Can I maintain my lifestyle?
Not having a plan in place could leave you short of money to live on. When I lost my job with Continental Airlines after 9/11, I did not know what to do. I worked in international reservations from 1986. In a fog, I did as I was told by family. Their plan is not necessarily the best plan for me.
Do you have a written plan in place? Do you know if you can replace your paycheck? What incomes are guaranteed? How long does your money need to last? Do you want to leave money to your heirs?
What is your risk tolerance? This means how much can you afford to lose?
What is your comfort level? Your comfort level-not someone else’s such as you are age 60 so you should have 60% in low risk areas and 40% in higher risk. You may be no risk – you need to make every penny work for you or all risk – you have several sources of guaranteed income. Is 4% enough to live on in a down market?
How will you be taxed? Do you pay your taxes now or later? What is the advantage of paying your tax on the initial amount rather than the amount it has grown to? Will your taxes be lower or higher in retirement?
What pile of money do I take from first? IRAs have required minimum distributions. Take from your IRA, SEP, Roth, CD, savings???
Should I take Social Security at age 62 or 65/66 or 70?
Disclosure: I am not an attorney nor a tax person. I am a fiduciary, a licensed insurance agent and Investment Adviser Representative bringing together the conflicting areas of finance. Together we look at all of your investments and make sure they match your needs.
Call for an appointment. 303-919-1020
Investment Adviser Representative of and investment advisory services offered through Royal Fund Management, LLC, a SEC Registered Investment Adviser.