Enjoying a smooth retirement journey is all about proper income planning.

 

At Epiphany Retirement Solutions, we understand that the process can seem daunting, especially with so much new information to absorb. Whether you’re just starting or already on your retirement path, it’s natural to feel uncertain about maintaining your lifestyle with your retirement income.

 

Here are the three major phases in managing retirement income:

1. Accumulation Phase:

This is where you build your retirement savings. It’s essential to maximize contributions to tax-advantaged accounts like 401(k)s and IRAs.

2. Distribution Phase:

Once you retire, the focus shifts to how you will withdraw your savings. This phase requires careful planning to ensure your money lasts throughout your retirement.

3. Preservation or Transfer Phase:

This involves protecting your assets and planning for their transfer to your heirs. Utilizing trusts, wills, and other estate planning tools can help ensure your legacy is preserved.

 

Preparing for retirement often requires a shift in mindset, from relying on a paycheck to finding other income sources. You’ve worked hard to save, and now it’s time to create additional income from what you’ve saved. This can be challenging but also a great opportunity to grow your money beyond your savings, often with the help of a financial services professional.

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We’ll work with you to uncover various opportunities and concerns in each phase. Additionally, we’ll guide you through:

• Determining how much retirement income you’ll need

• Estimating how long your current income plan may last

• Calculating how much additional income you may need

• Evaluating your additional income sources

 

Taxes play a significant role in any retirement income planning process. We utilize tax-advantaged vehicles like traditional IRAs, Roth IRAs, 401(k)s, and IRA rollovers to help accomplish your retirement income goals.

While the numerous options for your retirement savings may seem overwhelming, we’re here to help you make sense of it all. 

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*We do not provide legal, or tax advice and you should consult an attorney or tax advisor for such advice.