Whether you are planning for an eventual retirement or you are already retired, our goal is to help you navigate the retirement landscape from start to finish.
WHILE ONE IS WORKING, retirement planning is about developing tax-efficient savings strategies in efforts to accumulate adequate resources for retirement. This may include:
- Quantifying how much needs to be saved to be sure you are on track to meet your goals.
- Determining where those funds should be saved:
- In tax-deferred accounts like IRAs or company retirement plans;
- In ROTH accounts; and/or
- In non-retirement accounts.
- Evaluating whether or not you should participate in non-qualified deferred compensation plans or employee stock purchase plans.
- Determining how to allocate savings across markets and asset classes in a manner that is consistent with your risk tolerance but also in line with your long-term objectives.
- Determining how to invest the funds in a low-cost, tax-efficient, broadly diversified manner.
AS RETIREMENT BECOMES MORE IMMINENT, the focus shifts to:
- Determining if there are adequate assets and projected income sources to realize specific spending goals so that you can retire with confidence.
- Determining how to optimize how these resources are working for you.
- Specifically understanding how your cash needs will be met.
WHEN YOU RETIRE, emphasis is placed on most tax-efficiently meeting your cash flow needs over the entire life of your plan.
- Determining from which accounts withdrawals should be taken and from what investments specifically.
- Evaluating ROTH conversions to reduce your tax liability over the life of your plan.
- Developing of a strategy for how stock options should be exercised.
- Capitalizing on the tax benefits of electing net unrealized appreciation treatment (NUA) for employee stock within a company retirement plan and reducing concentrated stock positions.
- Managing income levels, both for income tax purposes and for Medicare purposes.
- Integrating charitable gifting to help ensure that both you and the charities that you support benefit from your generosity.
Transitioning from the “working phase” of your life where you are saving money to the “retired phase” of your life where you are spending money is a complicated process on many levels. There are emotional challenges of figuring out how you are going to spend your time; the routine that you have known for so long is now gone and your need to figure out a new normal. While the idea of total freedom to do what you want, when you want, sounds quiet appealing, once the novelty wears off, it can evoke a myriad of emotions.
Our overriding goal, at Core Wealth Management, is to develop, implement and manage customized, flexible plans that reflect your unique goals and concerns and provide you with confidence and peace of mind so that you can truly enjoy the retirement you worked so hard for.
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