Have you thought about how you will sustain your livelihood when you retire? It is never too early to start retirement planning.
Items to consider when planning for retirement include:
- Will Social Security be enough for you to live on?
- What other sources of income will be available to you?
- What will your tax consequences be?
A retirement plan should include:
- Preparing a budget.
- Identifying your income sources and amounts.
- Making decisions about your living arrangements.
- Implementing a plan to reduce or eliminate debt before retirement.
- Integrating tax consequences in your retirement plan.
The sooner you start your retirement plan, the easier your transition will be. Your CPA planner is uniquely situated to clearly identify and communicate potential tax traps and opportunities in your future.
Call to schedule an appointment so you can start your retirement planning today!
/posted by Suzan H. Ross, CPA, PFS
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