Our standard investment withdrawal planning project includes the following items.
- Review current financial standing (net worth, income, spending, assets, liabilities).
- Use financial planning software to confirm projection of retirement success.
- Determine maximum safe annual spending level in retirement.
- Review and reallocate all investment accounts into a coordinated, diversified portfolio with an appropriate risk level while taking fees, tax consequences, ease of self-managing portfolio, and future withdrawals into consideration.
- Look for opportunities to consolidate the number of accounts and simplify your investment holdings.
- Determine the most tax-efficient withdrawal strategy including account order and optimal Roth conversion level and timing.
- Create a prioritized list of which accounts and positions to convert to Roth and take needed withdrawals from.
- Incorporate optimal Social Security claiming strategy into withdrawal plan.
- Develop portfolio rebalancing plan for ongoing management which maximizes longevity.
- Analyze best use of life insurance policies.
- Review the pros and cons of purchasing an immediate annuity.
- Compare buying long term care insurance versus self-funding future LTC needs.
- Investigate strategies to maximize after-tax inheritance to children.
- Write a report of findings, recommendations, and reasoning behind the recommendations.
- Meeting time to discuss the report, topics of concern, and answer questions.
- Answer follow-up questions on covered topics by email or phone call for 60 days.
More complex financial plans include additional items such as rental real estate, pension claiming choices, annuity decisions, additional scenarios, and others.
Implementation of investment changes and other recommendations made in the report are the client’s responsibility.