Plan for your retirement with Blue Eagle Wealth Management.

+ I’m too young to think about retirement – why should I save?

One of the biggest myths about saving is that you only need to save for retirement. There are plenty of things to save for – from dream vacations to a first home. A solid savings strategy can set you on the right path for lots of lifetime goals – including retirement.

+ I just inherited money from my parents’ estate. What should I do next?

Be patient. It takes time to sort out an estate and you may need the help of legal and tax professionals. Once you know what you’re inheriting, we should speak prior to you making any changes. In that initial discussion we can address cost basis of the assets you inherited, whether an account could have taxable consequences or not, and whether or not you are required to take a distribution from the inherited accounts. If you inherit property (such as real estate, cars, or collections), speaking to a professional can ensure you get the best value should you decide to sell it.

+ Can I retire before I’m full Social Security Retirement age?

Full Retirement age is the age when you first become entitled to non-reduced retirement benefits. Depending on when you were born, that age could range from 65 to 67. Some people can afford to retire before that time and others must work well beyond that time. Each situation is different – especially once you factor in the cost of healthcare. The best answer is to meet with me and we can look at your specific situation.

Source: https://www.ssa.gov/planners/retire/retirechart.html

+ Is there a way to invest my money for better returns without the fear of the ups and downs of the stock market?

There are many investment options available, but it is important they are right for you in many ways. Obviously earning more interest or growing your account balance is ideal, but at what risk? When you meet with me, we will go over other important factors such as:

• When will you need access to the funds?
• Are you willing to invest in strategies that may not carry NCUA insurance?
• What return or rate are you looking to achieve?

Together, we can determine which strategy is right for the money you have to save or invest.

+ I am retiring and need to make a decision about my pension and retirement plan. How do I know which option is best?

Most qualified retirement plans come with the option to keep the money invested without withdrawing any, to begin taking withdrawals at regular intervals (monthly, annually, etc.), to transfer the funds to an Individual Retirement Account (IRA), or to take a lump sum and withdraw all the funds at once. If you took out a loan against your retirement plan, that must be addressed before any other decisions can be made. Each option has its pros and cons depending on your situation. By meeting with me to review the options available to you, we can typically narrow it down to help you with your decision.

For pension plans: you may need to make several choices about whether to draw the funds for only your lifetime or to allow your spouse to continue drawing a payment after you are deceased. Additionally, some plans allow for lump-sum withdrawals or rollovers to individual accounts. The options vary plan-to-plan, so please reach out to me and we can look at your company (or government agency’s) plan.

+ What happens when I turn 72? (or 70 ½ if you reach 70 ½ before January 1, 2020)

If you haven’t already started to take withdrawals from your IRA or Retirement Plan, you are often required to begin doing so in the year in which you turn 72 (or 70 ½ if you reach 70 ½ before January 1, 2020). Yes, there are a few exceptions, but for most, you must withdraw something. The Required Minimum Distribution (RMD) is calculated based on the account balance as of December 31st in the year PRIOR to you turning 72 (or 70 ½ if you reach 70 ½ before January 1, 2020). The most common way to calculate this is by using the IRS’s Uniform Lifetime Table. If you fail to begin taking your RMD on time, there can be tax penalties, so let me know if you need help calculating your RMD or determining when you need to start.

Source: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds