Although you can begin claiming Social Security as early as 62 years old, your benefit will be reduced unless you wait until your full retirement age (usually age 66-67 depending on when you were born). You can also delay taking Social Security until after your full retirement age to increase your benefit. Planning Social Security around your needed cash flow in retirement to create a consistent income is critical, and one of many things the iNNOVA Wealth Partners team can help you with.
A little known fact is that more people perish coming down Mount Everest than while climbing up. The clients we normally work with have already traversed the mountain of accumulating their wealth and now face the challenges of converting their assets into an income stream through retirement, i.e. their descent down the retirement mountain. This takes a different approach and different skills. A sharp focus on risk management, longevity/income planning, and tax efficiency is required while generating higher returns at any cost becomes less of a priority.
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Planning Strategies to Reduce Your Required Minimum Distributions
In the 1970’s the Employee Retirement Income Security Act (ERISA) created a new set of retirement strategies from 401(k)s to IRAs. Many of these retirement plans gave an individual the ability to defer taxes on contributions and growth that occurred within the retirement account until […]Read More
More Yield, More Tax (Sometimes): The Taxation of Fixed Income Investments
With Fed rate increases over the last 18 months, we now have a whole slew of fixed income investments that offer very attractive yields. Interest rates were so low for so long that many investors forgot that the interest from fixed income investments is generally […]Read More
The Rise of CDs: What You Need to Know Before Investing
Throughout my career, I’ve frequently encountered clients asking the elusive question: “Isn’t there somewhere I can get a 5% return with no risk?” Unfortunately, for the longest time, the answer had always been a disappointing “no.” With persistently low interest rates, the opportunity for substantial […]Read More