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When people enter retirement, there are several different things that may erode their wealth and ability to have a successful retirement. The first, and what people think about most, is bad investments. Many people in the financial media talk about asset allocation as a tool and a solution for bad investments.
The asset allocation tool could prove to be unsuccessful in future bear markets. Gaining knowledge about how money works can be beneficial for retirement planning. Often, one of the main goals with investments is the ability to seek sufficient income to support their desired lifestyle in retirement without running out of money, while keeping up with inflation.
It’s no secret that people are living longer than ever before. This longevity may provide an additional risk in our retirement planning. There is also the risk of Social Security no longer being a viable income option and pension plans have become nearly nonexistent. A serious illness or premature death may also affect you and your surviving spouse’s ability to continue enjoying retirement in the fashion that was dreamt about initially. Perhaps one of the least understood risks that you face in retirement is taxes.
Here’s a list of several tax strategies that may be relevant to consider when reviewing your retirement and estate planning options.
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Investment advisory services offered through Modern Wealth Management, LLC., a Registered Investment Adviser.
The views expressed represent the opinion of Modern Wealth Management a Registered Investment Adviser. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Modern Wealth Management does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.