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Individual Retirement Planning

Why do I need a retirement plan?

Why do I need a retirement plan?

Retirement planning can be as simple or as complicated as you want to make it, but in order to get the most out of your retirement and achieve the goals you want to achieve, be that building a legacy for the next generation or maximizing after-tax spending during your own retirement, it’s imperative to dig a little deeper.

Starting with the staples of Social Security and Medicare and deciding when and how to claim, whether to go down the path of Original Medicare or Medicare Advantage, and deciding how to address health care costs if you retire prior to Medicare eligibility are all important. That, however, just scratches the surface. How do HSAs factor into the aforementioned decisions? Monte Carlo in financial planning is now relatively common place, but how is it used and what does it mean? After you’ve discussed healthcare and income sources, how will you manage your portfolio and what are the tradeoffs? If you have the option, should you take a pension or a lump sum? Once you begin withdrawing money from your accounts, do you know what order and in what combination you should do so? How does your total income in retirement potentially affect Medicare premiums (did you even know that it did)? If you have RMDs that exceed your income needs and are either charitably inclined or want to build a legacy that lasts well beyond your life, have you considered QCDs or Roth Conversions?

Ultimately, the execution of your retirement strategy should be made simpler and easier with the help of a competent financial advisor, so choosing someone qualified and fits what you’re looking for is an important part of the process.

If you want the best financial plan for YOU, then keep digging until you know the answers to the above questions and any more that are of interest to you before you make the leap. You worked a lot of years to get to this point, a little extra effort to get over the finish line will be worth it.

If you’d like to see how we help people pursue their goals, grab a time below and let’s talk. A meeting will cost you nothing but your time. If you want to know a little more about our group, check out 37wealth.com .


Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

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