Income Planning

When you finally retire, you’ll likely have spent more than 40 years working, and during that time you’ve gotten used to a consistent paycheck. Knowing when that check was coming made it easier to pay your bills and build your budget.

But once you excitedly enter your post-work life, that consistent paycheck vanishes. So, what then?

A fixed indexed annuity may be a solution. With a fixed indexed annuity, you can build a steady income stream that can be paid during a defined period or can be structured to last a lifetime. In exchange for these benefits, you must leave the money untouched for an initial “surrender” period or pay a penalty.

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401(k) Rollover Options 

A 401(k) is a key piece of many Americans’ retirement strategies. Accordingly, if you need to roll over your 401(k), you should do so with an abundance of caution.

With 401(k) rollovers, there are many things to consider: The 60-day distribution rule, avoiding IRS penalties and full taxation, and why a direct rollover may be your most mistake-proof option.

If a job switch is on the horizon, or if your retirement is drawing closer, consider meeting with a financial services professional to get a better understanding of the nuances and rules that come with 401(k) rollovers.

Retirement Obstacles – Is your retirement so close that you can close your eyes and imagine Monday mornings without alarm clocks or commutes? As you approach your retirement finish line it can also be a time of worry. You can help alleviate your concerns by preparing a financial strategy that can help support your preferred lifestyle during retirement.

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David Topor has been assisting clients with their individual Medicare Supplement Insurance questions and choices since 2009.  He prides himself on being able to simplify a very confusing selection process.  David promises to take the necessary time to listen to your questions and explain your choices in a easy to understand manner.  As a Independent Agent, David has the ability to get quotes from all major Insurance Companies which will guarantee that the customer gets the best policy available in the market.  David is happy to visit clients at their home and encourages other family members to join the meeting if requested.  Integrity is very important to David, and will never pressure a client to make a decision to enroll in a plan.  If you would appreciate this kind of personal attention, please call David directly at 865-441-1794. You will be glad you did.

Planning is Everything

Check out this video income planning for your retirement.
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As you prepare for retirement, when you pay taxes can have an outsized impact on your retirement income. Accounts that give you a tax break when you contribute — such as a 401(k) — make you pay up when you take money out. But other accounts — such as Roth IRAs or some life insurance policies — take your taxes up front, and give you tax-free qualified withdrawals in retirement.

By balancing different types of accounts — the “when” of taxes — you create more flexibility to minimize your taxes and maximize your income in retirement.

Contact us today to learn more about the impact a tax-efficient retirement income strategy can have on your lifestyle in retirement.

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