Retirement Planning

At Diversified Investment Strategies, we believe retirement planning has two key phases:

1. Pre-Retirement Planning

This phase is all about preparation. Together, we’ll explore questions like:

• At what age do you want to retire?
• What does your ideal retirement look like?

We’ll define a detailed vision of your retirement, from where you’ll live to what activities you’ll pursue. A clear picture helps us calculate the income you’ll need, accounting for essential expenses like:

• Day-to-day living costs
• Healthcare and long-term care needs
• Major purchases or travel plans
• Legacy goals for children or charitable giving

Next, we’ll evaluate your current savings and investments, including retirement accounts, IRAs, and other assets. By analyzing your existing resources, we can determine how achievable your goals are and recommend strategies to bridge any gaps.

2. Retirement Transition and Beyond

As you approach retirement, we shift the focus to optimizing your financial resources. This includes:

• Working toward Maximizing Retirement Income: We help you determine effective ways to convert your retirement funds into a sustainable income stream.
• Social Security Planning: Deciding when to take Social Security can significantly impact your benefits. We’ll evaluate your options and recommend the timing that best aligns with your overall strategy.
• Tax-Efficient Withdrawals: Smart withdrawal strategies from retirement accounts like 401(k)s, IRAs, and Roth IRAs can minimize taxes and extend the life of your savings.

We are committed to your success. Our client-first approach focuses on your unique needs, offering customized strategies designed to help you pursue your financial goals and enjoy a prosperous retirement. By implementing strategies with a goal of balancing risk and reward, we strive to maximize your financial security while preserving what matters most to you.

When should I start retirement planning?
It’s never too early—or too late—to start! The sooner you begin, the more time your investments have to grow. If you’re closer to retirement, we can focus on strategies to optimize your resources and pursue your goals.

What is the best way to create retirement income?
The best approach depends on your situation. We’ll explore options like structured withdrawals, annuities, and Social Security in an effort to create a reliable income stream tailored to your lifestyle.

How do I know when to take Social Security?
Timing depends on factors like your age, health, and financial goals. We’ll analyze your options to determine the most beneficial time for you to claim.

Can I reduce taxes on my retirement income?
Yes! Strategies like Roth IRA conversions*, tax-efficient withdrawals, and charitable giving can help reduce your tax liability. We’ll design a plan that works for you.

*Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.