Attaining confidence in your retirement plan can be an elusive pursuit, even once you achieve financial success. A study1 found that 58% of high-net-worth individuals accept they will have to keep working longer and 36% worry that they won’t be able to retire. “How much do I need to retire?” and “Will I ever have enough?” are central questions driving these concerns.
Beyond saving enough for retirement, you need to consider where your money will come from and how and when you’ll access it. It’s crucial to look ahead to the time when you won’t have a regular paycheck and develop a responsible and tax-efficient strategy to tap into your savings and other accounts. This can seem like an overwhelming task at first.
Extensive financial reserves require a diversified portfolio across multiple investment types, and there will be several financial vehicles to monitor. Philanthropic endeavors, trusts, and family businesses can further increase the complexity of managing your wealth. For example, if you’re a business owner, you may have doubts about how to sell what you’ve built and use the money to fund your retirement. Key considerations include how to time the sale and determine a fair valuation that aligns with your retirement needs.
These perceived obstacles can cloud your dreams of a gratifying and fulfilling retirement, but it doesn’t have to be that way. We can answer your planning questions and help take the burden and worry out of securing the future you envision.
No matter where you are in your retirement planning, together we can build a strategy that helps achieve your goals and boosts your confidence. We take a completely tailored approach that seeks to reduce financial anxiety and protect your wealth for the long haul. By removing uncertainties, you can embrace everything a rewarding retirement offers.
Your advisor is ready to help you with your unique situation. Meanwhile, here’s a summary of how to construct a retirement plan that helps make your money work for you.
Personal tax rates are probably going in one direction: Up.
How Much Do You Need To Retire?
On average, people say they need $2 million2 to retire and live a comfortable life. What does $2 million translate to in terms of annual retirement income? Assuming a 4% annual withdrawal rate, this would generate $80,000 per year,3 or $6,666 per month, subject to taxes.
Would that be enough for you? Or not nearly enough? It all depends on you—retirement is personal, and you should tailor your plan to your life, goals and aspirations. You may plan to retire with significantly more and have larger-scale ambitions for your wealth and legacy.
To set an appropriate goal, you need to consider your expected living costs and spending needs. You also need to budget for both routine medical bills and unforeseen medical costs. Health care will be one of your biggest expenses in retirement. One estimate suggests the average retired couple age 65 will need $315,0004 saved today to cover health care through retirement.
Your desired lifestyle and passions are also a big part of the picture, whether your plans involve travel, personal interests, supporting family or engaging in charitable endeavors. In addition, it’s important to account for inflation, tax obligations (particularly from diversified income streams) and potential market fluctuations affecting your investment portfolio.
Your retirement plan also needs to be flexible, changing as your life, tax laws and the economy do. It is a living document that must adapt. When managing substantial assets, an adjustable plan helps protect your wealth and keep taxes low. At our firm, we regularly review retirement plans for our clients to keep them on track. You should routinely revisit your plan and check in with your team of advisors when something in your life changes. This way, we can ensure your strategy is still optimized.
Identifying Retirement Income Sources and Accounts
Where will your retirement funds come from? Begin by identifying your sources of income and how much you expect each will contribute. Here are some common sources.
Cash savings and checking accounts
You want to have sufficient cash on hand in your retirement. That way, you can pay for everyday needs and any surprises without touching your investments or potentially having to sell them at a bad time. We recommend having enough cash to cover your living costs for 12 to 24 months, though your situation may call for more or less. The exact amount depends on your regular expenses and any other money you have coming in. You want to ensure you can live comfortably and that your investments can continue to generate compound interest.
Emergency fund
Separately, plan to have at least six months’ worth of living expenses in an emergency fund. You want to leave this untouched unless a genuine need arises, such as unexpected health care costs or urgent home repairs. This distinct fund acts as a safety net, protecting your regular cash flow and investments from unplanned disruptions and providing an additional layer of financial security during your retirement. Keeping this fund intact ensures that in times of need, you have a dedicated reserve to draw from, safeguarding your more strategic financial plans from unexpected detours.
