Planning for Future Tax Changes: Why Now May Be the Right Time to Act
As the current tax laws change, many retirees and those approaching retirement are reevaluating their long-term strategies. Tax rates are projected to rise for many households, and now may be an opportune moment to explore how today’s tax landscape could influence future decisions. Planning for future tax changes is not about predicting every detail. It’s about understanding the potential impact and taking thoughtful steps now to manage that risk later. A proactive approach can help support greater flexibility in retirement and potentially reduce tax burdens over time.
Planning for Long-Term Care Without Derailing Your Retirement
As life expectancy increases, long-term care has become an important consideration for many retirees and pre-retirees. While most people hope to stay healthy and independent, planning for long-term care is a practical step toward your future—without disrupting the retirement lifestyle you’ve worked hard to build. Long-term care refers to services that support people with chronic illnesses, disabilities, or cognitive challenges. This type of care may include help with daily tasks like bathing, dressing, or meal preparation, and it can be provided at home, in assisted living, or in nursing facilities. For families focused on retirement planning, the concern is […]
Coordinating Social Security in Retirement with Other Income Sources
Retirement income rarely comes from just one source. Instead, it’s a combination of Social Security, retirement savings, pensions, and sometimes part-time work or rental income. To build a reliable and tax-conscious strategy, it’s important to think about how these sources work together—not just how much you have. Coordinating Social Security in retirement with other income sources can help you avoid common pitfalls such as unexpected tax burdens, unnecessary withdrawals, or uneven cash flow. With thoughtful planning, you can design an income strategy that aligns with your priorities.
The Role of Roth Conversions in a Long-Term Tax Plan
For many retirees and pre-retirees, tax planning is just as important as investment planning. One powerful, but often overlooked, strategy is the use of Roth conversions to potentially help reduce future tax exposure and create greater flexibility in retirement. Roth conversions in a long-term tax plan involve transferring money from a tax-deferred account, like a traditional IRA or 401(k), into a Roth IRA. You pay ordinary income tax on the converted amount now, but once inside the Roth, the money grows tax-free—and qualified withdrawals in retirement are also tax-free. The decision to convert is rarely black and white. But […]
How to Structure Retirement Withdrawals for Long-Term Financial Preparedness
Transitioning into retirement brings one of the biggest financial shifts of your life: turning the savings you’ve built into income you can live on. Without a steady paycheck, it’s important to structure retirement withdrawals in a way that supports your lifestyle and helps your savings last. There’s no single formula that works for everyone. Instead, a personalized withdrawal strategy can help you draw income from different sources in a thoughtful and intentional way.
Wondering When to Claim Social Security? Factors to Consider First
If you’re approaching retirement age, you’ve likely thought about when to claim Social Security. It’s one of the most important decisions you’ll make—and the right answer depends on more than just your age. Understanding when to claim Social Security requires looking at your full financial picture, including your health, income needs, family situation, and retirement goals. Taking the time to explore your options now can help you align this benefit with the lifestyle you envision.
Aim to Create a Stable Retirement Income Strategy Without Overspending
As you transition from saving for retirement to living in it, one of the biggest questions becomes how to generate income that supports your lifestyle without draining your savings too quickly. A stable retirement income strategy can help you stay on track—balancing your spending needs with long-term sustainability. While every plan looks different, creating a thoughtful income strategy allows you to navigate retirement with clarity and intention.
Aligning Your Financial Plan with Your Life Priorities in Retirement
Retirement isn’t just a financial milestone—it’s a new chapter that gives you the chance to shape your time and choices around what matters most. That’s why it’s important to align your financial plan with life priorities, rather than centering it only on numbers or industry benchmarks. Whether your goals include travel, family time, volunteering, or simplifying your lifestyle, a thoughtful and personal approach to planning can help you live in alignment with your values throughout retirement.
How to Define Your Retirement Goals for the Future You Truly Want
When you think about retirement, what comes to mind? For some, it’s more time with family. For others, it’s travel, community involvement, or simply slowing down after a busy career. Whatever your vision, one thing is clear—there’s no one-size-fits-all definition of retirement. To create a plan that reflects your unique priorities, it’s important to define your retirement goals with clarity and intention.
Understanding Risk Tolerance: Aligning Your Investments with Your Financial Goals
Every investor has a unique approach to financial decision-making. Some are comfortable with market fluctuations, while others prioritize stability over growth potential. Understanding risk tolerance in investment planning is a key factor in building a portfolio that aligns with financial goals, time horizon, and personal comfort level with risk. At B.A. Schrock Financial Group, we help clients assess their risk tolerance and develop investment strategies designed to reflect their individual preferences and objectives. By understanding risk tolerance, investors can make informed decisions about asset allocation, diversification, and long-term financial planning.