Income planning is among the most important and underutilized disciplines in the financial services community. The methods with which we access and invest our wealth for the creation of income will have a dramatic effect on our quality of life and the amount of money we leave to our heirs.
Some assets are clearly superior to leave to the children than others; some assets are clearly better for the creation of tax deferral, or deductions. It is usually the timing of the harvest that affects the yield. You harvest too early, you get less to work with, you harvest too late, and the quality suffers.
People at or near retirement can essentially control three things as it relates to income and assets: Taxes, Timing and Fees.
Taxes can be controlled as they relate to Social Security and the income accessed prior to collecting Social Security, as well as the assets a person uses to get through substantial downturns in the market(s) affecting them.
Timing has to do with when you take social security and when you access taxable assets. This is what makes the best plans work.
Fees will eat your growth and reduce the income you harvest well beyond what you may think. Often fees are hidden to the extent that the client thinks they have no fees. These are generally the people paying the most. There is a reason it cannot be seen.
We can help with:
Income tax effective asset positioning
Intelligent income harvesting
Managing taxes, timing and fees
Retirement Gamble Video provided by PBS (coming soon)
Retirement Revolution: The New Reality provided by PBS (coming soon)