In retirement, you will no longer be in the workforce with a regular paycheck coming in. Instead, you will need to find ways to generate lasting income and withdraw money from your retirement savings in a manner which is both tax-advantaged, and won’t cause your nest egg to empty out too soon. Where will your retirement money come from? If you’re like most people, qualified retirement plans, Social Security, personal savings, and investments will all play a role. Retirement income planning is one of our specialties. At Capitol Income Consultants, we help you explore ways to cover your essential retirement expenses with guaranteed income sources that are not affected by stock market downturns so that the remainder of your portfolio can still be focused on growth in alignment with your risk tolerance and objectives. Let’s talk.

Having a taxable account like a traditional 401(k) is not a retirement plan. Depending on your tax bracket, you could have from 20 – 30% less money than you think because you will owe ordinary income taxes on the entire balance. And keep in mind that you will have to proactively withdraw a specific percentage of money annually beginning at age 73, with all IRS rules followed, including timing, which is by midnight on December 31 each year, not April 15 Tax Day. In conjunction with your CPA and tax professionals, we can help you analyze whether or not Roth conversions might help you mitigate taxes for the long-term. Roth conversions essentially convert taxable money into already-taxed money, so taxes are due upon conversion but not later as long as accounts have been in place for five years. Roth accounts are not subject to RMDs and your heirs will inherit them tax-free, which are other big considerations. Let’s talk about taxes in retirement and make a plan well in advance of your retirement day!

Effective estate planning enables you to manage your affairs during your lifetime and helps ensure your legacy is efficiently passed on to the ones you love. With an estate plan, you can also outline your healthcare wishes and ensure that they’re carried out, even if you are unable to communicate. You can also designate someone to manage your financial affairs should you be unable to do so. We work alongside estate attorneys to implement tax-advantaged financial strategies to help people with simple estates, as well as providing advanced strategies for those with complex estates involving trusts and life insurance.  

Sometimes called “risk management,” life insurance policies can shift financial risk away from you and your family and over to insurance companies. In fact, life insurance has been around for hundreds of years, but new types of policies have been developed in the last three decades to address additional financial needs. Life insurance is something nearly everyone is familiar with because it’s often used by families to provide them with money, usually probate and tax-free, upon the family breadwinner’s passing. But other newer types of permanent life policies can provide other features, such as hybrid life with optional long-term care funds if you develop the need for nursing care at home or in a facility. Life insurance can also be used by business owners as part of their succession or buy-out planning. Let’s talk about the types of risks you may face and what your options are. We offer hundreds of types of policies from dozens of insurance carriers. 

Through Blue Water Asset Management and Silver Oak Securities, we offer a full range of assets under management services, including portfolio management, wealth management, and investing. We focus on protection and wealth preservation in retirement, as well as growth strategies for the portion of your portfolio not needed for immediate retirement income. Your best interests are always placed first with us, and we are proud to have close personal relationships with our clients that span decades. Let’s talk about your situation and your family’s goals.

As a business owner, entrepreneur, or organizational leader, you have even more tax-advantaged opportunities to plan for your own retirement and provide benefits to attract and retain employees at the same time. From setting up a 401(k), SIMPLE IRA, or other type of qualified retirement plan, to ongoing plan management, to helping executive and employee participants understand your plan, Capitol Income Consultants can help. Call us or send us a message and let’s discuss your goals.