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Retirement: Making the Most of the Opportunity

Secure Act

It’s never too late to learn about retirement and being aware of what resources are available to you!

Retirement marks a significant life transition, offering the opportunity to enjoy newfound freedom and pursue passions that may have been put on hold during your working years. Navigating retirement involves more than just embracing a fulfilling lifestyle. It is also a time that introduces new financial planning moments. Here are some key activities to consider as you embark on this exciting chapter:

Optimize Social Security Benefits:

  • Understand your Social Security options and how to maximize benefits based on your unique circumstances, such as claiming strategies and timing considerations.
    • Awareness of these options and their impact on your plan can influence the age at which you decide to retire.
  • Consider factors like spousal benefits and survivor benefits to ensure you make informed decisions that enhance your financial security throughout retirement.

You can partner with a financial professional and have them run an analysis to determine the best claiming strategy. They will be able to show you how claiming at each age fits into your overall plan.

Navigate Medicare Coverage

  • Familiarize yourself with the different parts of Medicare (Parts A, B, C, and D) and the coverage they provide for healthcare services, prescriptions, and preventive care.
  • Explore supplemental insurance options, such as Medigap policies or Medicare Advantage plans, to fill gaps in coverage and minimize out-of-pocket expenses.

While there are many resources available to help you understand Medicare, partnering with a Medicare professional can help you make the right choices, avoid penalties, and ensure proper coverage is in place for you and your family.

Manage Required Minimum Distributions (RMDs):

  • Stay informed about RMD rules and deadlines to avoid penalties and ensure compliance with IRS regulations.
  • Strategically plan RMD withdrawals to minimize tax liabilities and optimize the use of retirement assets for your financial goals and lifestyle needs.

Ultimately, it is your responsibility to withdraw RMDs for the year. Financial advisors and CPAs can often play a crucial role in helping you understand RMD requirements, calculate the correct distribution amounts, and ensure compliance with IRS regulations.

Staying Active, Engaged, and Connected:

Conclusion: Retirement is full of opportunity. With some upfront planning, you can ensure you are well-positioned to leverage resources like Social Security, Medicare, and RMDs to make the most of it.

About Strategic

Founded in 1979, Strategic is a leading investment and wealth management firm managing and advising on client assets of over $2 billion.