July 9, 2019

15 Ugly Truths About Retirement

© Eva-Katalin / iStock.com

You’ll Have Numerous Financial Issues to Consider

“Those nearing retirement and those that have just begun retirement face the challenge of planning cash flows for their new lifestyle,” said Scott Smith, a certified financial planner with Olympia Ridge Personal Financial Advisers in Rochester Hills, Mich.

Before you tap your IRA or brokerage account, Smith suggested creating a five-year cash flow plan, which should consider the tax repercussions of distributing from your pension, annuity, Social Security, retirement savings and even available part-time income.

“Often, these choices are made without tax efficiency in mind, and the retiree ends up paying more in taxes than they really need to,” said Smith.

Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Next

Click Here to Leave a Comment Below

Leave a Reply: