Julie Carrier
Your Retirement Plan
Should Have Liquidity for Today,
Longevity for Tomorrow
and a Legacy for Your Loved Ones.
I can help.
Julie Carrier Consulting
What Can Happen If You Don't Holistically Plan For Retirement?
Failing to properly plan for retirement can lead to a multitude of difficulties, impacting your finances, lifestyle, and emotional well-being. A significant aspect of this is the potential for tax-related problems that can further erode your retirement savings.
Financial and lifestyle repercussions
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Running out of money: This is a major concern, potentially leading to forced asset sales, a reduced standard of living, and reliance on family members for support.
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Inability to maintain your desired lifestyle: Without adequate savings, you may need to downsize your home, scale back on hobbies and travel, or even continue working beyond your planned retirement age.
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Increased debt: Struggling to meet expenses can lead to reliance on credit cards and the accumulation of debt, further exacerbating financial stress.
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Insufficient funds for emergencies: Unexpected medical bills or other unforeseen expenses can create significant financial hardship without proper planning for a safety net.
Tax implications
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Higher tax bracket in retirement: Poor planning can result in large distributions from retirement accounts (like traditional IRAs and 401ks) that push you into a higher tax bracket in retirement than anticipated, leading to a larger portion of your income being subject to taxation.
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Taxation of Social Security benefits: Your Social Security benefits may be partially or fully taxable if your income from other sources (including retirement account withdrawals, pensions, interest, and dividends) exceeds certain thresholds, according to Fidelity.
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Underpayment penalties: Many sources of retirement income, such as taxable investment gains or rental income, do not have taxes automatically withheld. Failure to adequately estimate your tax liability and make quarterly estimated payments can lead to penalties from the IRS.
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Required Minimum Distributions (RMDs): Traditional retirement accounts are subject to RMDs once you reach age 73 (72 if you were born before July 1, 1949), requiring you to withdraw a portion of your savings whether you need the money or not.
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Failing to take RMDs can result in a significant penalty, which is 25% of the amount that should have been withdrawn, or 10% if corrected in a timely manner, according to the IRS.
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Large RMDs can also increase your taxable income, potentially pushing you into a higher tax bracket.
My Hope For You...
My hope, my goal, for you is to ensure your Retirement Plan takes all financial and emotional aspects of your retirement into consideration. Planning should cover everything that matters: income, protection, debt, retirement, taxes, business, and legacy. Whether you’re building a family or preparing for retirement, we’re here to help you make confident financial decisions at every stage of life.
Start Early and Prepare
When you save earlier, you’ll enjoy a larger nest egg. But what that truly means is that you’ll have a better quality of life and more security throughout your retirement.
Navigating Retirement
As you near retirement you'll need to look at your current plan and see if you need any adjustments. Can you retire as projected? You'll need to look at Social Security projections and long-term care options then make adjustments to your current plan.
Leaving a Legacy
Creating a comprehensive estate plan and will is the foundation of legacy planning. Utilizing trusts can provide more control and flexibility. Regularly updating your estate and legacy plan is essential to ensure it remains relevant and aligned with your goals.
My Journey
Service is different to many people. The family I grew up in really emphasized the importance of integrity coupled with a mindset of belief in bigger things.
My father climbed the corporate ladder at an aerospace company and retired from that same company with a golden handshake at the age of 55. My mother ran the household, raised three girls, has the most infectious laugh and a heart of gold.
Much of my entrepreneurial spirit comes from my dad. The heart and the authenticity that drives me to serve people to the best of my ability, I credit to my mom. I've been blessed to run my own company for 30 years and, aside from my children and husband, helping others gain peace of mind and financial freedom is my passion.
