You work and save over many years to build a nest egg for retirement, and basically for one simple reason. Do you know what that is?
Well, the ultimate objective of retirement is to provide yourself a sufficient or desired income stream throughout your retirement years. Unfortunately, most people, financial advisors included, are unaware as to how to setup their retirement plan properly for providing this lifetime income.
Taking income from your nest egg the proper way comes down to many factors and considerations. Of course, each is based on your unique set of goals, objectives and desires, but here are some main provisions to consider.
What should you do with your money once you retire?
Specifically, which accounts should you tap first and why?
Did you know?
Different plans have different age rules and requirements for tapping into your nest egg.
Are you still going to work after retirement?
If so, you need to be aware of and understand the rules and provisions that will affect taxes, Social Security and RMDs.
Beware of the taxman.
Tax planning is critical in retirement. You want to setup your income plan and distributions to minimize the taxes that you pay. Remember, tax evasion is illegal, but tax avoidance using the right tools and strategies is not.
There are many more factors to consider.
To learn more about these factors and strategies as well to help ensure you have the proper income plan and distribution strategy in place, or if you have specific and personal questions, you can contact me directly at 702-462-7233 or Agoodman@AskAdamGoodman.com
Investment Advisory Services offered through Brookstone Capital Management LLC, a SEC Registered Investment Advisor. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives. This information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. Content is provided by third parties for informational purposes only and is not a solicitation to buy or sell any products mentioned. (Advisor Name) and (DBA) are not endorsed by or affiliated with the Social Security Administration or any government agency.