financial planning

Nobody has a crystal ball to tell us exactly what the future holds, but don’t let uncertainty be the reason you’re unprepared for retirement.  As someone who has worked hard for what they’ve earned and is likely invested in America’s future, you may be concerned about what the future could bring.  But, it’s important to remember that no matter what’s happening in Washington, you have the opportunity to be in control of your personal financial wellbeing.  Here are 4 ways you can help prepare yourself and your retirement for the unexpected.

Decide on a Social Security Maximization Strategy

Social Security became a hot button issue during this election, and for a good reason. Millions of Americans rely on it for lifetime retirement income. The program is starting to pay out more than it takes in[1]and this trend is expected to continue as more Baby Boomers retire. While the media often likes to give doomsday messages about the Social Security program, it’s very unlikely it will ever disappear. Most importantly, don’t rush to claim benefits because you worry they won’t be there in the future. Decide on a Social Security maximization strategy that’s based on facts and on your individual situation.

Plan for Potentially Higher Taxes in the Future

A growing national debt could mean higher taxes in the future. These are trends to keep an eye on when planning for retirement. It’s important to think about your tax burden for the long-term, not just on a year to year basis. For example, Required Minimum Distributions (RMDs) could increase your tax burden later in retirement. RMDs force you to withdraw from your tax-deferred retirement accounts by a specific amount every year starting at age 72. This amount may be more than you would normally withdraw per year and may lead to a high taxable income. One strategy to avoid this potential tax trap is a Roth IRA conversion, where you pay tax on the amount converted and can withdraw it tax-free after 5 years. Roth IRAs are also not subject to RMDs and can be used in addition to a traditional IRA or 401(k) to help minimize taxes.

Have a Plan for Your Investment in Retirement

Your investment plan may need to change as you transition from accumulating wealth to spending it down. Protecting what you’ve earned and making it last for the rest of your life is simple in theory but can be difficult in practice. There are several steps to take, including assessing your risk tolerance as you near and enter retirement and figuring out your income needs. You may also consider adding alternative investments to your portfolio or a guaranteed lifetime income option.

Assemble a Team

More than any of these individual things, the most important thing is having a comprehensive retirement plan and a dedicated team behind you. America has made an important decision about its future interest, but what about your interests? That’s what we’re interested in, no matter what happens in Washington in the future. Schedule a complimentary financial review to discuss your biggest retirement concerns and goals.


The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by Lone Beacon Media, LLC dba Lone Beacon, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. Lone Beacon Media, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.

Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.