Employer-sponsored retirement plans
Plans like 401(k)s and 403(b)s are the cornerstones of modern retirement strategies. The key is to contribute enough to maximize any employer match and take full advantage of tax-deferred growth. However, it’s important to think about how much money you’ll be taking out of these accounts and what the tax hit will be once you’re retired. For single filers earning more than $578,125 in 2023, this can mean paying federal income taxes5 as high as 37% on distributions. The tax rates are slightly lower for married couples filing jointly, but at 35% for incomes over $693,750, they’re still significant. State income taxes can make the total tax rate even higher in places like California (where the top marginal tax rate is 13.3%6) and New York7 (where it’s 10.9%).
Individual retirement accounts (IRAs)
Unlike 401(k)s, which typically limit investment options to a preset menu, IRAs offer more flexibility. They allow you to invest in individual stocks, bonds, mutual funds, exchange-traded funds (ETFs), real estate investment trusts (REITs) and more. This enables you to tailor your IRA to fit your preferred asset allocation and risk tolerance.
Traditional IRAs permit you to deduct your contributions now and defer taxes until withdrawal, but there are limitations based on your income. For 2023, the full deduction ends for single filers with a modified adjusted gross income (MAGI) of more than $73,000 (or more than $116,000 for married joint filers8) if you also have a work retirement plan. Single filers of any income level who don’t have a work retirement plan can claim the full deduction. Married couples of any income level filing jointly or separately can also claim the full deduction so long as neither spouse has a work retirement plan, but if one spouse does, a MAGI limit of $218,0009 applies.
Conversely, Roth IRAs require you to pay taxes on contributions now, but qualified withdrawals are tax-free. With prudent planning, IRAs can provide greater control over investments and optimize tax treatment.
| 2023 Contribution & Benefit Limits10 | 2024 Contribution & Benefit Limits11 | |
|---|---|---|
| Retirement savings | ||
| Annual Compensation Limits - 401(a)(17)/404(l) | $330,000 | $345,000 |
| Elective Deferrals 401(k)/403(b) - 402(g)(1) | $22,500 | $23,000 |
| Catch-up Contributions - 414(v)(2)(B)(i) | $7,500 | $7,500 |
| *457 Elective Deferrals - 457(e)(15) | $22,500 | $23,000 |
| Defined Contribution Limits - 415(c)(1)(A) | $66,000 | $69,000 |
| Annual Compensation Grandfathered Governmental Plans | $490,000 | $505,000 |
| IRAs | ||
| IRA Contribution Limit - 219(b)(5)(A) | $6,500 | $7,000 |
| IRA Catch-Up Contributions - 219(b)(5)(B) – for 50 and older | $1,000 | $1,000 |
| SEP | ||
| SEP Maximum Compensation - 408(k)(3)(C) | $330,000 | $345,000 |
| SIMPLE Plans | ||
| SIMPLE Maximum Contributions - 408(p)(2)(E) | $15,500 | $16,000 |
| SIMPLE Catch-up Contributions - 414(v)(2)(B)(i) | $3,500 | $3,500 |
Balancing traditional and Roth contributions
When should you contribute to a traditional IRA instead of a Roth, or vice versa? If you’re in the lowest tax brackets (0%, 12% or 15%), prioritize Roth contributions. Conversely, at the highest tax brackets (32%, 35% and 37%), focus on deferring income and contribute to traditional accounts that could help lower your taxable income.
The key is to balance the two strategies. This logic applies to Roth conversions as well. The goal is to have enough pretax money to benefit from deductions without accumulating excessive tax-free income. Using the two strategies wisely ensures you can optimize your tax approach throughout retirement. Having money in both types of accounts gives you flexibility.
Choosing between traditional and Roth accounts all comes down to a consideration of future tax rates. If you discover yourself in a low tax bracket because of retirement, job loss or a career transition, it’s time to maximize this potentially fleeting opportunity.
You should also factor in changes to legislation. For instance, because the Tax Cuts and Jobs Act is sunsetting at the end of 2025, marginal tax brackets are likely to rise. Now may be a great time to consider strategic Roth conversions at the current lower rates.
Health savings accounts (HSAs)
In retirement, an HSA can be a helpful tool for covering health care expenses12 without tapping into other savings. If you’ve contributed to an HSA during your working years, you can use those funds to pay for qualified medical costs like prescriptions, Medicare premiums and even long-term care insurance premiums.
