Retirement Income Planning
5 steps to consider taking to create a diversified income plan:
- Identify your personal and financial goals.
- Complete a retirement income plan to help determine if you'll have enough money to last throughout retirement.
- Figure out when to take Social Security; how much of your investment portfolio you want to allocate to an emergency fund, income preservation, and growth potential; and who will manage your investment portfolio.
- Implement your plan with an appropriate mix of income-producing investments to balance your financial needs, goals, risk tolerance and investment priorities in retirement.
- Set up regular reviews with a financial professional to make sure your investment plan is on track to pursue your lifestyle and income needs.
Additional Special Services that can be included
- Executive Benefits
- Plan Conversion
- Merger and Acquisition Assistance
- Compliance Correction
- Coordination with Other Consultants
- Provide analysis for suitable social security timing and filing.
What is a Back Door Roth IRA?
The back-door IRA is sometimes also likened to a contribute and convert strategy. In essence, for high income earners who make too much earned income to contribute to a Roth IRA outright, there’s always the option to invest in a traditional IRA. Anyone can do that as long as you have earned income. The question is whether the contribution would be deductible or not. With this back-door Roth feature, you contribute to a traditional IRA and then shortly thereafter, convert it to a Roth. It's a two-step process to get to a Roth where you wouldn’t be able to it directly because your earned income is too high.