marks the time when required minimum distributions (RMDs) begin to be withdrawn annually from Individual Retirement Accounts (IRAs) and employer-sponsored retirement plans. The milestone carries with it tax consequences that are not fixed. Rather, there are a few rules to consider that can help you optimize the impact on your bottom-line.
Healthcare
Medicare is available to virtually all U.S. citizens and legal residents 65 years of age and over who have previously worked and paid U.S. taxes or who are/were married to someone who did. And while this opens a host of healthcare coverage options, there are important considerations to help you make the best decision for your personal circumstances.
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This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal.