Retirement Planning

Financial Independence PlanningIn the most straightforward sense, retirement planning is the preparation for life after paid work ends, not only financially but in all aspects of your life. Some of the non-financial aspects include lifestyle choices such as how to spend time in retirement, where to live, when to stop working, and so on. A considered approach to retirement planning investigates and puts well thought out, individualized plans in place for all of these areas.

The emphasis put on planning for retirement and financial independence changes throughout different life stages. Early in a person’s working life, retirement planning is about setting a general target and setting aside enough money to live comfortably in retirement. During the middle of an individual’s career, it might also include setting specific income or asset targets and taking the steps to achieve them. In the years leading up to financial independence, financial assets are more or less determined, and so the emphasis changes to non-financial, lifestyle aspects and the planning is directed toward efficient methods of utilizing the assets saved toward an effective exit strategy.

If you’d like to get a Second Opinion about your current financial plan, contact us using our Online Contact Form, or give us a call: (503) 291-1313.

Here are some of the important areas we can review in evaluating your situation:

  • Retirement Income Planning, Tax Strategy and Planning: We work with you and your CPA to minimize your tax liabilities in your financial independence period, especially as it pertains to when and how you will be taking monies from your various investments and/or Social Security. We will assist you in creating a specific timeline to make changes and adjustments in your working life, as you approach exiting the working world.
  • 401(k)/403(b) Allocations. These can be reviewed as to your specific plans’ requirements for taking income, what paperwork needs to be completed and whether there is any advantage to leaving the funds with your previous employer.
  • IRA’s: Do you have one, several? What’s the best order for you to take the funds from your IRA(s)? We can assist you in determining the most beneficial choices for your situation and explain the available options in a clear, concise manner.
  • Employee Benefits Analysis: Thorough analysis of the retirement benefits (if any) offered via your employer(s). Perhaps they only offer COBRA. How will your employers’ benefits work with Medicare (if or when you are eligible)? Would it be less expensive or would you receive better benefits through a private health care plan purchase?
  • Auto/Home/RV Purchase or Sale: Are you planning on downsizing? Selling one or more of your vehicles and buying something else? Traveling around the country in an RV? We explore ways to optimize the timing and impact of these purchases or sales on your other goals, for your individual situation.

If you are interested in getting a Second Opinion about your current financial plan, call us at (503) 291-1313, or use our Online Contact Form to schedule a complimentary, no obligation introductory meeting.

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