What would be the impact to our retirement income, net worth, and financial legacy if:


  • We change our retirement dates – (Either to sooner or later than anticipated?)


  • We delay taking Social Security to full retirement date or age 70 – (What is the breakeven point, meaning, how long do we need to live to make waiting worthwhile?)


  • We complete a Roth conversion – (When should we begin, how long should we take and how much should we transfer each year, what will it save us long term in taxes and would it make financial sense to do it?)


  • We self-insure as compared to purchasing insurance for a long-term care event?


  • My spouse or I would pass away earlier than expected? (What is the financial impact from the death of a spouse and how can we safeguard the future income for the surviving spouse?)


  • We have significant inflation for a number of years – (What will that do to our purchasing power in the future?)


  • We buy a second home – (Lake, mountain, beach?)


  • We pay off our mortgage early?


  • We want to pay for the higher education costs for any children or grandchildren?


  • We reallocate some of our assets to purchase an income annuity to fill in any gap we may have in guaranteed income, which is designed to cover our spending for basic essentials – (Bond Ladder, MYGA, SPIA, DIA, Income Rider, QLAC?)


  • We want to leave a financial legacy to our children and grandchildren – (How much could we leave and still enjoy our lifestyle throughout retirement?)


  • We take out a HECM Loan – (A Reverse Mortgage?)


  • We don’t need the income from our RMD’s – (What options should we consider for this income that would have a positive affect on our financial situation and legacy?)


  • We want to pay for a wedding(s) in the future?


  • We want to do significant traveling during our early years of retirement (the Go-Go years) – (How much can we afford each year?)


  • We meet the AGI and modified AGI income thresholds (Triggering the IRMAA premium tax for Medicare and the 3.8% net investment income tax - How can we avoid these additional taxes?)


  • We want to receive the enjoyment of giving more to charity while we are alive, without negatively affecting the financial legacy to our family – (Reduce income taxes with a CGA, CRT, CLT, PIF, LEA, WRT, QDC (generates tax-free withdrawals from an IRA) or a number of other advanced charitable strategies that can have a positive effect on the overall financial position?)  


  • We want to consider taking some steps that will generate more tax-free income in retirement, as we are confident that tax rates will go up in the future – (Taxes are currently at a low point in history, the Sunset Provision will take place in 2026 raising rates to the rates in existence before the 2017 Tax Cuts and Jobs Act, (Hint – You won’t like it)                                                                                                                                                                                                                     In addition, our rising national debt and unfunded liabilities for Medicare, Medicaid and Social Security are unsustainable due to a dramatic reduction in the workforce paying into the system to fund these benefits?)

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