I'm 62 With $900K Can I Retire Now, When Should I Take Social Security and What About Taxes

Retirement Planning: Can I retire at age 62 with $900,000 in savings? When should we take social security and what about taxes? In this episode, Troy Sharpe, CFP®, goes through a hypothetical situation of John and Jane. They're married and want to retire with $75,000 a year in income. They have $700,000 in an IRA and $200,000 in a Non-Qualified account. Should they do a Roth Conversion and how will that impact their taxes? When should they take Social Security and how will that affect their probability of not outliving their money? Watch this episode to find out.

#incomeplanning #retirementplanning #retirementincome #retirewith900k

00:00 Introduction
01:09 Understanding John and Janes current situation and their goals for retirement
04:12 John and Janes Monte Carlo simulation - Probability of Retirement Success
05:21 What Happens if We take Social Security at a Different Time?
10:45 Conversation about Long Term Care and How it can effect Your Accounts
12:28 What Happens if We have an Extended Market Downturn to Your Accounts
13:23 How Does Your Portfolio Look if You Average 7.65% per Year
15:11 Taking a Look at Social Security and How Taking it at Different Ages Affects Your Overall Probability of Success
17:25 What Happens if We Change the Life Expectancy Age to Our Overall Probability of Success
19:59 Looking at Different Taking Social Security at Different Ages
21:55 Let's take a look at the Tax Analysis
22:33 What do the Taxes Look Like on the Roth Conversion
29:51 The Oak Harvest Retirement Process and Why it's so Important
30:30 Taking a look at RMD's Required Minimum Distributions
31:40 Why a Roth Conversion is Important for Legacy Planning
33:12 What's the Tax Impact at a different Life Expectancy
34:58 What happens when one Spouse Predeceases the other
36:27 Why we look at Roth Conversions

Why we look at Roth Conversions Working with a CFP® professional can be an important step toward reaching your financial goals. Not only do these advisors meet rigorous education and experience requirements, but they are also held to some of the highest ethical and professional standards in the industry. Education CFP® professionals must master nearly 100 integrated financial planning topics, including:

- Investment planning
- Tax planning
- Retirement planning
- Estate planning
- Insurance planning
- Financial management

In addition to completing a comprehensive financial planning curriculum approved by the CFP Board, or equivalent academic coursework, CFP® professionals are required to complete continuing education coursework, including a CFP Board approved code of ethics course, to ensure their competence in financial planning. Examination CFP® candidates must pass a comprehensive 6-hour CFP® Certification Examination that tests their ability to apply financial planning knowledge in an integrated format. The exam is notoriously difficult and only 64% of people who took the exam in 2017 passed. Based on regular research of what planners do, the exam covers: Establishing and defining the Client-Planner relationship Gathering information necessary to fulfill the engagement Analyzing and evaluating the client’s current financial status Developing recommendations Communicating recommendations Implementing recommendations Monitoring the recommendations Practicing within professional and regulatory standards Experience CFP® professionals must have a minimum of three years experience in the personal financial planning process prior to earning the right to use the CFP® certification marks. As a result, CFP® practitioners possess financial counseling skills in addition to financial planning knowledge. Ethics As a final step to certification, CFP® practitioners agree to abide by a strict code of professional conduct, known as CFP Board’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients and employers. CFP Board also performs a background check during this process, and each individual must disclose any investigations or legal proceedings related to their professional or business conduct.

Are you worried about what you need to do so you can retire with an income? If you have $500K or more and would like a partnership with a firm to help you manage your investments and financial plan as in these videos, click on this link to connect with our advisors:

https://click2retire.com/im62with900k

Do you have a retirement plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at (877) 404-0177