Your retirement income needs should be estimated based on your needs, not a general rule of thumb, helping your financial projections to be as accurate as possible. Welcome Home Financial Partners strives to create custom financial income strategies with your goals and objectives in mind.
Crucial retirement income strategy questions include when to begin taking Social Security, how to take your retirement benefits (in an annuity or a lump sum), how much to withdraw from your personal assets, and whether or not to work part-time during retirement.
Social Security was never intended to be your only source of income when you retire. Generally speaking, Social Security replaces about 40% of your current income; if you earned the maximum, the replacement factor is about 26%. Proper planning can allow you to optimize your resources and potentially reduce risks to take full advantage of your Social Security income.
Most people understand the benefits of planning for the future, such as college education and retirement, but what if you unexpectedly passed or became disabled? Would your family be able to maintain the lifestyle you wish for them?
Risk management strategies can help answer some of these unpleasant “what-if” questions in life.
A checkup is designed to catch problems before they occur and measure progress toward your established goals. During this process, we can help you make any necessary adjustments in response to this ever-changing world. Some of the topics we cover include:
Employees changing employers or being terminated have options in dispersing their qualified retirement plans. You don’t have to just leave it with your previous company. However, care must be taken in making the correct decisions, especially if you are under the age of 59 ½, to help avoid any additional tax penalties.
How do you want your assets to be passed on to your family, a charity, or other persons? Do you have a plan, a will, or instructions? If not, state laws will dictate it. Our approach, utilizing your attorney and other legal and tax advisors, is to start the dialogue in resolving this important decision.