February 21, 2020

What Tax Free Retirement Strategies are Available That You Can Use?

Everyone’s Situation Is Different

What strategies are available that you can use?

It depends on the overall situation, but working with a team of experts (Financial Planners, CPAs, Actuaries, Wealth Managers, and Estate Planning Attorneys) can help you create a customized strategy for your retirement.

“Everyone’s situation is unique to them (unlike a typical retirement account) and you very likely have not approached your retirement planning in a way that’s catered to your needs.” suggests retirement income planning consultant, Jeff Mohlman.

Be Strategic

You may have a variety of options for tax-aware retirement planning but your strategy will take into account your personal financial situation like:

  • Student loan repayments
  • Annual disbursements
  • Roth IRA conversion options

It may also include advice on how much you “should” be contributing to your 401k plan (or similar plan) at work.

Making sure you’re knowledgeable about your retirement options, helps you to make better-informed decisions about your future financial and retirement goals.

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Your Personal Retirement Planning Strategy

Your personal retirement planning strategy will analyze how much liquidity you think you will need. Based on where you are today and where you need to get to, we will get a better idea of what it really means for you to be ready for retirement.

According to a recent study from The Federal Reserve’s Survey of Consumer Finances, the Median savings account for American’s aged 65-74 is $126,000!

That’s it.

American’s aged 45-55 averaged $82,600 and American’s aged 55-64 have a Median savings of $120,000.

The numbers don’t lie.

Take a person who is between 50-55 who wants to retire at age 65. They believe they have done a good job of planning for their retirement.

Once they start to learn and understand the potential future of taxation for themselves, they begin to NOW KNOW that their current and past retirement strategies have positioned them with too much OPTIONAL tax.

If they continue to seek solutions while they have time on their side, they will learn that there are better options available. Qualifying for them can help them get the LEVERAGE that they need so they are ‘not on their own’ to get to age 65 with enough money to retire, and stay retired.

Part of your strategy could include:

1) Decreasing the amount you need to save by reducing the amount of current cash flow that you have to commit to savings.

2) Reducing risk overall.

3) Providing you and your family with protection along the way if you find yourself unable to work due to certain health conditions.

We’ll Take You Through Planning For Your Retirement One Step at a Time

Our process is about moving forward one step at a time.

The first step is to learn about you:

  • Where you see taxes going in the future.
  • What your debt and living expenses are.
  • What planning you have currently done.
  • What is important about this planning to you.

This first step is the most significant step and the results from this step set the tone for how accurate your strategy is and what strategies we can use. We understand retirement planning can seem overwhelming, and we’re here to help. Contact us today to get on the right path to your financial future.

photo of Jeff Mohlman

By Jeff Mohlman

Jeffrey has developed a comprehensive network of financial planning and estate planning experts who work for their client’s short-term and long-term goals. Today, the approach he incorporates for his clients follows three basic tenets: 1) being debt-free, 2) maximizing after-tax retirement income, and 3) protecting their estate from unforeseen risks.