Retirement Planning

IT'S INCOME PLANNING

Taking Money Out Instead of Saving It

Retirement planning deals with the phase of your life where you stop working, and start to live on withdrawals you make from the savings you have stockpiled. The rules are completely different in retirement; helping to protect your nest egg becomes paramount, because you don’t have the time horizon to wait for the stock market to come back after a drop. You have to consider risks like the financial resources required for living a long life, possibly becoming incapacitated at some point, or a spouse dying resulting in a loss of income when only one Social Security check is coming in.

There are two distinct phases of your financial life, the accumulation phase, where you are saving up a nest egg for retirement, and the distribution phase, where you are spending the money you’ve saved to live on. The distribution phase is what we focus on, helping you design an income plan that won’t run out no matter how long you live. Retirement by definition is basically leaving work and living without a paycheck. There are specific strategies that can be used to help you overcome challenges and take advantage of the life opportunities that retirement presents.

Retirement by definition is basically leaving work and living without a paycheck. There are specific strategies that can be used to help you overcome challenges and take advantage of the life opportunities that retirement presents.

RETIREMENT INCOME PLANNING

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The 4% Rule no longer applies in terms of retirement income planning, especially when considering longevity. It is estimated that 33-36% of an average household’s income comes from Social Security, and there are dozens of ways you can file if you are currently married, widowed, or have been married in the past for 10 years or longer. At SF Financial Services, we have specific ways to calculate your Social Security benefits based on your unique parameters so that we can help you optimize your filing strategy and help you receive the highest benefit amount.

Tax planning is critical in terms of timing when and how you take money out of tax-deferred accounts like traditional IRAs and 401(k)s. And tax planning correlates heavily to retirement income, because higher income taxes paid out mean less money left to live on.

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Schedule a complimentary consultation to discuss your personal situation by calling (719) 597-2179 or sending us a quick email through our contact page. We can meet in person in Colorado Springs or virtually from anywhere at your convenience.

LET'S CONNECT

Schedule a complimentary consultation to discuss your personal situation by calling (719) 597-2179 or sending us a quick email through our contact page. We can meet in person in Colorado Springs or virtually from anywhere at your convenience.

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