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Do current financial uncertainties, like not having a pension, have you concerned about retirement?  If so, your not alone.  In fact, "Only 13% of Americans with at least $1 million in investable assets feel wealthy...the fear of running out of money in retirement and reliance on their own savings -rather than Social Security and employer funded Pensions - make it harder for even well positioned Americans to feel financially wealthy..." - USA Today

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Hello there

Think about tax planning during retirement

You’ve worked your entire life saving into retirement accounts for when you retire. Many of these accounts may be employer-sponsored plans, such as a 401k, 403b, 457, etc. During your working years, putting money into these accounts helps you to save money on taxes. However, as you get closer to retirement and decide to start pulling money from these accounts, have you thought about a plan to take this money out in the most tax efficient manner?

It is important to have a smart tax plan so when you go to start drawing income from this money, you can minimize your tax liability. Unfortunately, many retirees do not take into consideration a tax plan. Here are a few facts to consider as you get closer to drawing income from these plans:
Every dollar you withdraw is taxed at your highest tax rate
Each distribution can potentially put you into a higher tax bracket
Every dollar you withdraw often makes more of your Social Security income taxable (double taxation)
Every tax increase IMMEDIATELY reduces the value of your account
It is the highest taxed asset you can leave to your surviving spouse
It is the only asset that forces you to withdraw money, even if you do not want to!

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