Although you’ve worked hard to accumulate a lifetime of savings, building up that nest egg is only half the battle. When we retire we should shift from an asset accumulation mode to one of asset preservation. Be prepared for what might come next by asking yourself a few simple questions.
Are you aware of continuing lifetime income vehicles?
For some people it makes sense to invest in annuities and other insurance products which pay a monthly income for life. A qualified senior financial advisor can walk you through these and other income-producing investments that you might have missed.
Have you made the most of your IRA?
Lots of IRA plans have high-fee funds. By taking control of your IRA, you can have access to many, many safe investment alternatives.
Have you limited the losses on your investments?
You’ve probably heard that you should move your money away from risky stock investments as you age, and that’s definitely still true. That said, there are lots of better options than bonds, CDs, or savings accounts. Ask a senior financial advisor about better safe investments.
Do you need your annual Required Minimum Distributions (RMDs)?
If you don’t need your annual RMDs there may be ways to convert them into tax-free benefits for you and your family.
Do you know how to use your retirement account for healthcare?
Many people take their withdrawals from 401(k)s and IRAs and then after paying taxes spend what’s left on doctor visits and hospital bills. There are, however, special provisions in the law that allow for that money to be used tax free if the right planning is done.
Bill McCarthy and Associates has helped many clients through each stage of retirement for over twenty-five years. Please leave your information below for a FREE consultation to find out how we can make your money work harder for you.