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How and When Can I Retire?
Where will your retirement money come from? If you’re like most people, your 401K, Social Security, personal savings, and investments all play a role. But without a paycheck coming in, you’ll be spending your savings instead of putting money away. It’s a whole new way of thinking! You will need to find ways to generate lasting income and withdraw money from your retirement savings in a manner that won’t cause your nest egg to empty out too soon. Retirement planning is vital before you plan to retire!
Here’s what you must watch out for in retirement:
1) The first risk you face in retirement is living for a very long time. Today’s retirees can spend 20, 30, 40 years or even longer in retirement. Even though we all want to live a long life, longevity risk in retirement can make all your other risks compound. We will help you consider ways to generate income that won’t run out.
2) Taxes are another thing you will face. All the money you have saved in a traditional 401K or IRA account will be subject to ordinary income taxes in the year when you withdraw it. By planning in advance, you may be able to shift some of your taxable money into tax-free accounts like Roth accounts. Although you will pay taxes in the years that you do any Roth conversions, in some cases, you may save a lot more in taxes over the long-term.
3) Speaking of income taxes, you won’t be able to get away from them if you have money in taxable retirement accounts. Beginning at age 73, RMDs (Required Minimum Distributions) are mandated by the government every year, by December 31, 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 in terms of how much to withdraw and from which accounts. We can help you every step of the way.
4) It’s not just you who will owe taxes on traditional 401K money. If you pass away, your non-spousal heirs must start taking RMD withdrawals, and empty an inherited account completely within 10 years of inheritance. This can throw them into a much higher tax bracket, leaving them a much lower inheritance than you thought.
5) Other risks in retirement include inflation risk, which can dilute your purchasing power. Market risk, which can deplete your 401K if there are stock market downturns at the beginning of your retirement but you continue to have to withdraw money anyway. There is the the risk of developing a disability like Alzheimer’s and needing long-term care—such as help with the tasks of daily living like bathing, eating and dressing—which can be extremely costly.
With Rojas Retirement Solutions, there is NO FAMILY LEFT BEHIND when it comes to mitigating retirement risks! Contact us now for a free consultation. Call us at (833) 401-ROLL to discuss Retirement Planning, Or schedule a FREE MEETING now:
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As a completely independent firm, Rojas Retirement Solutions has access to literally hundreds of options from dozens of the nation’s top financial institutions. We even have limited distribution solutions that are only available from select financial advisors across America. So, contact us now to learn more about what we can do for you. NO FAMILY LEFT BEHIND!
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