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Many people view their retirement as a finish line or goal to be reached. In reality, however, retirement is just a milemarker, both in your life and in your financial journey. This makes it essential for your retirement plan to extend beyond your last day of work, and provide you with financial guidance regarding when and how to effectively utilize your savings and other sources of retirement income.
That’s why Summit Capital Financial Group provides strategies that extend beyond a savings goal. Once you’ve completed that last day of work, we help you shift your financial focus from accumulating wealth to utilizing your savings effectively. This transition can be a difficult one to make, but our financial advisors are here to simplify the process and ensure your transition into retirement is a smooth one.
Many retirees worry about their finances. Will you outlive your savings? Will you have steady, reliable income every month? Will an unexpected expense derail your financial plan? Will the rising cost of living impact your financial security? All of these questions and more are common ones to worry about as you approach and enter your retirement years.
However, an effective retirement income plan can put those fears to rest. Summit Capital Financial Group can help you find peace of mind in your retirement through our simple step-by-step retirement income strategies:
Proper planning for retirement income needs can help ensure that your savings will support you throughout the rest of your life, minimize your tax liability during retirement, and give you peace of mind in your own financial security.
Saving for retirement is something most people are familiar with; planning for retirement income, however, is another matter. Here are some common questions we get on this topic. If you have other questions, please reach out to Summit Capital Financial Group.
Many people think the best strategy is to begin taking Social Security payments as soon as they become eligible. However, this is not always the case. Depending on your financial situation, it may be more beneficial to delay SS benefits for several years. This can increase your monthly payments and even reduce how much of your SSI is taxable income. The best way to determine the right time to take your SS payments is to contact our retirement planning experts.
Ensuring you have the money you need to cover your monthly expenses can be difficult during retirement. The best route is to identify reliable sources of income like Social Security, required IRA distributions, and others; these steady income sources should be used to cover all of your essential expenses, like food, healthcare, housing, and taxes. This leaves you with freedom to use your discretionary income sources (like your investment portfolio) for emergency expenses, as well as life-enhancing costs, like travel and entertainment.
Planning for retirement income can help you to reduce the taxes you pay throughout your retirement years. Different income sources have different laws regarding their taxability. With proper planning, you can balance your withdrawals from taxable and non-taxable accounts to minimize your taxes year after year. This is best done with the guidance of our retirement income planners.
If you’re not completely confident in your ability to meet your income needs during your retirement years, contact Summit Capital Financial Group today to schedule a consultation. We’ll meet with you to discuss your retirement goals, financial needs, and income sources. Then, we’ll help you find a retirement income strategy that can give you peace of mind in your financial security during retirement. Call now to schedule an appointment!
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