Month: May 2024
Coordinating your financial strategy can help save money in retirement
Workers are not new to the idea of saving as much money as possible for retirement. However, there is less conversation about spending the money they’ve worked hard to save, and that shift can cause stress in any retiree's life. Major worries among retirees include not being able to spend as much as before retirement, not being able to leave money to beneficiaries, facing unknown healthcare expenses, and outliving their money. If you don’t have a strategy in place to help pay for these expenses, you could end up making a mistake that will cost you more in the long run. For instance, we talked to a client who wanted to add an addition to her home. Her original plan was to take the money from her IRA to pay for it, which would have been close to $150,000 before tax. If she proceeded with that, she would have increased her tax bracket, increased taxes on her social security, and increased her Medicare premiums. For example, her Medicare premiums alone would have increased by over $5,000/year. However, because we were able to coordinate her strategy with our in-house tax team, we were able to suggest a better alternative strategy and engineer a solution that fit her specific needs. We took about one-third of the money from her IRA, which kept her tax bracket and premiums the same. Then, we worked with her to get a home equity line of credit or HELOC. Finally, we were able to use dividends from her portfolio– which
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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