Page 37 - Leisure Living Magazine Holiday 2019

A Retirement Plan: What Is It?
By Christopher McIntire, President, McIntire Retirement Services www.mcintireretirementservices.com
Happy fall to all!
I thought I’d share with those of you in, or close to, retirement what goes into having a plan for your retirement. It’s fair to say that what your plan looks like can be totally different than a plan developed for your neighbor or golf buddies.
First, you need to understand what to do with your pension. You’ll need to make an im- portant decision. Will you take the monthly an- nuity payment or do a “rollover” into an IRA? If you choose a rollover, you will need to decide what vehicle to use for the rollover. There are sev- eral options. You can choose an annuity of your own that may pay to your beneficiaries if you pass away. Or you can invest in stocks, mutual funds and so forth and make withdrawals as needed.
Second, you need to determine the timing of your Social Security benefits for you and your spouse, if married. There are fewer strategies now than were available a few years ago. However, it is worth analyzing the available options. For exam- ple, you can wait until age 70 to draw maximum benefits. Or, you might choose to draw benefits off an ex-spouse or a deceased spouse, and then switch to your own benefits for an increased amount.
Many of you have been saving for retire- ment through employer-sponsored plans, like a 401k or a 403b. Rollovers into IRAs are com- mon. This allows you to use different investment vehicles than are available in the basic plans that employers provide. IRAs do not have mandatory tax withholding requirements, either. This allows you to determine the rate of taxation that better matches your individual tax rate, rather than the 20% that is mandated from employer plans. The IRA market has all types of investment vehicles from stocks and real estate to bonds and annu- ities to provide you with income, especially if pensions aren’t available.
Having a health care expert for your Medi- care plan is very important. You should also have an attorney to keep your estate planning docu- ments current. In addition, an accountant can as-
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sist the advisor with Roth IRA conversion oppor- tunities and other important tax considerations that will arise as your retirement progresses.
As you assemble your retirement team, you should be able to know who your go-to person is to keep your plan on track. They can help you to make adjustments as legislation and market behavior present challenges to navigating the re- tirement landscape.
I look forward to keeping you up to speed in future columns!
Investment advisory services offered through Brookstone Capital Management, LLC. (BCM), a Registered Investment Advisor. BCM and McIntire Retirement Services are in- dependent of each other.
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