Give Yourself the Gift of a Retirement Plan SHP Financial

Hopefully, all your presents are wrapped and under the tree by now. This is a time of year when we’re mostly focused on other people, but once you’ve distributed all of your gifts, consider giving yourself the gift of a retirement plan. To help you get started, here are three questions your retirement plan should answer:

1. Where Will My Retirement Income Come From?

Think about all the places your retirement income could come from and how much will come from each source. You’ll likely claim a Social Security benefit in retirement, and you can check your earnings statement to see how much you would receive if you claim at, before, or after your full retirement age. You may also have investment income and a substantial amount saved in a 401(k) or IRA. Review your finances and projected income needs in retirement, and see where the gaps are. 

2. How Can I Make It Last for the Rest of My Life?

One of the hardest things about retirement planning is figuring out how to take a lump sum and make it last for the rest of your life. Have a plan for how funds are invested and how you will withdraw them in retirement. While the rule of thumb says to withdraw 4% per year, this is very general advice and may not apply to your specific situation. There may be other options for creating lifetime retirement income and strategically drawing down assets over your lifetime. 

3. How Can I Minimize Taxes on my Retirement Income?

Taxes could be one of your biggest expenses in retirement. We could see increased taxes in the near future and in the coming decades, and now is the time to prepare. Every part of a financial plan is connected, including an investment strategy and a tax minimization strategy. There could be several ways a financial advisor can help you with tax strategies. For example, you might consider a Roth conversion. In this case, you would pay tax on the amount converted now and then enjoy tax-free distributions later in retirement.

After the hustle and bustle of the holidays subside, it’s important to take some time to think it over. At SHP Financial, we can consider your financial situation and your lifestyle goals to help you feel secure in your decision. We can look at your portfolio and help you determine the right time to retire and how to do it. Click HERE to schedule your no-cost, no-obligation financial review today to start the conversation.


The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by Lone Beacon Media, LLC dba Lone Beacon, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. Lone Beacon Media, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.