This blog may be the shortest one yet but full of practical steps you may want to consider as part of designing your desired retirement lifestyle.
Take Control of Your Income While You Can
Once required withdrawals begin, the timing and amount may no longer be flexible.
Withdrawals from retirement accounts are treated as income. This may affect your taxes, your Social Security, and even your Medicare premiums.
What you can do now:
- Review where your income will come from each year. Drawing a timeline may help you visualize.
- Look at how withdrawals may impact your tax bracket
- Spread income over several years instead of taking it all at once
A little planning here can help you avoid unnecessary surprises later.
Consider Shifting Some Savings While You Still Have Flexibility
Practical steps:
- Explore whether Roth conversions make sense for you
- Keep conversions within a comfortable tax range
- Align this with your overall income plan
Take an hour this month to review where you stand.
Look at your accounts. Ask a few questions. Start a conversation with someone you trust.
This period is about making intentional choices that will support you in the years ahead.
Let's chat! ~ Marilyn