Retirement Planning

Retirement should be a very special time of life. Attention turns from managing a career or a business to structuring a purposeful life without the cares and concerns of daily demands. Family, often an extended one, comes into sharper focus. Financially, this period often represents an inflection point; that is, the emphasis shifts from accumulating wealth to preserving and eventually distributing it. At this stage of life, the question many people have is: will it last?

Thus, to prevent the American dream from turning into the American nightmare, very insightful and thorough planning is needed. Often, at retirement, a corporate employee benefit plan will need to be converted into an Individual Retirement Account (IRA). Opening an IRA account is relatively straightforward. It is a matter of completing a few forms and transferring the assets. There are two types of IRAs: a traditional and a Roth IRA. Each has different characteristics and tax ramifications. Increasingly, IRA accounts are becoming one of the largest components of our estates. Integrating retirement planning with estate planning can be complicated and requires knowledgeable consideration.

Retirement can be a very special time of life and is potentially a very gratifying one. Improper planning, however, can result in catastrophic erosion of your assets. The Trust and Investment team is here to assist you.

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