Unlike other retirement accounts, HSAs offer a triple tax advantage: Contributions are tax deductible, the account grows tax-free, and withdrawals for qualified medical expenses are also tax-free.
HSAs also provide an often overlooked way to bolster your retirement savings. After age 65, you can use your HSA for nonmedical expenses without penalty,13 though you’ll need to pay income tax on those withdrawals. Strategically using your HSA funds can help manage health care costs and preserve your other retirement funds.
| HSA Contribution Limits14 | 2023 | 2024 |
|---|---|---|
| Individual | $3,850 | $4,150 |
| Family | $7,750 | $8,300 |
Pensions
If you have a pension, figuring out whether to take money in a lump sum or as regular payments will help you make the most of this benefit. Regular pension payments offer a steady, predictable income throughout retirement, which can allow for easier budgeting and the comfort of consistency. However, these payments might not adjust for inflation, which can erode your purchasing power over the years.
Conversely, opting for a lump sum allows for more control over investments, giving you the opportunity to further grow your wealth. However, receiving the funds altogether brings the risk of mismanagement and the funds running out prematurely. The choice boils down to your comfort with managing a large sum, risk tolerance and long-term financial preferences.
Brokerage accounts
Brokerage accounts offer avenues to diversify retirement income through a mix of traditional and alternative assets. A robust investment strategy balances allocation among stocks, bonds and cash and tailors the approach to your individual goals and risk tolerance. Modern portfolios can also benefit from incorporating alternative investments like private equity, which can give you stability outside of the public markets and another avenue for growth potential.
A few of the top considerations for using brokerage accounts to fund your retirement include:
- Withdrawal rate: Determine a safe percentage to pull out annually. Withdrawing too much too soon can risk depleting your funds prematurely.
- Tax bracket: Monitor how much you withdraw to avoid moving into a higher tax bracket. This can increase your tax liability.
- Capital gains: Be aware of long-term vs. short-term capital gains. In 2023, the long-term capital gains rate is 20% for individuals15 with taxable income of $492,300 or above ($553,850 or above for married joint filers). Short-term capital gains, incurred on assets held for a year or less, are the same as your ordinary income rate.
We meticulously tailor portfolios to mirror your risk comfort and investment objectives. We also provide ongoing supervision and make adjustments as market conditions develop, and we can seamlessly incorporate tax-efficient withdrawal recommendations into your investment management strategy.
Annuities
Annuities, which are a type of financial product sold by insurance companies, promise a stream of future or immediate income in exchange for upfront payments. For instance, by purchasing a $1 million immediate annuity,16 you might secure a fixed monthly income of $4,500 to $6,500 for life, safeguarding some wealth while generating consistent cash flow in retirement. This strategy keeps other investments, like stocks or real estate, free for growth or as inheritance for heirs.
But there are many types of annuities, and you need to pick the right one for you by weighing its costs and payout structure against your financial goals and estate plans.
One of the main considerations is the timing of the payments. For example, a deferred annuity pushes back the income payments and also offers a death benefit. This benefit pays your heirs if you die before collecting the annuity. In contrast, an immediate annuity allows you to convert a lump sum into an annuity and receive income payments right away. These payments last for the rest of your life.
Another factor to consider is the form of the payments. This comes down to choosing between fixed and variable annuities. Fixed annuities typically pay a low, stable rate. Variable annuities have higher earning potential, but they can also lose money and typically have high fees.
Is an annuity right for you? Generally, we only recommend annuities to clients who are at risk of outliving their retirement savings. If you will not outlive your money in retirement, then we would probably advise against purchasing an annuity.
Social Security
Social Security provides a continuous income stream in retirement, and the dependable monthly payments might help you cover certain routine expenses or health care premiums. However, your Social Security might represent just a fraction of your expected retirement income. Multiple income sources can push you into a higher tax bracket if not managed carefully, so it’s essential to claim your Social Security strategically to mitigate potential tax implications.
Social Security provides a continuous income stream in retirement, and the dependable monthly payments might help you cover certain routine expenses or health care premiums. However, your Social Security might represent just a fraction of your expected retirement income. Multiple income sources can push you into a higher tax bracket if not managed carefully, so it’s essential to claim your Social Security strategically to mitigate potential tax implications.
