Are You Retirement Ready Pt 2.

Retirement is swiftly approaching. You’ve been saving and investing most of your life for this moment, but now you’re not so sure you’re ready to retire. It’s a predicament faced by many people. Here are a few more steps you can take to help make sure you’re financially ready to retire:

1) Make sure your portfolio is low cost or better yet NO COST.

For every percent you pay in fees, you have to earn at least that much JUST to break even.

2) Consider Long Term Care Insurance.

Your entire nest egg can be wiped out by long term care costs. That’s because Medicare and other health insurance policies don’t cover it. Medicaid does, but it’s a poverty program that requires you to spend down virtually all of your assets to qualify and many places don’t accept Medicaid as it is.

3) Have a withdrawal strategy.

It’s not only about how much you’re withdrawing, but where you’re withdrawing from. If you’re withdrawing from pre-tax as well as tax-free (Roth) and regular investment accounts, you have the opportunity to structure your withdrawals to minimize taxes and even reduce health care costs in retirement. If your situation is more complex, this is an area where a tax-aware financial advisor can be helpful.

The idea of retirement can be both exciting and terrifying. Hopefully by following these steps, you can make it more of the former and less of the latter. Are you ready?

Feel free to contact us at Maximum Wealth to explore your options and make sure you’re truly ready for retirement!

minimum thought. Maximum Wealth

(706)876-0844

maxwealth@wdouglasjones.com