Putting It All Together

Putting It All Together

Once your various streams of retirement income have been identified, analyzed, and optimized, it is now appropriate to put it all together in a logical manner.

Questions will arise. For example:

  • How do you coordinate the timing of your various income streams?  When does it make the most sense to begin, and in some cases change or suspend the payments from your IRAs, pension, and other investment plans, your Social Security benefits, any annuity income you may have, and so forth?

  • How and when do you take the Required Minimum Distributions (RMD’s) where you are required to do so.  Are you aware that RMD’s from IRAs, 401(k)’s, Inherited IRAs, certain types of annuities, and so forth often calculated and treated differently?

  • Is life insurance, long term care insurance, and annuities appropriate or advised in your particular situation.  Modern versions of each have been developed that were not around in the 1990’s. Separately from Tranquility Path, which is a Registered Investment Advisor, our professionals may be able to assist you in these areas in their capacities as individually licensed insurance agents.

  • Have you considered how you want to pass along your assets to the next generation?  Are you aware that, upon death, assets pass to the next generation in just three ways.  Either by Beneficiary Designation, Joint Ownership, or by Will, and if there is a conflict, the Will is usually at the losing end.  We are not attorneys or accountants, but many times we can suggest when it makes sense for you to consult with a qualified and licensed professional in these fields.

  • Did you know that the most common IRA and Retirement Plan mistake is the failure to keep your Beneficiary Designations up to date?

  • Have you considered whether or not your “next generation” is properly educated as to how to invest and manage the assets you someday will be passing on to them?