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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5 Important Points of the new “American Families Plan” Tax Proposal
On September 13th the house ways and means committee released their new tax proposal. Read on to learn about 5 important changes! New Tax Brackets! The new bill titled “The American Families Plan” would change the current tax brackets as shown below. Single Married Filing […]Read More
Is this type of annuity a drag on your portfolio?
Investor pro tip: most investments that are pitched along with a free steak dinner deserve more than a quick once over before you sign on the dotted line. Chances are those investments work out better for the one selling them than they do for the […]Read More
Mega Backdoor Roth: Is It Available and Right for You?
The Roth IRA was originally established in 1998 through the Taxpayer Relief Act of 1997 and originally allowed investors the opportunity to contribute $2,000 per year. The benefit of the Roth IRA would not allow for an immediate tax deduction (unlike its Traditional IRA cousin), […]Read More