- STEP #1
Income Planning
As you grow older, it is important to understand how your income will change over time. Although you may be working now, once you retire, the way you receive income may change drastically. Income planning services allow you to assess your financial situation and come up with a realistic idea of how your retirement income will look. There are many questions we can ask to help you plan, including:
- Will you be receiving a pension from your employer?
- Have you contributed to any retirement savings plans?
- Do you have a diversified portfolio of investments to rely on for income in the future?
- STEP #2
Investment Planning
Once you understand how your income will function in the long term, you can begin thinking about distributing your remaining assets. After deducting the income that you will be drawing from to cover month to month expenses, you may have additional income that you can use to invest in assets that will help your money to grow. Making investments without an informed strategy can be risky. That is why it is important to leverage investment planning services to help build a well-balanced portfolio.
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- STEP #3
Tax Efficient Strategies
Taxes may currently eat up a significant portion of your annual income and may continue to do so if you don’t plan to stop it. If you hope to decrease your tax spending over time, tax efficient strategies is a great place to start. By participating in tax planning strategies, you can discover areas of the tax system that you are overpaying. In doing so, you can develop a strategy to help your tax liabilities during retirement.
- STEP #4
Health Care Planning
Many retirees experience a significant rise in health care costs as they grow older. Planning ways to manage these expenses is important to help ensure a financially comfortable retirement. Healthcare planning strategies can help you understand how to deal with common issues, such as losing your job-based health plan once you retire. Taking the time to help prepare strategies before you retire may allow you to enter retirement with confidence that your health care needs are designed to be taken care of.
Legacy Strategies
- STEP #5
Legacy strategies are important plans for how your assets will be distributed after your passing. These strategies are to help ensure that your beneficiaries are properly taken care of. While this is important, legacy planning strategies go beyond just choosing to help you identify who will receive your assets. The legacy planning process also allows you to determine ways to transfer your assets to your loved ones with the lowest tax cost.
To learn more about how you can get started with these essential financial services before you retire, contact the financial professionals at Grutz Financial.
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