Retirees – Financial Peace of Mind

You’ve worked hard. You’ve made prudent choices along the way. You’ve tried your best to build a nest egg that will support you and your family for many years in retirement. Retirees make important decisions about money all the time. If you’re going to achieve your retirement goals, you need a sound financial plan.

How much is enough? What do you need to live on now, and how can you make sure you have something to pass on to your family when you’re gone? How will you account for medical expenses down the road? Is it possible to generate enough income entirely from financial growth within your retirement accounts so that you don’t diminish the value of your estate in retirement? Or do you want to spend every last penny… Rollins Financial helps retirees maintain financial health.

Our Fiduciary Commitment to You

Retirees have to claw through a thicket of financial marketing claims and information. There are bad actors intent on harming retirees with misleading claims and poor financial products. You need an advocate.

The advisors of Rollins Financial are fiduciaries for our clients. We are true Fee-Only financial advisors – we don’t take commissions for any financial products we recommend. It is our legal and ethical responsibility to work in your financial best-interest. Our goal is to always be disciplined, objective, and transparent – to provide you the best retirement planning available.

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Looming tax questions now that you are retired?

Have You Planned for Health Care?

We can help you navigate your Medicare choices, as well as a Medicare supplement plan to protect yourself from hardship associated with catastrophic health care expenses. A long-term care insurance plan may fit your needs as well. Many current retirees choose to fund an emergency account for medical expenses in addition to taking these steps.

The Taxman – Retirement Account Withdrawal Strategies

Rollins Financial can help you implement a dynamic withdrawal strategy from your various income sources. Most people, by design, will pay taxes at a lower effective rate in retirement than they did while working. Retirement savings vehicles such as 401(k)s and traditional IRAs take advantage of this by allowing workers to contribute pre-tax dollars to these accounts, thereby reaping the benefit of compounding returns over time and withdrawing from them in retirement at a lower tax rate.

Tax implications play a large role for typical retirees deciding how to insure a sustainable income stream in retirement. If they have planned well and saved, most people have multiple potential sources of retirement income available to them; 401(k) plans through work, traditional or Roth IRAs, brokerage and savings accounts, and employer-provided pension plans for a lucky few.

 Tax-wise, some of these sources are more efficient to withdraw from than others:

  • Since they are funded with after-tax income, there is no additional taxation when you withdraw from a Roth IRA provided you have reached the required age of 59 ½. This can add up to decades of tax-exempt compounded returns.

  • Withdrawals from brokerage accounts typically have some tax liability, but not as much as a 401(k) or a 403(b). That’s because account holders have typically been paying taxes on interest, dividends, and other brokerage account revenues as the account has grown.

  • Since employee contributions and employer matches are typically tax-deferred, a majority (if not all) the money withdrawn from 401(k)s and 403(b)s is subject to income tax upon withdrawal at age 59 ½ or later.

 As of 2019, the standard federal income tax deduction for an individual is $12,000 ($24,000 for a couple filing jointly). Georgia retirees may be exempt from the 6% state income tax on some of their reported retirement income. Most retirees will want to withdraw from these various income sources strategically, reporting at least moderate income even in retirement, so that they meet the standard deduction, but don’t creep into higher tax brackets.

Estates and Bequests

Rollins Financial can help you with sustainable retirement and estate planning – adjusting the level of risk in your investments to best sustain retirement income – and give you peace of mind that your personal financial needs will be met and your family will be taken care of.


Frequently Asked Questions (FAQ’s)

Q: Now that I am retired, I need some assistance with medical insurance planning. Can you help?

A: We can help you navigate your Medicare choices, as well as a Medicare supplement plan to protect yourself from hardship associated with catastrophic health care expenses. A long-term care insurance plan may fit your needs as well. Many current retirees choose to fund an emergency account for medical expenses in addition to taking these steps. No matter which choice is right for you, Rollins Financial can help.

Q: What are some of the tax implications that I need to consider now that I am retired?

A: Tax implications play a large role for typical retirees deciding how to insure a sustainable income stream in retirement. Some retirees will want to withdraw from various income sources strategically, reporting at least moderate income even in retirement, so that they meet the standard deduction, but don’t creep into higher tax brackets. That’s where Rollins Financial can help.

CNBC’s recognition is a great honor to our firm. It reflects our dedication to providing such a high level of expertise to our clients along with exceptional service.
— — Joe Rollins