Retirement Planning

Retirement Planning

Whether your retirement is right around the corner or years away, we understand that planning for your future is crucial for your peace of mind. 

At CGA, we begin by developing an understanding of what you hope to accomplish during your retirement years. Whether it's traveling, purchasing a vacation home, or beginning the transition of wealth to your heirs, your team develops specific strategies to help you achieve your goals.

We also support you by introducing professionals who are knowledgeable in selling a business, transferring or gifting assets, and changing your investment strategy as you near retirement.

Steps may include:

  • Wealth Building Strategies
  • Cash Flow and Tax Minimization
  • Asset Protection Strategies
  • Retirement Income Distribution Planning
  • Social Security, Medicare, and Medicaid Planning
  • Elder Care Planning

Blog

October 2, 2019Admin

Avoiding Required Minimum Distribution Mistakes

You’ve reached age 70 ½ and you know that you must take any required minimum distributions (RMDs) by April 1st of the year following this milestone. Better yet, perhaps you are in your early or mid-sixties, and want to plan ahead to get the maximum benefit of these rules. There are some common mistakes that are made. It may be best to do a detailed review of your situation to make sure all the requirements have been met. Remember that you can always take more than your RMD, but not less. Forgetting to take your RMD when required can result in a 50% penalty of the RMD amount from the IRS.

September 7, 2019Admin

The Importance of Beneficiary Reviews

IRAs are different from other assets. Company plan assets and insurance policies also are governed by different rules, and they must be considered separately from other assets. They generally pass by contract, and not under the provisions of your will. The beneficiary form usually supersedes other documents, so planning and administering these documents are key, especially when the majority of your assets are held in these accounts. These forms should be reviewed annually, and designations should be confirmed with all custodians to make sure their records correctly represent your wishes. Mistakes with beneficiary forms can be key in administering your estate, and your loved ones may suffer severe consequences if these forms are not in order upon your death. Many times, disasters have arisen when beneficiary forms have not been updated for critical lifetime events, such as marriage and divorce.