Chances are, your retirement looks and feels vastly different the the generation before you. As a result, your approach to retirement planning process must change. Our process begins by exploring an updated approach to retirement planning accounting for all the challenges and pitfalls unique to the rapidly changing world in which we now live.
- The old retirement paradigm vs. the new paradigm
- How to create a clear vision for retirement
- Creating a retirement road map
- Keys to transitioning to retirement
Some experts suggest tax rates may rise dramatically in order to keep Social Security and Medicare solvent. If you are like most Americans, you have saved the lion’s share of your retirement in tax-deferred accounts such as a 401k or IRA. If tax rates increase, how much of your hard-earned money will you be able to keep? Together we consider strategies you can implement that could help insulate your assets from the impact of possible tax hikes.
- Why experts say tax rates could double
- How rising taxes may affect your retirement cash flow
- The “Catch 22” of 401k’s and IRA’s
- How lost deductions may affect your taxes in retirement
There is a lot of static in the media and on the internet about how to best save for retirement. As your trusted voice for retirement we discuss three basic types of investment accounts (Taxable, Tax Deferred, Non-Taxable) and how to use them to maximize cash flow in retirement. We advise you on how to position your savings so as to minimize taxes and maximize cash flow in retirement.
- Three basic retirement accounts
- How to accumulate dollars in the right types of accounts for retirement
- What is better for you: Tax-differed or tax-advantaged accounts?
- How to define a “true” tax-advantaged investment
- How 401k’s and IRA’s can cause Social Security taxation
- Strategies to reduce or eliminate taxes in retirement
Because of its importance we integrate estate planning, making sure your assets are distributed as you wish – both now and after you are gone. We will discuss strategies and techniques to reduce or eliminate estate taxes, delays and legal challenges following your death. We will also tackle estate planning strategies addressing your wishes in an instance where you become incapacitated due to illness or injury. Finally, we will investigate the benefits of using a trust versus a Last Will & Testament when determining how to best transfer your assets.
- Planning for Incapacity
- Reducing Estate Taxes
- A Last Will & Testament vs. a Trust
- Types of Trusts
- Probate (how it works and circumstances to avoid it)
- Asset Gifting
- Transferring Property at Death
Some pre-retirees are not aware Social Security can be taxed. We will discuss the impact of Social Security taxation on your retirement. We will look at IRS thresholds for taxation and discuss strategies you can implement to receive Social Security free from tax.
- The causes of Social Security taxation
- The Social Security thresholds
- The real cost of Social Security taxation
- Strategies to eliminate Social Security taxation
- Social Security maximization strategies
The investment strategies responsible for getting you to this point in your life may not necessarily be the ones to see you safely through retirement. We analyze the current risks in your investment portfolio and strategize ways to navigate through retirement. Together we build a strategy to increase the likelihood you will not outlive your retirement assets.
- The impact of dramatic market loss in retirement
- How to mitigate two types of investment risk
- Why “asset allocation” alone may not be enough
- How to truly diversify your retirement portfolio
- How much money can you safely take out of your retirement accounts without risking running out of money?
- Does the order in which you withdraw your various assets in retirement matter?
- What happens if you experience market loss while taking distributions?
We discuss all of these retirement pitfalls and outlines strategies and solutions designed to create more certainty and predictability in your retirement plan.
- How the new rules on “Rate of Withdrawal” affect you
- How to ensure you won’t run out of money in retirement
- How to liquidate your retirement assets in the right order
- How to eliminate “sequence of returns” risk
We will cover the rules governing Medicaid’s asset spend-down in the event you should need long-term care. Additionally, we will consider the four most common strategies used to mitigate long-term care risk. Finally, we will help you assess which long-term care planning strategy is best suited for your particular situation.
- How a long-term care event may affect your retirement
- Medicaid spend-down rules
- Community spouse rules
- The 4 common alternatives to pay for long-term care
- Recent innovations in long-term care planning
We are educating people how to use economics-based strategies to help make sure every dollar is used efficiently to further your plan.
Baker Wealth Strategies
Sat: by appointment
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