Retirement Planning

A comprehensive retirement plan is about more than just money. The first thing to think about is how you will spend your time. You may want to travel, reinvigorate a long-neglected hobby, or just spoil the grandchildren. Knowing what you want to do will help us help you.

Between IRAs, 401k plans, and other retirement savings vehicles, there’s a lot being said about saving for retirement. And that’s great news, especially as pensions are becoming scarce and retirees are living longer. But for all the talk about saving for retirement, there’s another issue that is rarely discussed: spending in retirement.

The key to a comfortable retirement is to not outlive your money. You want to spend enough to be comfortable, but not so much that you run out in your later years. That requires careful planning, diligent saving and prudent investing. It’s important to have a plan that includes guidelines for spending, but also for where the money will come from. Taking money from the right accounts at the right time, in the most tax-efficient way, can make your retirement savings go a lot further.

Your financial plan will include specific recommendations about how much to spend in your retirement years, and which accounts to take the money from. Balancing withdrawals from taxable and non-taxable sources can be a critical strategy in your retirement planning.