Sometimes this is just about focus.  When you spend every day making sure your own clients enjoy a great customer experience, you lose track of things like retirement planning, exit strategies and legacy planning.  Or maybe you did all of that…15 years ago.  What you think about, what you needs constantly changes and if you haven’t updated your retirement and legacy planning, it time to review your plan.

The Need to Review the Plan

Your business value has changed in fifteen years.  It is possible that your health needs have changed too.  Was your exit strategy in the original retirement plan you conceived? With all of those changes, retirement planning needs to be periodically reviewed and renewed.

It is natural, even when you make a good plan, that changes will need to be integrated into the plan years later.  We show you ways to enhance your plan using uniquely designed legitimate programs that many business owners never realize they qualify for. 

Before you can know which programs would make sense for your situation, assess where you and your business stand today.  We can help with this, and save you some time.  It is essential to step back and evaluate your situation, lifestyle, and progress made on achieving your retirement goals.  Next, let’s put the financial assessment in writing. It will become your starting point, useful for navigating the journey toward your financial destination.

Enhance Your Retirement Planning

Mellody Hobson, known for her TED Talks series, said: “…about understanding money regardless of the amount. It’s about how you treat it and how you maximize opportunities.” At Americore, we have spent decades on finding additional ways to help you maximize your financial opportunities.  We call those opportunities blue apple programs, because you rarely see them, but they are incredibly valuable, nonetheless.  We access programs offering tax breaks, credits, rebates and other incentive programs that help grow business and personal wealth today. 

Using Programs To Build and/or Protect Wealth

There are many programs available, and we have learned how to best match them to our clients’ needs.  Just a few include employee reimbursement programs, telehealth employee program incentives, travel reward bonus plans, R&D programs available to most businesses for product development, as well as other programs that add millions of dollars to your cash flow. 

But each of these opportunities works as part of a comprehensive retirement plan and exit strategy. And each plan starts by opening a conversation on how we can collaborate with you and your team to enhance your vision.

Acting on the Plan

Regardless of your age, retirement is not the vague someday event people often see it as.  There are real time frames that you can use to develop a great plan for retirement, business exit and legacy creation.  We can help you choose the programs right for you, make sense of the process,  and set up realistic goals to achieve.

Call our office at 747-224-8110 or contact us here to open the conversation.  Tell your Americore Group representative  what you’re looking for, and we’ll tell you how we think we can help you make that happen.

As you near the date, knowing which retirement mistakes to avoid will make a more enjoyable lifestyle in retirement.  With retirement funds in various accounts, how you withdraw your assets matters. Ignoring tax implications or taking your benefits at the wrong age can cost you money and lifestyle options. Information is king, however, and you can get more out of your retirement by learning retirement mistakes to avoid.

Don’t Claim Your Social Security Benefits Too Soon.

One of the more common retirement mistakes to avoid is under-analyzing when you should start drawing social security benefits. There are different benefit levels at different ages.  The benefits you claim at 62, 66 or 67 aren’t the maximum available.  If you have multiple accounts, you can choose to withdraw from other accounts until your benefits maximize out.  At 70, after using the other benefits for several years, you can claim your full Social Security entitlement.  Note: there are time when it is necessary to draw SSI benefits sooner.  Talk to an Americore Advisor or your own financial advisor to learn when it’s the right time for you.

Don’t Withdraw From Your 401(k) Before RMD’s

Currently individuals must begin taking required minimum distributions (RMDs) from qualified retirement accounts at age seventy two.  This age deadline applies to those who turned 70 ½ in 2020 or later. Previously, the deadline was seventy ½ years old.  RMDs withdrawn from retirement accounts are taxable.  Accounts with RMDs include traditional IRA, simple IRA, SEP IRA, 401(k) or 403(b) accounts. Roth IRA withdrawals are non-taxable.  Some roll other retirement account balances into their ROTH IRA to turn tax deferred into tax free assets. Check with your Americore Representative or your own financial advisor to learn more about this option.

Avoid Benefits Until You Leverage Your Investments. 

The first places to withdraw funds from are your taxable brokerage accounts.  Choose your least tax efficient accounts that are subject to capital gains and dividend taxes.  Meanwhile, you are giving your tax advantaged accounts more time to grow and the interest more time to compound.

Don’t Assume The Same Formula Works for Everyone

Roth IRA is the last account most retirees choose to access, but the order isn’t a straight formula. Assumption of a 1-2-3 step order is another one of the retirement mistakes to avoid.  Keep from accessing your other IRAs too long, and they can grow large enough to subject you to higher taxes. Every dollar you take from your traditional IRA is taxable income. That means If you deplete your brokerage accounts to live off your IRA, you may find taxes cut deep into cash flow.  Keep in mind that you will still need to handle any RMDs, and the tax bracket they create as well.

Don’t Delay Talking to Your Professional Advisor

An Americore Group Advisor can help you understand the retirement steps that work best for you.  Retirement and investment accounts are not the only tools you need for a more comfortable lifestyle.  Americore Blue Apple programs can enhance your retirement and investment accounts value.  Get details on the right opportunities for your situation by scheduling your Americore Consultation here. Even if you have an advisor in place, Americore can bring added value to your retirement plans without extra cost.

Americore Group
Project Blue Partner/Founder
5750 Lindero Canyon RD #1019
Westlake Village, CA 91362
DIrect: 805-300-2800 | Office: 747-224-8110