Where will your retirement money come from? If you’re like most people, qualified retirement plans, Social Security, personal savings, and investments all play a role. At Alloy Wealth Management, we’ll help you design a comprehensive plan to help grow, preserve, and protect your hard-earned assets to ensure you have an income for life.
At Alloy Wealth Management, retirement planning is one of our specialties. In retirement, you will no longer be in the workforce with a regular paycheck coming in. Instead, you will need to find ways to generate lasting income and slowly withdraw money from your retirement savings in a manner which is both tax-advantaged, and won’t cause your nest egg to empty out too soon.
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At Alloy Wealth, we work with pre-retirees and retirees to help you create a lasting income plan as well as a tax-advantaged distribution plan for your assets during retirement. At age 70-1/2, RMDs (Required Minimum Distributions) are mandated by the government, even if you don’t need the money. This surprises some people, and sometimes throws them into a higher tax bracket than they ever anticipated. RMDs have strict rules and carry steep penalties if the rules aren’t followed, and we will help you manage that by doing effective tax planning well in advance.
There are many risks when it comes to retirement. Of course, there is what’s commonly thought of as market risk or “risk tolerance.” This is individualized in terms of the amount of risk an individual is comfortable with. We think of it in terms of “what are you willing to lose?” Keep in mind that in retirement, you may not have the time horizon to wait out a market downturn.
There is also inflation risk, where the cost of goods and services keeps rising and eating away more of your retirement savings. Inflation risk needs to be addressed during the retirement planning process.
Another risk we address in your retirement plan is the potential that you might need long-term or nursing care someday, and ways we can mitigate that risk for your spouse and family members.
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Finally, when it comes to retirement planning, the question of how much money will you need to have accumulated so you can retire is sure to come up. We will help you answer that “retirement number” question by providing you with a custom retirement plan. We will help you plan for steady income, including Social Security, and help make sure it matches your projected inflation-adjusted expenses, including taxes. That is the key to a successful retirement.
Also, as part of what we do for every client, we will help you with Social Security filing strategies, based on your family’s actual benefits, ages and familial relationships, using our comprehensive software.
When it comes to retirement planning, you can count on Alloy Wealth Management.