While you deserve to live the retirement you want, it’s vitally important to account for every expense that could potentially deplete your retirement savings. We will work with you to develop an income plan that will compare your projected retirement income to your projected retirement expenses. By creating a comprehensive income plan, you are creating confidence in the retirement and financial freedom you’ve worked so hard to achieve.
To estimate what your retirement expenses will be, we will start by calculating your current monthly expenses. This should include all household, daily living, entertainment, transportation, health, debts, and charity expenses. After your retirement expenses are calculated, the next step to planning your retirement is to organize your retirement assets and determine the income you will need to cover your expenses.
Why? Because strategically liquidating assets according to tax status can ensure you are putting the most money directly in your pocket. For example, liquidating or restructuring assets with reportable and taxable interest, such as CDs or certain brokerage accounts, can reduce the taxes you will pay on your Social Security benefits.