You spend your whole career saving, investing, and paying taxes. But, what they Don’t tell you is that the better you are at saving and investing with your tax-deferred accounts, the more you will have to pay in retirement. Not only will you be forced to pay taxes on your IRAs with Required Minimum Distributions, your increased income from these distributions can trigger “penalty taxes” through increased Medicare Premiums and lower after-tax social security benefits. With LifeSpend Planner, we work with you to create strategies to minimize these taxes and maximize your after-tax income for life.
Our Approach
Current LifeSpend Plan
We ask questions and input them into the Maxifi financial software to take a look at where you are currently with your income and tax situation. This takes about an hour to get an initial snapshot of the tax and income implications of your current strategies.
Analyze and Implement Strategies for LifeSpend Plan
We then use the software to help you create strategies for when to start Social Security (if you haven’t done so already) and how much of your IRAs you may want to convert to Roth IRAs each year. Based on the plan assumptions, this will give you a detailed roadmap as to how to minimize your taxes and maximize your disposable income for life. As the ability to earn income from new sources is more limited in retirement, we also look at your current asset allocation and make sure you have enough guaranteed income for your specified Peace of Mind.
LifeSpend Plan Follow up
Your needs may change over time or you may want to make a large one-time expenditure such as a new car or travel adventure. Also, external forces such as new family responsibilities, emergencies, or shifts in the economy could impact your planning. We are here every step of the way with updates to maintain your peace of mind regarding your LifeSpend plan. You can setup your reviews as frequently as you would like.