Comprehensive Retirement Strategies

An overall retirement strategy that maximizes the value of your savings will incorporate many different types of investment and retirement income and take full advantage of government-mandated tax protections. Retirement Prosperity Group specializes in knowing how to put together a complete package that addresses your needs while minimizing your tax liabilities in retirement and maximizing the reach of your nest egg. While most retirees will take advantage of social security benefits, one of the most valuable components of your retirement portfolio, for those able to make contributions over many years, is the individual retirement account (IRA).

IRAs – for the long haul 

If you truly want to gain the most control over your retirement income, the IRA is one of the best tools. Whether it is a traditional IRA, which is taxed upon withdrawal, or the Roth IRA, which is taxed on the contribution and not on the withdrawal, these provide a lot of flexibility in how they may be used to fit your unique situation. IRAs give you control over your investments and allow you to easily make changes in your investment portfolio over time. Furthermore, by planning ahead, you can ensure your distributions are subject to a minimum of tax. Retirement Prosperity Group specializes in planning for the tax-free required minimum distribution (RMD).

Roth IRAs – The Good & Bad 

The Roth IRA option is often better than the traditional IRA because it taxes your income up front rather than at the time of disbursement, potentially saving a great deal of money over time. But there are important considerations that make the decision to use the Roth option not always clear. If rolling over a work plan savings to an IRA, for example, the tax liability can be large at the time of rollover. Retirement Prosperity Group’s team can help you examine your options and help you decide how to use IRAs to your best advantage in retirement. The President of Retirement Prosperity Group is an Elite IRA Advisor and her Case Deign Team is headed by a Retirement Income Certified Professional®.

Social Security – How to

The majority of Americans who receive social security benefits do not receive anything close to their maximum benefit, often because they elect to file for benefits at the earliest age allowable. Furthermore, many Americans pay a substantial portion of their social security benefits in taxes because they are unaware of strategies for minimizing their tax liability.

Since Social Security is a paycheck that we get every day until our last day on earth, the decisions surrounding when and how to take it should be made once all information and options are clear to you.

At Retirement Prosperity Group we believe that well informed clients make educated decisions. For some couples the difference between filing immediately and filing at the optimum time could mean more than $200,000 in income they will forego if they do not maximize on the options available to them. Another important aspect of Social Security is how to avoid being taxed on up to 85% of your benefit. Over a 20 year period some couples could lose in the region of $212,000 to taxation.

Knowing your options on filing age and other possible benefits you may receive from social security can substantially increase your retirement stream. Developing an overall Retirement Prosperity Roadmap can greatly reduce your tax liability in retirement, help you make wiser decisions about your retirement both before and during retirement, and substantially increase your effective retirement assets without the need for additional years of savings.

About Lisa Barram

Lisa is an Elite IRA Advisor and an experienced professional focused and experienced in retirement income planning, providing clients with the peace of mind to retire with confidence. Mainly focusing on complete retirement strategies, including social security maximization, paychecks for life, and affordable alternatives to expensive traditional long-term care insurance.

Leave a Reply

Get the FACTS - Come to our events Book Now!