Retirement Fund Access Strategies
The order in which you withdraw from your various accounts—and how you time those withdrawals—can influence the amount of money you ultimately receive, your tax exposure and how your wealth grows long term. Here’s how to minimize your tax liability and preserve your finances when it’s time to access your retirement funds.
Timing withdrawals
Conventional wisdom suggests accessing your retirement funds in the following sequence:
- Cash savings: Begin with your accumulated cash savings for day-to-day spending. Don’t use your emergency savings unless you need to.
- IRAs: Once you’re required to make withdrawals from tax-deferred accounts like traditional IRAs (usually at age 73), consider reinvesting those funds if they’re not needed for immediate expenses.
- Taxable brokerage accounts: Next, use taxable brokerage accounts for additional income, being mindful to manage the potential tax impact of selling appreciated assets.
- Roth accounts: Last, lean on your Roth accounts; their tax-free growth and inheritance attributes make them valuable for both ongoing retirement funding and estate planning. In addition, Roth IRAs do not require withdrawals17 until after the death of the owner.
While helpful as a guideline, this sequence may not always be optimal. For example, if you expect higher tax rates in the future, it may make sense to take bigger IRA required minimum distributions (RMDs) now at lower rates. Or, when the markets are down, you might opt to withdraw from your Roth accounts rather than take losses on investments.
We can work with you to determine the most efficient withdrawal strategy. We factor in current and projected tax rates, account balances, market conditions, your health care needs and your wealth transfer goals. It’s best to coordinate retirement asset drawdowns to meet income needs and minimize taxes.
Asset location
One strategy that helps minimize taxes is asset location. You can gain some tax advantage by holding different investments in different accounts. Asset location is especially important if you earn a high income and are in a high tax bracket.
The principle of this strategy is simple: Hold tax-inefficient investments like a bond fund in tax-advantaged accounts like a traditional IRA or Roth. Hold tax-efficient investments like a stock index ETF in taxable accounts like a brokerage account.
Who can benefit the most from this approach? Here are four situations where asset location could help you save significantly on taxes:
- You earn a high income and have a marginal tax rate of 32% or higher.
- You have, or expect to have, substantial assets across traditional IRA, Roth and taxable accounts.
- Much of your wealth comprises assets that produce income (like bonds).
- You expect to pay higher taxes in the future.
Talk to an advisor before doing anything with your asset location. There are details to consider, like the tax consequences of selling any of your investments. For example, selling a very profitable stock in your taxable account could cause a large tax bill and negate the benefits of asset location.
Selling your business
If you have a business, you’re likely expecting it to be a significant source of your retirement income. Know what your business is worth and make sure it can operate without you being there every day—this makes it more appealing to buyers.
Consider the timing of the sale. Market conditions fluctuate, impacting the value and salability of your assets. Craft a retirement plan that allows you to be flexible with your exit timeline so that you sell your stake during favorable market conditions or can work a little longer if economic conditions are not optimal for sale.
Our advisors can coordinate with your CPA and estate planner, and they can connect you with a business exit specialist.
Tax-loss harvesting
With tax-loss harvesting, you sell investments at a loss to offset gains in other investments. Let’s say you have stocks that are declining in value; you could sell them, realize the loss, and then use that loss to decrease the taxes on your other investment gains or income. It’s a strategic way to use market downturns to your advantage by reducing your overall tax bill, and it also provides an opportunity to rebalance your portfolio.
Roth conversions and mega backdoor Roths
Transferring funds from a traditional IRA to a Roth IRA can benefit you when it’s timed right. For example, converting during a year when your income is decreased might place you in a lower tax bracket, reducing the tax hit from the conversion. Though you’ll pay taxes during the conversion, future withdrawals from the Roth IRA will be tax-free. And Roth IRAs are not subject to RMDs, granting you more control over your retirement funds.
The mega backdoor Roth allows you to contribute additional money to a Roth IRA, beyond standard limits, by rolling over post-tax contributions from a 401(k) to a Roth IRA. It’s beneficial for those who max out their regular 401(k) and IRA contributions, and it provides a tax-free income source in retirement.
