Hey YOUNG GUNS! The earlier the better!
Start with the easy questions:
• What amount of income do I NEED to retire and get by?
• What amount of income do I WANT to retire comfortably?
Once we answer the easy questions we must develop a Retirement Distribution Strategy. We want tax efficiency. You don’t want to pay more taxes in retirement than when you’re working. Do you want to let the markets dictate your income level? Or create a more certain level of income? Do you want to be protected from market risk, inflation, and potentially rising taxes? Take advantage of and/or protect yourself from the economic cycle. Learn how to prepare for potentially rising interest rates, inflation, and/or higher taxes. Efficient use of debt can help. Learn how to prepare for potential reductions in government programs and learn how Social Security and Medicare work.