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Uncommon Financial Wisdom
FOR AN APPOINTMENT CALL 352-483-7060WHAT SHOULD YOU TRY TO DO WITHIN FIVE YEARS OF DECIDING TO RETIRE?
Put these items on your to-do list.
Estimate the monthly income
you will need.
It might be less than you need now, as your monthly
expenses may decline. Talk with your financial
professional, as you may need to adjust or reallocate
your portfolio and take another look at both incomeproducing
and growth investments.
Should you stay or move?
Retiring to another state may mean tax savings. Or,
downsizing to a smaller home may lower your living
expenses.
Think about debt and taxes.
You may retire to a lower income tax bracket. If you
can stand the one-time tax hit, converting a traditional
IRA to a Roth IRA could someday give you a source of
tax-free retirement income.*
Consider healthcare costs
Will you be eligible for Medicare? Will Medicare
provide enough coverage? Remember that many
retirees will eventually need long-term care at some
point during retirement.
What would you like to start doing?
How can you structure your days (and your finances) to
do it? Plan it out.
I’d like to help you plan
a smooth retirement transition.
Call or email me with your questions. I’m here for you.
*Traditional IRA account owners should consider
the tax ramifications, age and income restrictions in
regards to executing a conversion from a Traditional
IRA to a Roth IRA. The converted amount is generally
subject to income taxation.
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