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When it Comes to Taxes, Plan for Your Future Self

future self

Retirement is a major event that can drastically change your day-to-day life, your financial strategies, and even your tax burden. Retirees may no longer receive taxable income from an employer, but they will likely receive income from other sources that can be taxed. This is why when it comes to taxes, it’s important to help plan for your future self.

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Spending Your Free Time in Retirement

If you’re planning on taking a vacation, it’s probably something that you’ve looked forward to for a while now.  And, that’s what retirement is about…  It’s your 30 or more year vacation.  Whether you’re traveling, volunteering, taking up new hobbies, or relaxing with friends and family, retirement is a time to unwind and do something you enjoy. One thing that’s great about life in retirement is the freedom you have to choose how you want to spend your time, and the people you want to surround yourself with. So, here are some potential ideas to consider when spending your free time in retirement.

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Retirement Planning in a Volatile Market

The recent market volatility may have you concerned, especially if you’re approaching or already in retirement.  Feelings of uncertainty, anxiety, and uneasiness are all common during any scary and volatile market.  These feelings are normal and sometimes it can be beneficial to take a step back and look at the big picture.  We can’t predict the markets, so acting with haste and making emotional decisions can potentially negatively impact your retirement outlook.  Make sure to remind yourself of the reasons you’re planning and investing in the first place.  Focusing on your priorities and unique goals can help you put your market exposure and risk tolerance into perspective.  Now that you’ve done this, you can focus your time and efforts on what’s really important.

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Lifestyle Tips to Consider for Retirement

You’ve worked the majority of your life, and deserve to have many blissful years ahead. With a proper plan and execution strategy in place, you should be on track to accomplish all of your retirement goals and dreams. If it’s been a little while since your last retirement review, then CLICK to request your complimentary, no-obligation meeting.

Here are 3, quick and easy lifestyle tips to consider for your life in retirement.

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Make the Most of Your 401(k)

We all know that a 401(k) is one of the most important retirement planning tools we have: The potential tax benefits and power of compound interest can make it a great savings and investment tool for anyone who practices financial discipline and contributes regularly. But your contributions aren’t the only things to consider when figuring out how to make the most of your 401(k).

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4 Phases in Retirement

Everyone talks a lot about how to prepare for retirement financially, but there is less focus on how to adjust your mindset in retirement and manage expectations. You might not be happy every single day in retirement, but that doesn’t mean your retirement won’t be happy. Transitioning into retirement is no small task, and research shows that the way people feel about their retirements follows a u-shaped curve; first people are quite positive, then not as much, and then are positive again. It seems that there are 4 phases in retirement.

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Put Your Money to Work

You’ve worked for your money, and retirement is the time to have your money work for you. But what does this mean? Basically, your goal in retirement should be to turn what you’ve saved into retirement income. Many Americans are worried about running out of money since pensions are rare and there are reasons why you can’t rely solely on Social Security in retirement. But if you’ve saved a substantial nest egg of 1 million dollars, you can use these strategies to help make your savings last and put your money to work.

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A Plan for a Better IRS Experience

“I love dealing with the IRS,” said no one, ever. But, President Trump has signed a bill that will reform the IRS in an effort to make it more taxpayer-friendly. You’ll still have to pay your taxes, and rule breakers will still be punished, but hopefully, the average person will have a better experience with the agency when it comes to customer service, identity theft protection, and payment. The Taxpayer First Act is aimed at creating a plan for a better IRS experience.

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Avoid Ageism in Retirement

Despite the fact that America has an aging population, there is much evidence of ageism around us. The way we perceive older adults can limit their roles in society and a pervasive negative view of aging can have a psychological impact on us. Sometimes ageism can be seen in a seemingly benign birthday card depicting age as something to laugh at or feel bad about, but other times it takes the form of workplace discrimination. And, it’s not just younger people who can be ageist, it can be people 50 and over as well. That’s why it’s important to be mindful of how you can avoid ageism in retirement.

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Don’t forget about Your Old 401(k)s

old 401k

Do you have multiple 401(k)s? If you left your money in a former employer’s 401(k), you may want to reconsider as you near retirement. According to the Bureau of Labor Statics, Baby Boomers have held an average of 12 jobs by the time they turn 50. When you leave a job, the money you contribute to your 401(k) is still yours, and you may also be able to keep your employer’s contributions depending on your vesting schedule. There are a few options for your old 401(k)s: You can cash out of the plan, leave the money in the plan, rollover the money into your current employer’s plan, or roll it over to an IRA. All of these options have different advantages, so don’t forget about your old 401(k)s as you approach retirement.

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Peak Financial Freedom Group
2520 Douglas Boulevard, Suite 110
Roseville, CA 95661

DISCLOSURE: All presentation data is provided and intended to be used for general educational purposes only and is not intended as a solicitation for you to buy or sell any financial product. None of the material in this presentation is intended to give you, nor are the presenters engaged in giving you, specific tax, investment, real estate, legal, estate, retirement, or financial advice, but rather to serve as an educational platform to deliver information; nor is it intended to show you how the strategies presented can specifically apply to your own tax, investment, estate, financial, or retirement position, but rather to offer an idea of how these principles generally may apply.

Stocks, bonds, or mutual funds have risks and can lose principal, even with a stop loss, and there is no guarantees of gains, as past performance is not indicative of future positive investment results. The sale or liquidation of any stock, bond, IRA, certificate of deposit, mutual fund, annuity, or other asset to fund a new portfolio and/or annuity may have tax consequences, early withdrawal penalties, or other costs and penalties as a result of the sale or liquidation. You can’t invest directly into a stock market index. A fixed index annuity with an income rider can protect your savings from losses and provide you guaranteed lifetime income, but you could incur surrender charges, gains aren’t guaranteed, you’ll pay a fee, and guarantees are backed by the financial strength claims paying ability of the issuing annuity company.

Illustrations/projections displayed within this presentation are hypothetical in nature and should not serve as the sole determining factor in making financial decisions. Consult with a qualified investment, tax, legal, and/or retirement advisor before making any decisions. By contacting Peak Financial Freedom Group, you may be offered additional information regarding the purchase of financial products. Seminars, radio shows, TV productions, book releases, magazine and book promotions are sponsored, promoted and paid for by Peak Financial Freedom Group, LLC. If you place assets under management with our firm, we are paid an advisory fee, and if you purchase an annuity from our firm, we are paid commissions from an insurance company.

Investment Advisor Representatives of and Advisory Services offered through Fiduciary Solutions, LLC, a Registered Investment Advisor. Peak Financial Freedom Group LLC is primarily a fixed insurance sales organization and provides no Advisory Services. PFFG Insurance Agency LLC, CA License #0N14103, is a licensed insurance agency and provides no Advisory Services. Peak Financial Freedom Group LLC, PFFG Insurance Agency LLC, and Fiduciary Solutions LLC are separate affiliated entities. Insurance products and services provided by PFFG Insurance Agency LLC and independent agents.

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