Diversified tax portfolio
Maintaining a blend of different account types provides flexibility in managing your tax burden during retirement. Roth IRAs (tax-free withdrawals), traditional IRAs (tax-deductible contributions but taxable withdrawals) and taxable accounts are among the main options.
For instance, if a surge in income pushes you into a higher tax bracket one year, you might opt to take funds from a Roth account to avoid further tax implications. Conversely, in years where your income is lower, using withdrawals from a traditional IRA (which are taxed) might maximize your money.
RMDs
RMDs are IRS-mandated withdrawals from certain tax-advantaged retirement accounts. These include all employer-backed retirement plans, such as 401(k)s, 403(b)s and others, as well as traditional IRAs and IRA-structured plans like SEPs and SIMPLE IRAs. If you were born before Jan. 1, 1960, you must take RMDs once you turn age 7318 (age 75 if you were born after).
If you have several IRAs, it’s important to calculate the RMD for each one. However, you don’t have to withdraw that specific amount from each IRA. Instead, you can add up the total RMD amount for all your IRAs and choose to withdraw that sum from one IRA or a mix of them.
For example, if one IRA is smaller than your total RMD, you could withdraw its entire balance and take the remaining RMD from another, larger IRA. This ensures efficiency while meeting regulatory requirements. Always monitor how RMDs might impact your tax situation and overall financial strategy, adapting your approach as needed.
Tax-deferred annuities
The money invested in deferred annuities19 can grow until withdrawal without being taxed. This allows your investment to compound and grow more rapidly since you’re not losing a portion to taxes each year. Once you withdraw during retirement, only the earnings (not the entire withdrawal) are subject to ordinary income tax. If you opt for an annuity within a Roth IRA, withdrawals could be tax-free, offering further tax-strategizing opportunities during retirement.
Account consolidation
Diversification across different asset classes helps protect your wealth. However, spreading out your accounts across advisors and platforms can add unnecessary complexity. Consider combining your accounts to make managing your retirement funds easier. Having your money in one place gives you a simplified overview, which helps you keep track of what you have, monitor your investment performance, make changes, reduce paperwork, and more easily draw an income in retirement. You could also save on fees. Always consider any costs or implications of moving accounts before doing so.
How To Reduce Your Risk in Retirement
You can more effectively protect your retirement savings when you get the right insurance, invest across financial products, and plan for your estate and long-term care. These steps help reduce the risk of an event disrupting or derailing your retirement plan.
Evaluate your insurance
Proper insurance can give you peace of mind in retirement and protect your savings from surprise expenses, such as hefty medical bills, legal liabilities or significant property damage.
Medicare planning merits special attention. The income-related monthly adjustment amount (IRMAA) is an additional charge20 added to your Medicare Part B and Part D premiums if your MAGI surpasses a certain threshold. The Social Security Administration determines who pays IRMAA based on the income reported two years prior (e.g., for 2023, it’s based on your 2021 tax return). Working with one of our financial advisors to manage your income now can enable you to reduce your Medicare premiums in the future.
In addition, a full evaluation can ensure that you have adequate insurance in place to protect valuable possessions, reduce your liability risk as an employer, and safeguard your high-value properties. An umbrella policy can provide additional liability protection for events such as someone getting injured on your property.
Diversification
Diversification means spreading your money across different investments to help protect your retirement savings from big losses. For example, you might invest in a mix of stocks, which can grow your money, and bonds, which are generally more stable. Adding real estate investments like owning rental properties can provide you with extra monthly income. Having a variety of investments means that if one isn’t doing well, others might perform better, helping to keep your retirement fund safer and providing consistent income.
Estate planning
A well-crafted estate plan complements your retirement strategy. Once you’ve established how to fund your post-working years, you can get a sense for how much you want to give to your family or your selected charities and when to distribute those gifts to reduce your tax exposure.
There are advantages to planning your estate upstream. For a limited time, couples can give nearly $26 million tax-free,21 making now a strategic window to gift assets. Using trusts can help you maximize exemptions while giving you greater control over your assets.
In addition, incorporating charitable giving into your plan through methods like charitable remainder annuity trusts can offer tax breaks and leave a lasting impact. Balancing your gifting strategies can enhance your retirement, minimize taxes and ensure a smooth transition of assets to the next generation.
