Retirement Planning

Retirement Planning

Planning for retirement is a balancing act. You work hard for your money, and of course you want to enjoy the luxuries your wealth enables you to have. At the same time, you don’t want to suddenly find yourself at retirement age without the means to enjoy your later years in the lifestyle you’ve become accustomed to. Retirement Planning is the key to a well planned future.

The better you plan for retirement — and the sooner you start thinking about it — the more relaxed and worry-free your retirement years will be. Miller & Company LLP, NY Certified Public Accountants, a best rated NYC CPA firm.

Since you don’t know what the future may bring, you have to plan for your retirement, and then you have to work that plan to make it real. Think of your retirement as another hungry mouth to feed. Give it enough to eat, and it’ll grow up to take care of you when you finally step down from your working life.

Woes of Net Worth

Because your standard of living is elevated, so are your expenses. Wealth is accompanied by fiscal burdens and greater financial responsibilities. You need to take the time now to plan for future eventualities. You owe it to yourself to ensure your comfort. You owe it to your loved ones to establish your legacy.

Because you’re reasonably well off, most people mistakenly assume that your retirement is in the (golf) bag. Remember that wealth can be fleeting. You still have to put money aside for that rainy day when you lose the desire to work for a living. People, including some of your peers perhaps, confuse current comfort with future stability. The money you enjoy today isn’t guaranteed to last indefinitely. With the guidance of a talented NYC tax accountant, you can increase your odds.

Rainy Days in the Forecast

While saving for retirement is mandatory, it doesn’t have to be stressful or intimidating. With the careful guidance and retirement planning of informed professionals, the task doesn’t have to be daunting. Advanced tax planning strategy, for example, can help you evaluate your situation as a whole and troubleshoot potential issues before they become major stumbling blocks.

The CPAs at Miller & Company with offices in NYC and Queens embrace a big picture mentality when discussing your retirement. By taking a holistic approach to your retirement plan, your personal top CPA can get your income working for you and pointing in the same direction as your current budget. The right plan has to fit your goals for retirement and your lifestyle today.

More Than Meets the Eye

You may not realize what a multifaceted issue retirement can be. With proactive tax planning and small business consulting services, it doesn’t have to become a problem. It’s all about being prepared and keeping on top of the changing financial environment year by year. For example, when considering where you may want to retire, you should know which 13 states tax Social Security income. It’s just one of hundreds of complexities of retirement planning.

While it won’t occur until some point in the future, your retirement isn’t the place to take risks. Self-directing your retirement strategy is your choice, but receiving guidance from a third-party financial professional is a wise decision when so many factors need to be considered. For example:

• At what age do you ideally want to retire? How old you are now in relation to that date is a good place to start when laying the groundwork for your retirement plan. Allotting yourself more time to work may not always be feasible. Your current age — and whether you’ve already started saving — influences the types of investments you should be making for your retirement.
• How much must you spend? Your spending requirements are a slippery slope because they have to cover not only your living expenses, but also lifestyle choices, travel, medical costs and cushions against unforeseen circumstances and financial downturns. It’s also necessary to calculate the living costs associated with assisted living or other housing arrangements.
• How early did you start your retirement portfolio? The earlier you start building your portfolio, the less you have to hang your hopes on excessive or unrealistic rates of return on your investments. The type of retirement account you hold affects how your investment returns are taxed. Figure your rate of return on an after-tax basis. Also, determine what your tax status will be when you intend to begin withdrawing funds. If death and taxes are the two certainties of life, then retirement is one of the grey areas that stands between them.
• What are your mandatory needs? How much risk can you tolerate in your retirement portfolio? When you’re younger, more risk is acceptable, but as you age, you want to make sure your money is there when you need it. Distinguish between necessity and luxury when setting minimums. Talk to your family, as well as your financial advisor. Based upon your decisions, your New York CPA works with you to allocate your portfolio to balance risk aversion and return objectives.
• What about your legacy? You worked hard to get to where you are in life. Proper estate planning can ensure that your assets and possessions are distributed in accordance with your wishes. It can also prevent your loved ones from having to compound their loss with financial hardship.

The process of retirement planning in NYC is dynamic, subject to changing markets and unique to your needs and desires. There are more factors involved than simply saving money while you work and making it last after you retire. Competent and wise planning can keep your money working for you and your family.

Goodbye Golden Era

The days of gold watches and pensions have given way to a new style of retirement — one that’s based primarily on self-sufficiency. It’s OK; you got this. A comfortable retirement is no longer guaranteed. Don’t worry; you’ve got that too. This fast paced, made-or-break society has progressed to the point where your retirement is solely your own responsibility. You have the resources to make your retirement what you want it to be. Just don’t put it off.

You don’t have to figure it out by yourself. The seasoned professionals, best rated CPA in New York at Miller & Company have the skills and knowledge necessary to assist you with what can easily seem a daunting task. Don’t allow retirement to creep up on you unaware. The process is manageable. Set up a solid retirement plan today, because each minute spent planning your future will pay dividends down the road.

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