Retirement Income & Tax Planning


Most individuals have a certain standard of living they would like to see extended into retirement. However, no longer having earned income can bring increased awareness to the sustainability of that lifestyle. We will help you maximize your retirement income by helping you make intelligent financial planning decisions throughout retirement. 

Retirement Income Planning


Generating Income From Investments
Using your investments to generate income in retirement can be appealing. As long as you're willing (and emotionally able) to withstand some market volatility, you are able to retain upside potential, control, and liquidity. Often times, we see investors taking lump sum distributions from their portfolio without any long term plan or consideration to the tax implications. We can help build a portfolio that specifically designed to generate meaningful yield in light of your capacity and tolerance to take on risk.Learn more about our investment management services. 


Dynamic Withdrawals
A common strategy for investors has been to take a 4% withdrawal rate from their investment portfolio and adjust it each year for inflation. However, studies have shown that taking a dynamic approach can be more advantageous. On an annual basis we will review market performance, any changes in financial goals, and review any health issues that might affect your longevity.


Generating Income From an Annuity
Annuities often receive a bad reputation in the news for justified reasons. Many investors have been taken advantage of and sold unsuitable, high-cost, illiquid annuities from a salesman posing as a financial advisor. When talking about annuity "advisors", we often refer to the quote "If all a man has is a hammer, everything will look like a nail." As a multi-faceted wealth management company, we are a multi-tool fiduciary trying to figure out what tool is in your best interest to use. Allocating a piece of your total portfolio to an annuity (considering it's benefit, risk, and cost) can improve portfolio efficiency by hedging against living too long. Giving up some upside potential and liquidity for the guarantees of monthly income for the rest of your life can sometimes make lot of sense. 

*Insurance products and services are offered through Providence Advisors Group, LLC. Guarantees are based on the claims paying ability of the issuing insurance company.

Coordinating With Other Income Sources
Many retirees will have additional income sources outside of personal savings. We'll help you look at the big picture when you're deciding the best time to file for Social Security, what payout options make the most sense for your employer pension, and how to dovetail those with with any investment income you may need to generate to fill the income gap. If you are married, we'll also make sure enough a surviving spouse will still retain a comfortable income.  

Tax Planning

Roth Conversions:
One benefit of a Roth IRA is that any contributions made to it will grow, tax free, come out tax free. For individuals who expect to be in a higher tax bracket (or expect tax rates to increase) in the future might benefit from doing strategic partial Roth conversions during key years. On an annual basis, we will help you think through whether or not it makes sense to convert part of your growing, not-yet-taxed IRA into a Roth IRA. 

RMD Planning
When you reach 70 1/2 years old, the IRS will force you to begin taking required minimum distributions (RMDs) from your IRA(s). As you grow older, the RMDs grow larger too.  Some individuals might want the RMDs as income, others might  want to reinvest into a taxable account, and others with charitable inclinations might use these as a way to receive a tax benefit. We can help you think through your options of what to do with these annual distributions.

CPA Coordination
We have CFPs, CFAs, JDs on staff to help answer any questions you may have. However, we have found that some of our clients have a long standing relationship with their accountant they trust and understands their specific tax issues. Our team will work with your accountant to help make sure your needs are addressed.