Retirement is an important life event, and the time to start planning is now.
If you can imagine the way you want to retire, you can plan for it. Lakeman Financial is here to help you feel more confident and prepared for what’s ahead.
It is essential to have flexible investing and withdrawal strategies to help plan for your money to last throughout retirement. We’ll help you map out your sources of income, create a plan for how you’ll cover living expenses, decide when to claim Social Security and understand health care costs.
Understanding your timeline
The average life span of individuals is increasing. Your longevity needs to be considered when planning for retirement so that you don’t outlast your savings. Your current age and expected retirement age create the initial groundwork of an effective retirement strategy. The longer the time between today and retirement, the higher the level of risk that one’s portfolio can sometimes withstand.
Plan for taxes proactively
Determining your tax status at the time you will begin to withdraw funds is a crucial component of the retirement-planning process. After you retire, you may find yourself in a lower tax bracket for a limited number of years and this a wonderful time for proactive tax planning.
A well-rounded retirement plan should also include proper estate planning. Crucial parts to estate planning include life insurance, tax planning, wills and gifting. We’re here to assist you in preparing and maintaining this aspect of your overall financial plan.
“It is not the man who has too little, but the man who craves more, that is poor.”