Frequently Asked Questions

• How much money do I need to retire comfortably?

  The amount you need to retire comfortably depends on your lifestyle, expenses, and income sources, which may include a combination of savings, Social Security, and investments. Our approach is to build a personalized retirement plan that accounts for inflation, healthcare costs, and longevity. 

• When should I start taking Social Security?

  You can start taking Social Security as early as age 62, but your benefit will be permanently reduced. Waiting until your full retirement age provides your full benefit, while delaying until age 70 can significantly increase your monthly payments. Using a few data points, we can help you analyze the best filing strategy for you based on your health, income needs, life expectancy and overall retirement strategy. 

• Should I pay off my mortgage before I retire?

  Paying off your mortgage before retirement can reduce monthly expenses and provide peace of mind, but it’s not always the best financial move. If your interest rate is low, you may benefit more from investing extra funds for growth. The decision should balance cash flow needs, risk tolerance, and overall financial goals as part of a broader retirement plan.

• How can I reduce my tax burden in retirement?

  Reducing taxes in retirement involves strategic planning across multiple accounts. Common strategies include withdrawing from taxable, tax-deferred, and Roth accounts in a tax-efficient order. Coordinating withdrawals with Social Security and other income sources can also help minimize taxes over time.

• What should I do with my 401(k) when I retire or change jobs?

  When you retire or change jobs, you typically have several options for your 401(k): leave it in your current plan, roll it into an IRA, convert it to a Roth IRA, or begin taking withdrawals. Each option has different tax implications, investment flexibility, and income planning considerations. The right choice depends on your retirement goals, income needs, and overall financial strategy.

  
  

  *Before deciding whether to retain assets in a 401(k) or roll over to an IRA, an investor should consider various factors including, but not limited to, investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions and possession of employer stock. Please view the Investor Alerts section of the FINRA website for additional information