How Can I Have Guaranteed Fixed Income?
Retirement Income Strategies: Guaranteed and Dependable Income
Clients: Mickey (60) and Joe (58) are a married couple, both working, and each has a large investment portfolio from their respective employer 401k plans. Mickey has an adopted, adult son (Rafael) before getting married, but Joe has adopted that son as well. They started and operate a very successful and high-end furniture and design studio, and they would like to leave their business to Rafael.
Additional Questions: How We Helped the Client?
What is the 4% rule, and is it still relevant to Mickey and Joe?
How should they structure their withdrawal strategy?
Should they prioritize taxable, tax-deferred, or tax-free accounts?
How do they handle Required Minimum Distributions (RMDs)? A Roth Conversion?
What’s the role of annuities in retirement income planning?
Our Solution: We put together: (1) a detailed Statement of Cash Flows, (2) a Retirement Income report (SIPS), and a (3) tax strategy worksheet as part of their Estate Planning worksheet.