Don’t outlive your savings
Retirement planning has always been important. It’s especially vital now, as people are living longer and retiring earlier. Additionally, with the shift away from employer-driven defined-benefit plans like pensions and towards employee-driven retirement plans like 401ks, it’s often up to individuals to make a plan for their money and to make sure they have what they need to retire.
RIS advisors work with over 1,200 families in Ann Arbor and across the state of Michigan and across the country to help them figure out how to build nest eggs, manage portfolios for the long term through ups and downs in the market, and help generate income to last for the entire length of their retirement.
Working through the process together
At Retirement Income Solutions, our financial advisors will partner with you and your family at each stage of the retirement planning process.
Some clients come to us with decades of employment still ahead of them, and other clients are farther along in the process. Whether you’re just starting to think about what your retirement might look like or whether you’ve been saving for years, we always start with understanding your goals. Before we can help you achieve your dream retirement, we need to know what it is. When you work with us, we’ll start with questions like:
- What types of accounts do you hold and where are they held?
- How much money will you need to achieve those goals and to live comfortably?
- How will you pay for health care in retirement and how much do you need to save to cover increasing costs of medical care or prescriptions?
Once we have an understanding of the retirement you’d like, we’ll take a look at whether your current plans, portfolios, and assets are on track to get you there. We’ll build a financial picture by asking:
- Where do you keep your money, from university TIAA and Fidelity accounts to IRAs, Roth IRAs, 401ks, trusts, and taxable accounts?
- What is your current risk appetite and is that appropriate for the economic environment and your goals?
Tax coordination and continued planning
From there, our financial advisors will craft a unique retirement plan with you that covers your current and future budget, your savings strategy, your tax planning, and your retirement account options. We’ll partner with your estate lawyer, CPA, or tax advisor to make that plan a reality. And we’ll address the following questions:
- What do you need to do to maximize savings and meet your retirement goal?
- Would you be better off making maximum contributions to your retirement plan or putting that money in taxable investments or college savings plans (like 529 plans)?
- What will your income picture look like in retirement, including your Social Security payments, applicable pension distributions, annuities, dividends, and other investments?
- How would your retirement portfolio perform in different economic environments, including in high inflation or low return environments?
- Which retirement accounts are best for you? Is a Roth or Traditional IRA better suited to your goals?
As you approach and enter into retirement, our financial planning process will help you answer timely, practical questions like:
- Can you afford to retire early? Should you consider delaying retirement?
- In retirement, which accounts will you use to withdraw funds to maximize tax efficiency? What’s the best income bracket for you? What are your cash flow needs?
- What is the best age to start drawing Social Security?
- When you retire, should you roll your 401k, 403b, or 401a to an IRA?
- Should you pay off your mortgage early?
- Should you convert your Traditional IRA to a Roth IRA?
And as you enjoy your retirement, we’ll continue to manage your investments with our proactive approach.
Our experienced team knows that planning for tomorrow allows you to enjoy peace of mind today. Reach out and schedule a free initial conversation to see how RIS can help you grow and preserve your wealth to make your ideal retirement possible.