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Coordinating your financial strategy can help save money in retirement

 

Workers are not new to the idea of saving as much money as possible for retirement. However, there is less conversation about spending the money they’ve worked hard to save, and that shift can cause stress in any retiree's life. 


Major worries among retirees include not being able to spend as much as before retirement, not being able to leave money to beneficiaries, facing unknown healthcare expenses, and outliving their money. If you don’t have a strategy in place to help pay for these expenses, you could end up making a mistake that will cost you more in the long run. 


For instance, we talked to a client who wanted to add an addition to her home. Her original plan was to take the money from her IRA to pay for it, which would have been close to $150,000 before tax. 


If she proceeded with that, she would have increased her tax bracket, increased taxes on her social security, and increased her Medicare premiums. For example, her Medicare premiums alone would have increased by over $5,000/year.


However, because we were able to coordinate her strategy with our in-house tax team, we were able to suggest a better alternative strategy and engineer a solution that fit her specific needs. We took about one-third of the money from her IRA, which kept her tax bracket and premiums the same. Then, we worked with her to get a home equity line of credit or HELOC. Finally, we were able to use dividends from her portfolio– which will be taxed at a much lower capital gains rate – in order to pay the home equity line over time.


While this is a specific client scenario, it’s not an uncommon issue to run into. You want to be able to maximize your retirement and to do that, you need a strategy that works.  That’s why having a team of financial professionals like the ones at Lineweaver Financial Group to help coordinate your strategy can help alleviate some of that stress when it comes to spending in retirement. If you have questions, give us a call today. We’re here to help!
 

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Posted By Lineweaver Financial Group
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With the year coming to a close, now is the perfect time to start thinking about tax planning to maximize savings for 2024. Many opportunities for tax adjustments close at year-end, so early preparation can be key to achieving the best possible results. Here are some strategic tax planning tips to consider for the final quarter of the year. The last quarter offers a unique opportunity to review income, deductions, and potential tax-saving strategies while there's still time to act. For business owners, deferring income until next year or accelerating expenses can provide tax advantages. Charitable contributions and pre-paying taxes are also options to consider. Accelerating certain expenses, like equipment purchases, may allow for deductions in 2024, helping to reduce this year’s taxable income. Another useful strategy comes in the form of tax loss harvesting, which involves selling securities at a loss to offset capital gains. Although the final position of your portfolio won’t be set until year-end, starting a review now provides time to make adjustments and capture potential tax benefits. The last few months of the year also provide an ideal time to maximize contributions to retirement accounts like 401(k)s, 403(b)s, and 457 plans. Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) can still be funded, providing further tax advantages.  If you’ve turned 73 this year, it’s essential to plan for the required minimum dis

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Posted By Lineweaver Financial Group
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
Crain's Cleveland Business is a print and online newspaper delivering local business news and information to Cleveland's business executives, which is published by Crain Communications Inc. The Crain's 2024 list may employ different methodology than described above for similar designations granted in other years. No clients were consulted and no fees were paid to determine the winners; the award is based on assets under management. Neither the participating candidates nor their employees pay a fee in exchange for inclusion on Crain's 2024 List. However, recipients may pay a fee to Crain, an affiliate, or an unaffiliated third party in exchange for plaques or article reprints commemorating the designation. The publication should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if the recipient is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of the recipient by any of its clients. Lineweaver Wealth Advisors was ranked in the Top 25 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2024. In 2023, Lineweaver Wealth Advisors was ranked in the Top 15 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2023. In 2021 and 2022, Lineweaver Wealth Advisors was ranked in the Top 20 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. The award is based on assets under management in the years 2021 and 2022 respectively.
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