Retirement Considerations
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.
Wondering when you should take the leap to retirement? You’re not alone! We’ll help you navigate a number of questions that go into determining what retirement age is appropriate for you including:
- Where will your retirement income come from?
- Is your retirement savings enough to meet your lifestyle needs?
- Will you be fulfilled if you retire from your career, or should you explore an “encore career”?
Our team can help you to determine what pension election option is right for you. We’ll take taxes, spousal benefits, and long-term cash flow needs into account to help you make a decision that’s best for your unique needs.
Healthcare costs in retirement can be intimidating! Together, we’ll determine what potential health expenses you may need to account for, as well as any “unexpected” expenses that could catch you by surprise.
We’ll dig into your big, bucket-list expenses, as well as your daily cash flow needs to help you determine your ideal retirement budget.
Retirement Planning
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.
iNNOVA Wealth Classes
Sign up for our highly informative seminars taught by seasoned financial planners.
Each course provides real world information and tools to help simplify the complexities surrounding retirement, tax planning, investing and general financial planning.
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