Preparing for retirement is a big transition for anyone. Not only is it a big lifestyle change to no longer work regularly after four or five decades of doing so, but retirement also brings financial changes, no matter how prepared you may be. The best way to feel more prepared is to seek out retirement planning advice in Minneapolis, MN. Here are some important strategies you can work into your retirement plan.
Get a Better Understanding of Your Situation
One of the most important services that financial planners offer before retirement is providing people with a better understanding of their situation. Professional financial advice can look at your current finances, expected retirement income, lifestyle and projected expenses, as well as inflation in your “age bands,” projected healthcare expenses, IRA payments, and more.
Such a comprehensive overview can help you make more informed retirement decisions.
Tax and IRA Distribution Planning
One important piece of retirement planning advice in Minneapolis, MN that you can get is how to manage your tax burden. Some people fail to consider that they will have to pay taxes even after they retire and no longer formally receive an income, which affects their retirement plans.
A professional financial planner can help you plan your taxes and include that plan in your retirement planning. It’s also important to manage your IRA distributions or withdrawals from your retirement plan, as there are legally mandated minimum withdrawals. Professional financial advice can help you manage the legal and financial regulations set up around your plans while striving to maintain the best quality of life.
