Retirement Planning

Planning for retirement is not negotiable for anyone. You probably already have a retirement account at work, and you can count on receiving some Social Security income. But do you know if that’s enough to finance your retirement? We can help you analyze your retirement accounts and ensure you’ll reach your retirement savings goal.

Our financial advisors also understand that retirement planning happens more than once during your lifetime. If you primarily invest through a 401(k) or 403(b), you have some decisions to make when you switch jobs. Is it a good idea to rollover your retirement account?

Retirement Plan Rollovers

When you switch jobs, you have to decide what to do with your retirement account. Often, people don’t think about their 401(k) when they accept a job offer at a different company. And while it’s possible to leave your retirement account with your previous employer, it’s not the best solution.

To manage your retirement accounts and ensure you actually monitor them, it’s best to use the rollover period. There’s a 60-day window you don’t want to miss. Otherwise, you may face tax penalties. We can help you navigate this process to ensure your retirement portfolio stays intact and continues to work hard for you.

We don’t recommend cashing out your 401(k), because you will have to pay penalties and income taxes on those savings. You’ll also have to start your retirement investing from scratch, and that takes time.

You will probably switch jobs several times during your career. Working for a new employer is actually the easiest way to increase your salary. Each time you do, make sure you follow the rollover rules and protect your retirement savings.

Planning Your Retirement Income Distributions

When you finally reach retirement, you still have to make plans. Instead of a regular paycheck, you have built a sizable nest egg. How do you turn your retirement savings into an income source you can use to pay for expenses? Our retirement planners can help.

It’s possible to receive something like a paycheck during retirement. You can use annuities to turn your non-liquid assets into a fixed income stream. This helps you budget for expenses and protects your retirement investments for future use at the same time.

When you’re ready to retire, we’ll sit down together and talk about your retirement income distributions. Our strategy for taking disbursements considers your tax bracket, your lifestyle, and the size of your nest egg.

Frequently Asked Questions

Should I Rollover My Employer-Sponsored Retirement Account?

Almost always, the answer to this question is yes. If you’ve missed the rollover deadline, you may have to leave the retirement account where it is. But otherwise, it’s better to use the rollover rules to keep your 401(k) or 403(b) in one place. It’s important to manage your retirement accounts. The more you have, the more time-consuming and expensive it will be to monitor all of them.

Can I Receive a Fixed Income during Retirement?

When you retire, you’ll probably miss your regular paycheck more than your coworkers or the work you did. But you don’t have to live in uncertainty during retirement. In fact, experts recommend against making random withdrawals from your retirement account whenever you need money. Instead, you can use products like an annuity to help you create a fixed income stream during your retirement years. This helps you budget for your expenses and grow your other investments.

How Can a Retirement Planner Help?

Our retirement planners can help you with all the stages of retirement planning. This includes setting up your retirement accounts, reviewing your portfolios, balancing your portfolio to match your timelines and risk tolerance, retirement rollovers, and planning your income during retirement. Retirement planning is a fluid process. You’ll have to revisit your investment goals over the years and as things change. We’re here to help you every step of the way.

What Does Your Retirement Look Like?

When life gets busy, it’s difficult to think about the future. But retirement planning isn’t something you can put off. Fortunately, it can be a straightforward process if you work with a financial advisors. I can also help you with life’s transitions, from one job to the next or to living in retirement. Contact me today to schedule an appointment.

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