The decade of your 60’s, has possibly more financial decisions and life events than any other decade of your life. Further, what you do and the decisions you make leading up to your 60’s and throughout the 60’s decade, will determine how successful and grand the outcome of your life.

This blog is the first of a series of insights I’ve gained over the past 30 plus years as I’ve watched and helped hundreds of people transition from actively at work to an empowered retirement.

Here’s a quick list of the decisions, questions and events you may face:

  1. When will I retire?
  2. When can I retire
  3. Will I have enough money to last my lifetime?
  4. How early should I take Social Security?
  5. What is my best Social Security claiming strategy?
  6. What Pension choice should I elect?
  7. Understanding Medicare
  8. Should I remain on my employer medical plan if I continue to work?
  9. Preparing for Chronic Illness
  10. Remaining mentally sharp and physically strong
  11. Achieving your Legacy

I’m sure there are other items we can add to the list, but overall, there are three main areas that should have your attention:

  1. Tax Mitigation
  2. Planning for a Chronic Illness
  3. Your Legacy

For the remainder of this blog, I want to provide you with a brief overview of Tax Mitigation.

The Tax Control Triangle

You wouldn’t dream of building a house without an excellent foundation and the foundation to your successful retirement is investing in instruments that allow you to mitigate and possibly eliminate taxes.

As the title suggests, there are three broad areas in which investments fall:

Tax Favored, Tax Deferred and Non-Qualified.

The following image provides a visual of the investments in each section:

Generally, most people should save from left (1) to right (3) and spend right (3) to left (1). While each person’s situation is different, investing or transferring investments to Tax Favored or at least to Tax Deferred investments, usually has a beneficial effect on tax mitigation.

We can help you decide and show you the impact of each of these areas and how they work together. Please contact us to set up an appointment to discuss options.