Evaluating Retirement Spending
A leading financial advisor in central Pennsylvania, Richard Braverman helps his clients plan for their futures. In addition to working with businesses, Richard Braverman works with individuals at all stages of their lives, including those who have already entered retirement.
Many people think that retirement planning ends when they leave the workforce. However, retired individuals should not stop planning and developing strategies designed to meet their needs. Retired individuals may face changing health issues, family circumstances, and other types of situations that can create the need to take another look at how retirement funds are used.
Likewise, retired individuals should not be mindful of only the amount of savings they have available. They should also look at how they spend those savings. By withdrawing from certain accounts too early, for instance, individuals may be missing out on tax benefits they could have accrued had they not touched the accounts. In other situations, retired individuals may face unnecessarily high taxes due to poorly planned account withdrawals.
These problems are not uncommon. In fact, a great many retirees are unsure which savings they should use first. Therefore, it’s often best to consult with a professional to be sure that one’s retirement spending plan is the best it can be.