Good Financial Reads: Pre-Retirement Prep

Maximizing Your Social Security: A Treatment Plan for Your Retirement Income

by Ivan Havrylyan, Outside The Box Financial Planning

When it comes to retirement planning, Social Security is a critical income stream that often serves as the foundation for many retirees' financial well-being. Much like creating a treatment plan for a patient, your Social Security strategy needs to be carefully coordinated with other elements of your financial life to achieve the best outcome.

This blog will walk you through how to maximize your benefits, including spousal options, how working affects your Social Security, and how to incorporate it all into a broader retirement income plan. With the right strategy, you can ensure your Social Security works as efficiently as possible, whether you claim early or late, and whether you continue working or transition fully into retirement.

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Use Asset Location to Pay Less in Taxes and Get More Money out of Your Investment Portfolio

by Meg Bartelt, Flow Financial Planning

What if you didn’t have to save more than you already are, if you didn’t have to change what you invested in…and you could still get more money out of your investment portfolio? Pretty nice, eh? Well, you can.

May I introduce asset location.

Asset location is an investment strategy that puts certain types of investments into certain types of accounts based on the investment’s tax characteristics and the account’ tax treatment. The goal is to create larger after-tax returns for your investments. “After-tax” is the money you can actually spend. Pre-tax numbers are simpler to understand…but not as useful.

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Deciding When to Do a Roth Conversion: Timing Factors & Tax Planning

by Craig Toberman, Toberman Becker Wealth, LLC

One of the first steps in preparing for retirement is evaluating your net worth and determining what percentage of your assets reside inside traditional pre-tax retirement accounts. Upon reviewing the types of accounts they have accumulated, we often see retirement savers with 80% or more of their net worth (excluding their home) in traditional IRAs or 401(k)s, meaning they still owe taxes on the bulk of their savings.

A major risk retirees face, especially those with substantial pre-tax savings, is the potential for tax rates to rise unexpectedly over the next 20-30 years.

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The Windfall Effect: How the Great Wealth Transfer is Changing Financial Futures

by Michael Becker, Toberman Becker Wealth, LLC

Discussions and inquiries about the “Great Wealth Transfer” have taken center stage in the financial world, with media outlets emphasizing its potential to improve the financial landscape for millions of Americans. A generational wealth transfer of this scale presents opportunities and challenges, making it a critical issue for economists, policymakers, and, most importantly, families.

As a financial advisor, my conversations with clients about retirement decisions often address a desire to preserve assets to pass along to the family.

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Following along with the blogs of financial advisors is a great way to access valuable, educational information about finance — and it doesn’t cost you a thing! Our financial planners love to share their knowledge and help everyone regardless of age or assets.