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Retirement Planning

Plan For Your Retirement with Schaum Wealth Management’s Retirement Planning

At Schaum Wealth Management, we understand that planning for retirement is a journey that requires careful guidance and expertise. Our Retirement Planning Management services are designed to help you navigate the complexities of retirement planning with confidence. Schaum Wealth Management will work closely with you to create a comprehensive retirement strategy that aligns with your financial goals and aspirations. We analyze factors like your retirement age, income needs, risk tolerance, and investment preferences to craft a customized plan that helps to maximize financial security during your golden years. With Schaum Wealth Management by your side, we aim to assist in maximising the possibility of a worry free retirement and the peace of mind that comes with managed retirement planning.

1. Goal Setting: We help clients define their retirement goals by considering factors like desired lifestyle, estimated retirement expenses, and retirement age. This forms the foundation of the retirement plan.
2. Cash Flow Analysis: We conduct a comprehensive analysis of the client’s current and projected cash flow, including income, expenses, and savings. This analysis helps determine how much the client needs to save and invest to achieve their retirement goals.
3. Asset Allocation: We assist in determining the appropriate asset allocation strategy for retirement savings. We consider the client’s risk tolerance, time horizon, and investment goals to create a diversified portfolio that balances risk and potential returns.
4. Retirement Savings Strategies: We help clients develop strategies to maximize retirement savings, such as contributing to employer-sponsored retirement plans (e.g., 401(k), 403(b)), individual retirement accounts (IRAs), or other tax-advantaged retirement accounts. We may also provide guidance on catch-up contributions for those nearing retirement age.
5. Social Security Optimization: We analyze the client’s Social Security benefits and provides guidance on the optimal timing for claiming benefits. We consider factors such as the client’s age, life expectancy, marital status, and financial needs to help maximize Social Security income.
6. Retirement Income Planning: We assist in creating a sustainable retirement income plan. We consider various income sources, such as pensions, Social Security, investment portfolios, annuities, and other retirement accounts. We may also evaluate strategies like systematic withdrawals or income-generating investments to meet the client’s income needs in retirement.
7. Tax Planning: We incorporate tax planning into the retirement strategy to help minimize taxes during retirement. We explore strategies like Roth conversions, tax-efficient withdrawal strategies, and taking advantage of tax credits and deductions available to retirees.
8. Regular Monitoring and Adjustments: We regularly review and monitor the retirement plan to ensure it remains on track. We make adjustments as needed based on changes in the client’s financial situation, market conditions, or personal circumstances. We may also provide guidance on managing retirement distributions, managing healthcare costs, and legacy planning.
It’s important to work closely with a financial advisor who concentrates on retirement planning to develop a personalized strategy that aligns with your specific goals and needs.
Distributions from traditional IRAs and employer sponsored retirement plans are taxed as ordinary income and, if taken prior to reaching age 59½, may be subject to an additional 10% IRS tax penalty. Converting from a traditional retirement account to a Roth retirement account is a taxable event. A Roth retirement account offers tax free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal of earnings, a Roth account must be in place for at least five tax years, and the distribution must take place after age 59½, or due to death or disability. Depending on state law, Roth accounts distributions may be subject to state taxes.
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    If You Have A Portfolio Of $500,000 Or More, Give Us A Call!