What will your retirement income actually cost you?
Taking money from a 401(k), an IRA, a pension, and Social Security all carry consequences. Most people find out what those consequences were years after the decision was made.
Two decisions settle most of it. Pick the one in front of you.
Nobody told them that was coming.
Someone at 60 with about $750,000 in a traditional IRA starts drawing income from it. The money is there, the account is theirs, and taking it seems like the obvious next step.
That income pushes them over a threshold. Their Medicare premiums cost several hundred dollars a month more than they did the year before. More of their Social Security check is taxable. A chunk of the withdrawal they thought was theirs has quietly gone somewhere else.
It was not in any statement they received. The withdrawal looked like a withdrawal, and the cost showed up somewhere else entirely.
This is why the timing of your Social Security claim carries more weight than most people think. Most people start here after a Medicare premium surprise.
Two things we deliver.
We are not trying to sell you a long list. You walk away with two things, and both are yours to keep.
A Social Security timing report
A written report that shows when to claim, how your choice works with your spouse, and what each option does to your taxes. You keep it.
Essential estate documents
Your will, a trust if you need one, your power of attorney, and your health care directives. Put in order, and kept current as life changes.
Two conversations, and something you keep.
A first conversation
You tell us where things stand. We tell you which of your decisions carry the most weight, and what we would need to look at them properly.
A written report
We run your numbers and put them in a report you keep. It shows what each choice does to your taxes, your Medicare costs, and what reaches your family.
A walk through it
We sit down and go through the report line by line, so you can see exactly what each choice does before you make it.
If you do not have a CPA or a planner, you can get it done through us. You would work with one of our partners, people we know well and trust.
30+ years of experience
A Master of Science in Taxation, and a career that started inside the IRS.
Retirement-income focus
Every part of the report is measured against the income you will actually need.
One coordinated view
Your income, your taxes, and your documents all affect each other.
A separate estate planning benefit for your workforce.
Legacy Income Advisors also administers an estate planning benefit for employers, offered as a voluntary workplace program, powered by Wealth.com.
Let's find out what your decisions cost.
A first conversation with John Sanchez, MST, CLTC. No obligation.