Tax Planning for the Four Stages of Retirement

retirement and tax planning documents

While many people tend to think of retirementas binary—either they are retired or they are not retired—retirement, in general, is usually better understood as something that occurs in distinct phases. Each of these phases presents unique financial challenges and opportunities that will need to be addressed throughout the process of retirement planning and tax planning. […]

Four Hidden Retirement Taxes and How to Avoid Them

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As if planning for retirement wasn’t already a tricky venture, a complex tax code can make things even more difficult, which is where a comprehensive retirement tax strategy can come in handy. Unfortunately, it is common for many people to pop the champagne and prepare for retirement only to discover that their nest egg was […]

7 Sources of Extra Retirement Income

The best retirement income plans – ones that maximize Social Security benefits, incorporate a comprehensive tax strategy, and use a bucket strategy – will help minimize the need to continue working. However, even diligent savers may find that, once they have retired, they could use a bit of extra income. Perhaps they want to expand […]

Avoid These Common Mistakes When Planning Retirement Income

retirement planning discussion

Retirement income planning is one of the most critical ingredients for a stress-free and happy retirement. After all, you have spent decades saving for retirement. Now, it’s time to enjoy it while also making sure that your savings last. Retirement income planning helps people create a strategy for transforming their retirement savings into retirement income. […]

How to Create Retirement Income

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At Advanced Retirement Strategies, we can’t tell you how often we hear our clients in the Salt Lake City area discuss their fear of running out of money in retirement, which is why we’ve compiled this list of strategies for how to create retirement income. Thankfully, successful retirement involves more than just socking away cash […]

How to Turn Retirement Savings into Retirement Income

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Over the years, we’ve had a number of clients ask us how to turn their retirement savings into retirement income. While this may not answer every question about your particular situation, these are some of the key concepts to guide the conversation. Take Stock of Your Retirement Savings You may be wondering what, precisely, qualifies […]

Retirement Income Planning and the Bucket Strategy

ARS Bucket Strategy for income planning

When you get ready to leave the workplace, retirement income planning will help you make the jump from your career to retirement. While working, you’re financially dependent on your paycheck to provide income to pay expenses, go on vacations, and invest for your future. The goal of retirement income planning is to move from financial […]

The 7 Essential Components of a Retirement Income Plan

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A retirement income plan is used to help you prepare to retire. Its goal is to give you confidence as you transition from working income to retirement income. Once you’re retired, it can also guide day-to-day and major decisions. Retirement income planning can be much like baking a cake. If you leave out essential ingredients, […]