Retirement should be a chance for you to do and see special things that there may not have been time or money for during your working years. Now might be the time for things to change. Regardless of what you have built up over the years, retirement will have you taking out of those savings vehicles instead of continuing to put in. Keeping money in interest-generating accounts or high-performing investments is a great way to continue accumulating wealth, but you may need to set up a withdrawal plan or cash bucket to fund the cost of day-to-day living once you are no longer working. 

Managing Risk

Many retirement accounts are invested in some sort of portfolio that will fluctuate with the markets. No investment can be entirely safe from economic downturns, but financial professionals can help steer you towards more conservative investments less likely to suffer severe losses and damage your nest egg. If you want to remain invested as a source of continued wealth-building during your retirement, it might be a good idea to lean toward strategies that focus more on preserving wealth rather than riskier plans that can be most affected by market volatility. 

Consider Your Tax Bill

Common retirement savings accounts such as 401(k)s and IRAs offer tax-free benefits while you are building up your savings over the years. But taxes will be due when you begin to take money out of these vehicles. There are also possible early withdrawal penalties and penalties for failing to meet required minimum distributions as they come due. Selling stocks and withdrawing from accounts can affect your tax bracket, so it is important that you have a plan in place to help manage your retirement finances efficiently so you can keep as much of your savings as possible.

We’re Here for You

We want to help you enjoy everything you want in retirement while keeping your mind at ease about new financial situations that can occur. Reach out to us at 678-539-9518 and an experienced financial professional will help you navigate the latest chapter of your life!

Investing involves risk including the potential loss of principal. Any references to [protection benefits, safety, security, lifetime income, etc.] generally refer to fixed insurance products, never securities or investment products. Insurance and annuity product guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company.

Insurance products are offered through the insurance business Consha Financial. Consha Financial is also an Investment Advisory practice that offers products and services through Impact Partnership Wealth, LLC (IPW), a Registered Investment Adviser. IPW does not offer insurance products. The insurance products offered by Consha Financial are not subject to Investment Advisor requirements.

This blog is intended for informational purposes only. It is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.