Retirement Planning

As financial professionals, we spend much of our time helping our clients prepare for retirement. By the time most of our clients are within a few years of retirement, their savings are there, their investment accounts are in order, and their income strategy is in place.

After years of walking clients through inheritances, business sales, bonuses, and liquidity events, we have seen how these moments unfold in remarkably consistent ways. There is almost always a boat, or something like one. A vacation home. A renovation. A car that was never quite justified before. None of it is wrong on its own.

Key Takeaways 

• How much wealth are women on track to control in the next decade, and why does that matter? 
• What does the life expectancy gap between women and men mean for how long money needs to last? 
• How common is it for women to be primary earners, and how should that change their insurance, investment, and retirement strategy? 

You’ve likely spent years building your retirement nest egg—saving diligently, investing wisely, and contributing to retirement accounts along the way. But transitioning from earning a paycheck to relying on your savings can feel overwhelming. It’s a major life change, and having a clear strategy can help ease the stress.

You've worked hard throughout your life to build assets to support your retirement. As financial professionals, one of the most critical functions we provide is helping clients determine their retirement income needs and structuring a withdrawal strategy that works for them.

A few years ago, there were ads from financial services companies asking, “What’s your number?” The number was the money you needed to retire comfortably. This was an effective way for financial services companies to get people thinking about retirement planning and encouraging them to strive toward a specific monetary goal.

As tax season comes to a close, we want to make sure you are aware of this year’s increases in annual IRS limits for retirement plans, IRAs, etc. See the below infographic for a full view of the 2024 increases, with the 2023 numbers for comparison.

Medicare is the federal health insurance program for everyone age 65 and older in the United States. Generally, the different parts of Medicare exist to cover specific healthcare services. Most beneficiaries choose to receive their Parts A and B benefits through Original Medicare, the traditional fee-for-service program offered directly through the federal government. It is sometimes called Traditional Medicare or Fee-for-Service (FFS) Medicare. Under Original Medicare, the government pays directly for the health care services you receive. You can see any doctor and hospital that takes Medicare anywhere in the country.

Social Security retirement benefits are often a major source of income for most Americans during retirement, so before you begin taking it, you should consider three important questions:

• When Should I File for Benefits?
• Should I Collect and Continue to Work?
• How Can I Get the Maximum Benefit?

The answers may affect whether or not you make the most of this opportunity.

IRS Update: Understanding the 10-Year Rule for Inherited IRAs and Qualified Accounts

The Internal Revenue Service (IRS) has provided another update to the rules governing IRAs and qualified accounts. On July 14, 2023, the IRS issued Notice 2023-54 that announced the following:

• Final Regulations will apply to distributions starting in the calendar year 2024.
• Missed RMDs from Inherited qualified accounts and IRAs are forgiven and not subject to excise tax if the original owner died after RBD in years 2020, 2021, and 2022 and the beneficiary has 10 years to distribute the qualified account.