We recommend frequently revisiting your estate plan, especially when tax laws or your financial situation changes. You want to make sure such a change hasn’t triggered unnecessary taxes—and that your goals are on track.
Long-term care planning
Today’s long-term care costs are high. A recent analysis21 found a private room in a nursing home cost an average of $9,034 per month, a one-bedroom unit in assisted living was $4,500 per month, and a home health aide was $5,148 per month. Allocating funds specifically for this purpose and exploring options like long-term care insurance can provide a buffer, preserving other assets for intended uses and inheritances.
You can expect to pay $1,200 to $2,00023 a year for long-term care insurance. Considering future costs, you might opt to add an inflation adjustment to your policy, which can add 1% to 5% to your benefits each year to offset rising costs, but it will increase your premiums.
Your Path to a Fulfilling Retirement
An ill-advised retirement plan can lead to significant financial loss, degrading your lifestyle quality and potentially forcing you to sell assets. It can trigger unexpected tax burdens and inadequate wealth transfer to future generations, which may negatively impact your family and philanthropic goals.
Don’t leave your retirement to chance. Let our team assist you in building confidence through a goal-oriented and individualized retirement strategy. We consider all financial inputs to find out how much you need to save for a comfortable retirement. We also provide thorough guidance on how to tap those funds when needed.
It’s wise to start your retirement planning early and to revisit estimated taxes and income as time goes on, especially if you’re selling a house or moving to a new state. Contact us today to assess your retirement needs and develop a plan that gives you full confidence in your future. With your financial life in order, you can focus on what matters—a retirement well spent.
Think of the current estate tax breaks as a limited-time offer.
The current tax code has an expiration date, and the sunset is approaching faster than a filibuster in a contentious Senate debate.
Sources:
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2 DeVon, C. (2023, January 18). Gen Z workers want to retire before 60—here’s how much they need to save each month to get to $2 million. CNBC.
3 O’Connell, B., Marquardt, K., & Snider, S. (2023, August 28). How to retire at 65 with $2 million. US News & World Report.
4 Brooks, A., & Alberstadt, H. (2023, August 1). Health care costs in retirement. USA Today.
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10 Internal Revenue Service. (n.d.). Retirement topics – 401(k) and profit-sharing plan contribution limits.
11 TIAA. (n.d.). IRS announces 2024 plan contribution and benefit limits.
12 Principal Financial. (2021, December 20). 4 ways to use an HSA in retirement.
13 Bowker, D. (2017, January 9). What can I use my HSA for? Workest.
14 Miller, S. (2022, April 29). IRS announces spike in 2023 limits for HSAs and high-deductible health plans. SHRM.
15 Ashford, K. (2022, November 15). Capital gains tax rates for 2023 and 2024. Forbes Advisor.
16 Reed, E. (2023, August 29). How much would a $1 million annuity pay? SmartAsset.
17 Internal Revenue Service. (n.d.). Retirement topics — Required minimum distributions (RMDs).
18 Internal Revenue Service. (n.d.). Retirement plan and IRA required minimum distributions FAQs.
19 Nuss, K. (2021, February 12). How are annuities taxed? Kiplinger.
20 Centers for Medicare & Medicaid Services. (2022). 2023 Medicare costs. (CMS product no. 11579).
21 Internal Revenue Service. (n.d.). Estate tax.
22 AARP. (2022, July 26). Long-term care cost calculator.
23 Masterson, L. (2023, August 31). How much is long-term care insurance? Forbes Advisor.
Disclosures:
Tax, legal and insurance information contained herein is general in nature, is provided for informational purposes only, and should not be construed as legal or tax advice, or as advice on whether to buy or surrender any insurance products. Personalized tax advice and tax return preparation is available through a separate, written engagement agreement with RWA Tax Solutions, LLC. Legal services may be obtained through a separate, written engagement via our relationship with Hall & Diana LLC. We do not provide legal advice, nor sell insurance products. Always consult a licensed attorney, tax professional, or licensed insurance professional regarding your specific legal or tax situation, or insurance needs.
Our statements and opinions are subject to change without notice. All investments carry risk of loss and there is no guarantee that investment objectives will be achieved.
