Financial Services

Curious about when you can retire based on how much money you have saved? The answer is different for everyone based on your desired lifestyle and many other factors. Once you retire, you’re suddenly faced with figuring out how you are going to generate enough income to cover your expenses every month without a paycheck. That’s where we come in. We will help you develop a custom retirement plan which will take all of your investments, your projected budget, future taxes, Social Security and other sources of income into account. It’s truly like putting together a custom puzzle just for you, and timing is everything.

There are dozens of ways to file for Social Security, and it’s important that you optimize your filing options for your unique situation. For instance, you may want to wait past your full retirement age as your benefit increases 8% annually up to age 70 while you take action to mitigate taxes on your taxable retirement accounts during the first part of your retirement. If you are married or were married for at least 10 years in the past, you have many options when it comes to Social Security filing besides waiting while your benefit grows. You only have one chance to file for Social Security and get it right—let’s talk about your strategy before you file.

Did you know that when one spouse passes away, the surviving spouse will only receive one Social Security check, which may decrease their annual income by thousands of dollars? Learn more by joining our Social Security event for free!

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Just like with Social Security, the timing of when you file for Medicare has an impact on you permanently. While you must file during the period of the three months before, the month of, and the three months after you turn age 65 (if you are not covered under a company health insurance plan with 20+ employees), the Medicare premiums you will be charged are based on your income from two years prior. What does that mean? Well, people with higher incomes pay more permanently. So, depending on your situation, it may make sense to make changes to your income at least two years before you turn 65. In all cases, retirement planning at least five to 10 years in advance of your retirement is critical.

At JW Financial Consulting, we not only help you determine when and how to file, but we also can help you research your Medicare plan options and obtain the coverage that makes the most sense for you, be it Medicare Advantage, Medigap or original Medicare. Just grab your prescriptions and list of doctors and health care providers and we can do the rest. And you can count on us for the long haul. We’ll help you take a fresh look at your Medicare options every year during open enrollment periods!

At JW Financial Consulting, we’ve been working together with a CPA firm for years that has helped the majority of our clients file their tax returns. Or we can also work closely with your existing CPA or tax professional! The important thing is to take a team approach that can not only help you save as much as possible on taxes every year, but also employ long-term strategies to help you mitigate taxes during retirement, and minimize taxes when transferring wealth to future generations.

Need to find a mortgage with terms that benefit you the most, no matter what your goals are? We can help. There are even ways that you can enjoy living in your home tax-free during retirement—let’s discuss your situation and determine whether this is a good strategy for you, your family and your heirs.