Brad Rhodes Financial
How Can Your IRA Best Serve You.
There are two kinds of retirees, those reliant on income/distributions from their IRA and those who are not. Which camp you fall into depends largely on your other sources of income and whether they are enough to sustain you through retirement. You should know which group you belong to if you take an active approach to retirement planning. Knowing where you stand financially will dictate the types of resources and strategies you should consider when planning your retirement. Simply planning to withdraw money as you need it is no plan at all.Do you need income from your IRA?Many retirees have spent a lifetime maxing out their retirement accounts and have made sacrifices to ensure a comfortable retirement. What some of them fail to realize is the potential for an unexpected life event in the future that could pull the rug out from beneath their feet. Higher healthcare costs, longer life expectancy, tax increases, and medical emergencies should be expected and planned accordingly. A retirement advisor can help you roll over your retirement money and provide strategies to cover all your bases. Consider speaking with someone who specializes in IRA distribution if you are looking to grow your IRA money, insulate it from the elements of time, or convert it into guaranteed lifetime income. This is someone who knows the ins and outs of IRAs and can help you manage your retirement dollars.Maybe you are living comfortably and won't be needing income from your IRA.Some retirees are still working, have other sources of income, and don't need additional money for many reasons. Even so, you must begin taking required minimum distributions (RMD) from your IRA once you have reached the age of 72. If you don't need it, you can still put the money to use funding a legacy for your family. A retirement advisor can show you strategies to convert your IRA into an inheritance for your children, especially your grandchildren. They can also assist you in reinvesting or making a charitable contribution out of your RMD.Your hard-earned dollars can and should have a life beyond your initial investment! No matter what stage of retirement planning you are in, be sure to consult with a trusted financial professional. They will help you make sense of the fine print and guide you in managing and accessing your retirement money in the most advantaged way.
Brad Rhodes Financial
255 Morning Star Ln.
Lexington, North Carolina 27292
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