Retirement should be a chance for you to do and see special things that there may not have been time or money for during your working years. Now might be the time for things to change. Regardless of what you have built up over the years, retirement will have you taking out of those savings vehicles instead of continuing to put in. Keeping money in interest-generating accounts or high-performing investments is a great way to continue accumulating wealth, but you may need to set up a withdrawal plan or cash bucket to fund the cost of day-to-day living once you are no longer working.

Many retirement accounts are invested in some sort of portfolio that will fluctuate with the markets. No investment can be entirely safe from economic downturns, but financial professionals can help steer you towards more conservative investments less likely to suffer severe losses and damage your nest egg. If you want to remain invested as a source of continued wealth-building during your retirement, it might be a good idea to lean toward strategies that focus more on preserving wealth rather than riskier plans that can be most affected by market volatility.

Common retirement savings accounts such as 401(k)s and IRAs offer tax-free benefits while you are building up your savings over the years. But taxes will be due when you begin to take money out of these vehicles. There are also possible early withdrawal penalties and penalties for failing to meet required minimum distributions as they come due. Selling stocks and withdrawing from accounts can affect your tax bracket, so it is important that you have a plan in place to help manage your retirement finances efficiently so you can keep as much of your savings as possible.

Reach out to us at 678-539-9518 and an experienced financial professional will help you navigate the latest chapter of your life!