Walsh Financial Solutions logo

5610 Ward Road, Suite 300 Arvada, CO 80002

9200 E. Mineral Avenue Centennial, CO 80112

 

Phone:  303-252-0852

 

Website: www.walshfinancialsolutions.com

November/December 2018

Ready, Set, Spend

Ready Set Spend

After a lifetime of saving, you’re ready to retire. Now it’s time to do something some retirees find hard to do: Shift from a saving to a spending mindset.


Big Transition
If you’re like most people, the idea of draining your retirement funds after spending years building them up can be an initially scary thought. This is understandable. Remember, though, this time of your life still involves planning — just a different type than before.


Strategy Shift
One of the first things you should do even before retiring is to forecast all of your expected income from retirement plans, annuity payments, Social Security and other sources. You can expect Social Security and possibly annuity payments (if you have the lifetime income option) to last a lifetime, but your other income is finite and requires a distribution plan.


Working closely with your financial and tax professionals, determine how long your 401(k) and other investments need to last, and then create a distribution strategy that results in a regular income stream.


This strategy should also take taxes into account. For example, cashing in your retirement plan balance and not reinvesting it in a similar tax-qualified investment promptly can create a big one-time tax event, so plan accordingly.


Beyond budgeting living expenses, decide what is important to you so you can make wise decisions about spending discretionary funds.


Distribution Strategies
You must begin taking 401(k) and traditional IRA withdrawals in the year after reaching age 70 ½ or face a penalty on the required amount not withdrawn. These “required minimum distribution” rules don’t affect Roth IRAs. Even in retirement, you may want to invest a portion of your portfolio for growth because annual inflation is likely. Talk to your advisor to learn more.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Advisory Services offered through Walsh Financial Solutions or Vanderbilt Advisory Services. Securities offered through Vanderbilt Securities, LLC. Member FINRA, SIPC. Registered with MSRB. Walsh Financial Solutions and Vanderbilt Securities, LLC are separate and unaffiliated entities. Clearing agent: Fidelity Clearing & Custody Solutions. Insurance Services offered through Vanderbilt Insurance and other agencies. Supervising Office: 125 Froehlich Farm Blvd, Woodbury, NY 11797 631-845-5100
For additional information on services, disclosures, fees, and conflicts of interest, please visit www.vanderbiltfg.com/disclosures
Walsh Financial Solutions, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.