Q & A
Some common retirement questions answered.
What is one of the biggest threats to my retirement?
There are a number of threats to your retirement security: market volatility; spending behavior; inflation; unexpected costs, including health care; and outliving your assets. But we believe not having a written plan that addresses your potential challenges is your number 1 threat.
Am I on track to retirement?
Our planning process is an in depth analysis of where you are now, where you want to wind up and if you’re on track to get there. It is a living, breathing document that will help you stay on track, regardless of life changes, triumphs, or challenges.
What is an RMD?
A required minimum distribution (RMD) is the minimum amount of money that must be withdrawn from a retirement account each year. You must start taking withdrawals from your IRA, SEP IRA, SIMPLE IRA, or retirement plan account when you reach age 73 (70 ½ if you reached 70 ½ before January 1, 2020). Roth IRAs do not require withdrawals until after the death of the owner.
What is a Qualified Charitable Distribution?
Qualified Charitable Distributions (QCD) provide an IRA owner the opportunity to use funds from their IRA in a tax-free manner and meet charitable goals. QCDs can be counted toward satisfying your required minimum distributions for the year, as long as certain rules are met.
When should I begin Social Security?
When and how you choose to take your Social Security benefits can have a significant impact on the total benefits you receive over time. We can help you select a claiming strategy that best fits your circumstances and overall plan.
How should I invest during retirement?
One of the most important determinants of portfolio performance is strategic asset allocation, or how you have your money divided among stocks, bonds, and cash alternatives. So, determining an appropriate asset allocation based on your long-term goals, time horizon, and risk tolerance is an extremely important aspect in the overall planning process.
How do I plan for health care costs?
The cost of medical care in retirement can be significant. It’s important to carefully evaluate your options before you retire – and plan for medical expenses in retirement. We can help you create a strategy for covering those costs.