One of the major concerns of retirement is healthcare. The cost of healthcare during retirement can be significant, primarily due to inflation and the ever-increasing associated with medical services. Early planning will help you better cope with your healthcare expenses during retirement.

In the current economy, healthcare-related expenses constitute one of the largest costs in every household. In fact, they often surpass the cost of housing and recreation combined.

Many consumers are at a crossroad when determining the proper amount to spend on healthcare and other budgetary needs. Many do not realize that medical premiums are often influenced by the annual income of an individual. By moving your tax bracket to a lower threshold, you can save a lot of money for healthcare.

It is important to reduce your taxable income. You can achieve this by securing non-qualified annuities, permanent life insurance, a health savings account, reverse mortgages, or ROTH IRAs.

Required Minimum Distributions happens when an individual is forced to take withdrawals from their IRA when they turn 70.5-years-old. Taking RMDs at this point may increase your taxable income. To avoid this dilemma, utilize techniques that will enable you to reduce IRA balances earlier in retirement. These techniques can include early withdrawals, ROTH conversions and QLACs.

Health Savings Accounts are also very effective when it comes to avoiding taxation. If implemented early, they can help create a tax-free fund pool that can be used later in life for healthcare expenses.

To summarize the points above, nvestment planning and tax planning go hand-in-hand and by combining both, you can create a solid savings plan that will help you in the future. Remember that retirement is primarily about income, not growth.

If you have questions about your retirement, do not hesitate to contact the experienced Twin Cities financial advisors at Assured Retirement Group. Call us today at 952-657-7470.

3 Ways To Boost Your Retirement Account Balance

Let's be honest- saving money is certainly not easy. Most of us save a small increment of our checks, and the rest goes to bills and life. In addition, we don't always know the in's and out's and trick to retirement savings accounts. Or what kind of benefits we could...

read more

What IS Retirement?

According to the Merriam-Webster dictionary, the definition of retirement is the "withdrawal from one's position or occupation. Or "or from active working life." The other definition is "an act of retiring: the state of being retired." I understand you probably know...

read more

How To Retire Early

How many of us want to retire early? Basically everyone right! Who wouldn't want to retire early, is the real question. But what's an even more vital of a question than that? HOW can you retire early, especially in this economy. Retirement is often viewed as a happy,...

read more

Getting Ready For Retirement

If you have not downloaded our FREE Retirement Guide yet, you most certainly should! Get your now by clicking HERE! If you are getting ready for your next phase in life- Retirement- you've come to the right place. It means you have decided to take a more active role...

read more

Why Choose To Retire In Minnesota?

While there are an overabundance of beautiful places in the US to retire, we like to think Minnesota is the best choice! If you already live in Minnesota, and are ever-so-slightly nearing your retirement years, you are leaning towards permanence here right? You likely...

read more
Ways to Improve Your Financial Situation Before Retirement
Rate this post

Sign up for our eNewsletter

Welcome! Please input your email address in the box below to begin receiving periodic email newsletters from Assured Retirement Group. Our e-newsletter covers timely financial news and planning strategies you can put to use. You will be able to unsubscribe at any time, and this service is free. Please let us know if you enjoy receiving the email updates and if there are any topics you’d like us to cover.

You have Successfully Subscribed!

Retirement Guide Includes:

Financial Evaluation
Comprehensive financial assessment form.

Pre-Retirement Checklist
Our checklist lets you know exactly what you need and what steps must be taken before you retire.

Financial Inventory Form
Allows you to keep a detailed record of your assets in an organized manner so that your retirement options are clear.

You have Successfully Subscribed!

Schedule An Appointment:

Fill Out This Form To Get Instant Access To My Schedule! Pick A Day That Works Best For You!

You have Successfully Subscribed!

Retirement Guide Includes:

Financial Evaluation
Comprehensive financial assessment form.

Pre-Retirement Checklist
Our checklist lets you know exactly what you need and what steps must be taken before you retire.

Financial Inventory Form
Allows you to keep a detailed record of your assets in an organized manner so that your retirement options are clear.

You have Successfully Subscribed!

WhyWe UseWealthGuard

WhyWe UseWealthGuard

Manage all of your accounts

Take control of your investments

Help protect your retirement

You have Successfully Subscribed!

Why We Use Wealth Guard

Manage all of your accounts

Take control of your investments

Help protect your retirement

You have Successfully Subscribed!

Let Us Help You Prepare For Retirement

Get Instant Access To Our Retirement Video Series

You have Successfully Subscribed!