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Comprehensive retirement income planning focuses on meeting clients’ lifestyle standards and priorities during retirement. This helps determine what current and future investments, contributions, and financial goals should be. If your practice has primarily consisted of selling insurance or managing investments, suggesting optimizations for Social Security benefits could be a logical next step.
When it comes to IRA deductibility, there are many tax traps and opportunities. A comprehensive Tax Map can identify these and help you build a strategy around them.
A retirement income strategy focuses on optimizing Social Security benefits, looking for tax opportunities and hurdles, analyzing portfolio risk, and managing income harvesting patterns in a way that limits taxes and helps clients reach their income goals.
Your client can enroll in a Medicare supplement plan from the age of 64 and 6 months. At 64 and 9 months, clients can sign up for Original Medicare. Additionally, if your client waits too long to sign up for a Medicare plan, they may incur penalties.
Your client can begin receiving Social Security at the age of 62, but at a reduced rate. Full retirement age depends on the year of birth, but is between 65-67. Every year claiming is delayed up to age 70, your clients receive a delayed claim credit. Each client’s situation is unique, so working together to determine goals will help to determine the best strategy for your client to take.
A Roth conversion could be beneficial if your clients are in a higher tax bracket during retirement or their recent earnings have been reduced or irregular.
Your clients' retirement incomes typically equal around 80% of their pre-retirement annual incomes. Medicare premiums will be adjusted based on annual incomes as individuals or married couples.
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