Forbes Finance Council: An Annual Checkup Can Keep Your Retirement Plan Healthy

Lauren Laferla, PR & Content Marketing Manager
April 10, 2019

Which accounts should you be tapping, and in which order?

In a recent article for Forbes Finance Council, Covisum Founder and President Joe Elsasser, CFP® suggested that regular checkups with a financial advisor are the key to a healthy retirement plan.  Help your clients make the most of their annual meeting with you with these tips.

Forbes-Finance-Council_avatar_1523394886-136x136Many retirees want to know "the number" — the amount that must be saved in order to enjoy their dream retirement. However, focusing on a single goal is not a complete formula for a comfortable retirement. A good financial advisor can help clients analyze every element of their retirement and make prudent decisions about which accounts they should tap, and in which order. 

Retirement dollars may come from sources other than investment and savings accounts. Advisors should be able to answer these questions for their clients: 

• If they're married, should they choose a joint pension or a single-life version with a higher payout?

• Are there tax benefits from rental property income?

• Are their home equity line of credit interest payments tax-deductible?

"You might consider taking some money from your tax-deferred accounts before you reach 70 1/2 years of age when RMDs begin. Keeping those withdrawals within your current tax bracket can hold down the resulting income tax while trimming future taxable RMDs."

You can read the article in its entirety in Forbes.

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Posted by Lauren Laferla, PR & Content Marketing Manager
Lauren is a content marketing enthusiast with a love for storytelling - on camera, in writing, and through others. She has a robust communications background that includes: public relations, content creation, internal communications, digital marketing, and copy editing. Driven and motivated, Lauren holds a bachelor's degree in English and is an avid reader.