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Retirement Planning

Your Quick Guide to Retirement Planning

Your retirement plan is your roadmap to a prosperous future. By planning and investing your money now, you can provide a secure income for yourself after you leave the workforce. While Social Security benefits may be available to you, they probably won’t cover all your living expenses. That’s why it’s important to invest your money in these types of accounts:

  • Employer-sponsored 401(k) or 403(b)
  • Individual retirement account, or IRA
  • Roth account
  • Private investment portfolio

Our financial advisors can help you manage your investments and ensure you’re on the path to financial success. The first step is to create a retirement plan that fits your goals and timelines and considers your risk tolerance.

Create a Retirement Plan

Create a Retirement Plan

When we create your retirement plan, we start with your goals. How do you envision retirement? Do you want to travel the world, switch between your winter or summer home, or live quietly at home? Maybe you want to retire early, even if it means living on less. 

Once we know what your goals are, we go through your current income and expenses. We’ll look at your existing retirement accounts, too, before making any recommendations. Then we’ll tailor your retirement plan to fit your current and future lifestyle. We’ll also think about the tax implications of your retirement distribution to maximize your net income now and during retirement.

Manage Your Retirement Distributions

Manage Your Retirement Distributions

Retirement planning doesn’t end with your last day at work. Even after you build your retirement savings, you have to manage the distributions. It’s not a good idea to make random withdrawals from your retirement account. Instead, you want to be strategic. There are different ways to manage your retirement distributions to provide a regular income while allowing the remaining assets to grow.

For example, the bucket strategy separates your retirement investments into different buckets based on the timeline for distributions. Another option is to use annuities to receive a fixed income every month, just like a regular paycheck. We can help you find the best retirement income distribution strategy.

How Our Retirement Planners Can Help

How Our Retirement Planners Can Help

Creating a retirement plan that provides an income for you when you’re no longer working isn’t something you want to do yourself. With your financial future, you want informed guidance. It’s not enough to put money into a retirement account and hope it will provide for you. For the best results, it’s important to manage your investments to make sure they’re on track to meet your goals.

Retirement planning is also not complete without thinking about taxes. You can save money by investing for retirement if you plan accordingly. You can also choose to use Roth retirement accounts to receive tax-free distributions during retirement. Our retirement planners can help you devise the tax strategy that offers the biggest financial benefit.

FAQs about Retirement Planning

How Do I Get Income during Retirement?

You can apply for Social Security as early as age 62, but you can maximize the payouts if you wait until age 70. The rest of your retirement income will come from employer-sponsored retirement plans, individual retirement accounts, private investments, and savings. When you retire, you want to create a distribution plan to maximize your take-home earnings while minimizing your taxable income.

How Much Money Should I Save for Retirement?

There’s no one-size-fits-all answer to this question. How much you need to retire depends on the cost of living in your area, the lifestyle you envision during retirement, and what your other expenses are. Our financial advisors can help you create a retirement plan that puts you on track to reach your goals and objectives.

Is It Too Late to Start Saving for Retirement?

No. While it might have been better to start earlier, it’s never too late to start saving. Even if you’re only a few years away from retirement, we can help you make the best of the time you have left. Once you retire, we can also assist you with planning your retirement distributions.

Talk to Our Retirement Planners

Retirement planning is one of the most important things you’ll do for your financial future. Don’t leave it to chance. Reach out to Upstream Investment Partners and schedule an appointment.

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