Plan of Record
Roger Whitney
Why is it important to have a plan of record?
There is so much to consider in retirement planning--asset allocations, withdrawal rates, Roth conversions, IRMAA, taxes, not to mention who your friends will be and what you’re going to do all day.
With all of these considerations, it is easy to become overwhelmed by the choices if you don’t have an organized way to make decisions.
Without a clear direction, your decision-making process could have you bouncing around like crazy.
Have a feasible, resilient plan in place before trying to optimize
Retirement tax planning is the best way to optimize your retirement plan
In retirement, you have more control over your taxes than at any other time in your life. This means that instead of planning your taxes from year to year, you now have the capability to plan for lifetime tax savings. Retirement tax management is not about avoiding taxes, instead, it's about timing your taxes
Timing your Social Security benefit is another way to optimize your retirement plan
Establish a retirement plan of record