4 Principles of Retirement Planning

Comprehensive Tax and retirement planning should be combined to provide a sound retirement. A complete tax and retirement plan is required to nurture wealth building in one’s own estate while minimizing the overall tax burden for all beneficiaries. Thus, Tax and Retirement Planning contributes to all of the following: 

1. The Creation of Wealth

2. The Preservation of Wealth

3. The Conservation of the Estate upon death, or even beyond death

The goals of the Tax and Retirement Planning are encompassed by FOUR PRINCIPLES: 

1. MEET YOUR OWN NEEDS FIRST:

Sometimes we get so focused on leaving wealth behind to our loved ones, we forget about our own needs. Our commitment is to ensure your needs are taken care of first. Creating an income stream you can’t outlive is key to enjoying the lifestyle you want in retirement.  

2. JUDGEMENT PROOF YOUR ESTATE AS MUCH AS POSSIBLE:

There are ways to accomplish this by using financial products that have Federal and State Creditor Protection. This creditor protection is usually not accounted for by bankers, brokers or insurance agents, however, your retirement and estate plan could be at risk. We will review your options when it comes to judgment proofing your retirement estate.  Having a Will and Trust as part of your Estate will create additional protection.

3. PROTECT YOUR ESTATE FROM TAXES AND OTHER EXPENSES:

Income taxes, capital gains tax, estate taxes, and unnecessary penalties to you and your heirs can weaken an otherwise good plan. We will work together so that you are doing the most you can to protect yourself and your heirs from the erosion of taxes, fees and penalties.  Our goal is to create a combination of tax-free and tax efficient strategies to minimize your taxes and other expenses.

4. ORGANIZE AND DISTRIBUTE YOUR ASSETS IN AN ORDERLY FASHION:

It doesn’t make sense to accumulate your assets for a lifetime and when you pass away leave a hardship for your heirs to sort through. We will discuss options available to you to SIMPLIFY the distribution of your estate according to your wishes.

You can have this planning done with the help of professionals. 

Contact Palm Beach Tax Group and we can do all your retirement planning for you. 

Even if you just want some assistance doing your retirement planning you can contact Palm Beach Tax Group today by submitting your info below and you will get a 1-hour consultation or an evaluation of your retirement plan.

Let our 47 years of experience help you with more than just taxes!

Disclaimer: Blogs and articles by Palm Beach Tax Group are for educational purposes only and to give you a general understanding of the law, not to provide legal or tax advice or be used as a substitute for competent tax and financial assistance from a licensed, professional in your state or jurisdiction.

Use all blogs and articles at your own risk. The information presented may not reflect the most current legal developments or tax laws. These materials may be changed, improved, or updated without notice. Palm Beach Tax group is not responsible for errors or omissions in the content of this site or for damages arising from the use or performance of this site under any circumstances.