Retirement marks a significant milestone—a time to reap the rewards of years of hard work. But creating financial security during retirement doesn’t happen by chance. At TandemGrowth Financial Advisors, we focus on retirement income strategies tailored to each client’s unique situation. From personalized retirement planning to minimizing tax burdens, our goal is to help you make the most of your golden years.
Personalized Retirement Planning
Retirement planning is not a one-size-fits-all process. Every individual has different goals, resources, and concerns. That’s why we prioritize creating a plan that aligns with your specific needs. Our approach begins with a deep understanding of your financial picture, including income sources, savings, and lifestyle expectations.
Statistics show that an estimated 61% of Americans over age 50 worry they won’t have enough money saved for retirement. With these concerns in mind, we work closely with clients to identify potential gaps in their retirement strategy.
Here are just some of the things we look at.
- Healthcare expenses: Estimating potential medical costs, including long-term care and insurance coverage.
- Lifestyle goals: Factoring in travel, hobbies, and other personal aspirations.
- Estate and legacy planning: Helping you decide how to pass on wealth to loved ones or charitable organizations.
- Inflation: Assessing how rising costs over time may impact your savings.
- Emergency funds: Making sure you have accessible resources for unexpected expenses.
- Retirement timeline: Planning for a retirement that could span several decades.
Retirement Income Planning
Sustaining reliable income during retirement requires a thoughtful approach. The transition from earning a paycheck to living off investments, pensions, and savings can feel intimidating, to say the least. At TandemGrowth, we focus on well-structured income strategies that balance growth and preservation.
Our process involves analyzing your investment portfolio, creating withdrawal strategies, and determining the most efficient use of your assets. For example, we may recommend drawing from taxable accounts first to allow tax-deferred investments like 401(k)s or IRAs to continue growing. Using this systematic approach, the goal is for clients to manage their cash flow while allowing long-term resources to remain invested.
Social Security Optimization
Social Security remains a significant component of retirement income for many Americans. Yet, deciding when to begin claiming benefits can significantly impact the total amount you receive over your lifetime. According to the Social Security Administration, waiting until age 70 to claim benefits can increase monthly payments by up to 77% compared to claiming at age 62.
We work with clients to evaluate the timing that aligns with their financial needs and projected life expectancy. For some, delaying benefits provides the greatest advantage, while others may benefit from claiming earlier due to health considerations or other factors. Here are some of the factors we take into consideration:
- Current income needs: Determining whether delaying Social Security benefits is financially feasible based on other income sources.
- Health and life expectancy: Considering personal health history and family longevity to estimate the potential benefit period.
- Employment status: Assessing whether continuing to work while claiming benefits might reduce payments due to income limits before reaching full retirement age.
- Spousal benefits: Evaluating how timing decisions can affect spousal or survivor benefits, especially in dual-income households.
- Tax implications: Analyzing how Social Security benefits will be taxed in conjunction with other income streams.
- Inflation protection: Reviewing how delaying benefits impacts cost-of-living adjustments over time.
Additionally, we help couples coordinate their Social Security strategies designed to maximize household income. For instance, one spouse may delay claiming to take advantage of delayed retirement credits, while the other claims earlier to cover immediate expenses.
Minimizing Tax Burdens
Taxes can significantly erode retirement savings if not managed carefully. At TandemGrowth, we integrate tax-aware strategies into every retirement plan. This includes evaluating timing for withdrawals, converting traditional IRAs to Roth IRAs, and strategically planning charitable contributions.
For example, many retirees face required minimum distributions (RMDs) starting at age 73. Clients can reduce taxable income later in retirement by converting some assets to a Roth IRA before RMDs begin. Additionally, for charitably inclined individuals, qualified charitable distributions (QCDs) offer a way to support causes they care about while lowering their tax bill.
The goal is to help you keep more of what you’ve earned while maintaining a steady income stream.
The TandemGrowth Difference
The TandemGrowth Retirement Distribution System is designed to adapt to your evolving needs, helping you balance liquidity, stability, and long-term growth. By structuring assets into three distinct buckets—Emergency Reserve Capital, a Short-Term Portfolio, and a Long-Term Portfolio—this approach seeks to provide flexibility while aligning with your financial plan. The goal is to ensure that near-term cash flow needs are met without unnecessary disruption to long-term investments, allowing your portfolio to adjust to market conditions and life changes. This system is not static; it evolves with you, helping you navigate retirement with confidence.
At TandemGrowth, we take pride in our comprehensive approach to retirement income strategies. By combining investment management, tax planning, and personalized advice, we help clients feel confident in their financial future. TandemGrowth’s retirement planning services go beyond traditional advice. We work with you to create a documented plan that provides clarity, confidence, and aligns with your dreams and your retirement goals.
Ready to take control of your retirement income? Contact us today to schedule a consultation and learn how we can help you coordinate your retirement income. With a thoughtful plan, your retirement years can be guided by financial confidence and the freedom you deserve.
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