Where Do You Begin?
Many people nearing retirement find themselves asking similar questions:
- How much do I need to retire comfortably?
- When should I start taking Social Security?
- What’s the best way to structure my income?
- How do I avoid outliving my savings?
If you’re feeling unsure, you’re not alone. Retirement involves dozens of decisions, and the right strategy can make a meaningful difference.
Our team is here to help you organize your options, understand the trade-offs, and make choices that reflect your goals and lifestyle.
Common Retirement Savings Accounts and Strategies for Different Financial Goals
Retirement planning often involves a mix of investment strategies, tax strategies, and income sources. Some of the tools we may explore with you include:
Traditional IRA
- Tax-deferred growth potential
- Contributions may be tax-deductible
- Taxes are owed upon withdrawal
Roth IRA
- Contributions are made with after-tax dollars
- Qualified withdrawals are tax-free
- Income limits apply for contributions
Depending on your age, income level, and retirement timeline, one type of IRA may be more suitable than the other, or you may benefit from a combination of both.
Other Common Retirement Accounts for Your Financial Future
401(k) Plans
- Offered by many employers
- May include matching contributions
- Contributions are pre-tax, reducing taxable income
SEP IRAs
- Designed for self-employed individuals and small business owners
- Higher contribution limits than traditional and Roth IRAs
- Contributions are typically tax-deductible for the business
Pension Plans
- Less common today, but still offered by some employers
- Provide guaranteed income based on years of service and salary history
These plans can serve as foundational income sources in retirement and are often used in combination with other strategies.
Understanding Your Social Security Financial Planning
Social Security benefits can be claimed as early as age 62, or delayed until age 70 for increased monthly payments. But when is the right time to start?
The answer varies based on your health, lifestyle, family history, income needs, reliance on fixed income, and overall retirement plan. The difference between taking benefits early and delaying can result in significant lifetime income differences.
We’ll work with you to assess your options and help determine the approach that best aligns with your long-term financial goals.
Understanding Required Minimum Distributions (RMDs)
Once you reach age 73 (for those turning 72 after December 31, 2022), the IRS requires you to begin withdrawing a minimum amount each year from certain retirement accounts. These withdrawals — known as Required Minimum Distributions — are taxed as ordinary income and may affect your tax bracket.
RMDs are mandatory regardless of market conditions, which can sometimes force the sale of assets at inopportune times. That’s why incorporating RMD planning into your retirement strategy may help you avoid unnecessary taxes or surprises down the road.
Comprehensive Financial Planning with a Certified Financial Planner
At WealthClarity | Capital Management, we use a structured planning process to guide our clients through retirement, tailored to each person’s goals, resources, and timeline.
Discover
We begin by understanding your retirement income needs, taking into account lifestyle, health care expenses, inflation, and family dynamics.
Deploy
Once we’ve developed your financial objectives, we implement the plan and manage investments to support long-term success. Our team coordinates across all aspects of your financial life.
Design
Next, we identify and coordinate your income sources such as retirement accounts, investment portfolios, pensions, annuities, Social Security, and other assets into a sustainable plan.
Monitor
Your plan isn’t static. It evolves with you. We continue monitoring and adjusting your investment analysis and strategy so that your retirement stays on track, even as life changes.
Our Commitment to Your Financial Information
As fiduciary advisors, we act in your best interest. Our retirement planning services are designed to educate and empower you, not to sell you a product, but to support a lifelong strategy.
We may assist with:
- Portfolio analysis, wealth management, and income planning
- Social Security timing strategies
- Tax-efficient withdrawal plans
- RMD and distribution coordination
- Roth conversion opportunities
- Financial planning services for healthcare and long-term care costs
You’re welcome to work with us through comprehensive planning or on an hourly advisory basis, depending on your needs.
Disclosure(s):
- Contributions to a traditional IRA may be tax-deductible in the contribution year, with current income tax due at withdrawal. Withdrawals prior to age 59 ½ may result in a 10% IRS penalty tax in addition to current income tax
- A Roth IRA offers tax deferral on any earnings in the account. Qualified withdrawals of earnings from the account are tax-free. Withdrawals of earnings prior to age 59 ½ or prior to the account being opened for 5 years, whichever is later, may result in a 10% IRS penalty tax. Limitations and restrictions may apply.
Work with a Retirement Financial Advisor in Lakewood, Colorado
If you’re nearing retirement or already in it, we’re here to help you navigate the complexities with confidence. Our team is based in Lakewood, Colorado, and we proudly serve clients across the Front Range and nationwide.
Frequently Asked Questions
When should I start planning for retirement?
The earlier you start, the better — but it is never too late to begin. Whether you are decades away from retirement or approaching it in the next few years, having a clear plan makes a significant difference. WealthClarity | Capital Management works with clients at every stage of the retirement journey, from early savers to those already in retirement, helping each person make informed decisions at the right time.
What is the difference between a Traditional IRA and a Roth IRA?
With a Traditional IRA, contributions may be tax-deductible, and your money grows tax-deferred — but you pay income taxes when you withdraw funds in retirement. With a Roth IRA, contributions are made with after-tax dollars, but qualified withdrawals in retirement are tax-free. The right choice depends on your current income, tax bracket, and future expectations. Our advisors will help you determine which option — or combination — best fits your situation.
When is the best time to start taking Social Security benefits?
You can begin claiming Social Security as early as age 62, but your monthly benefit increases significantly the longer you wait — up to age 70. The optimal timing depends on your health, life expectancy, other income sources, and overall retirement strategy. WealthClarity | Capital Management helps you model different claiming scenarios to find the approach that maximizes your lifetime income.
What are Required Minimum Distributions (RMDs)?
Required Minimum Distributions (RMDs) are mandatory annual withdrawals from certain tax-deferred retirement accounts, such as Traditional IRAs and 401(k)s, that the IRS requires you to begin taking at age 73. These withdrawals are taxed as ordinary income. Proactive RMD planning can help minimize the tax impact and avoid forced sales of investments at unfavorable times.
Can WealthClarity | Capital Management help me if I am already retired?
Absolutely. Retirement planning does not end when you stop working — in many ways, the planning becomes even more important. WealthClarity | Capital Management helps retirees with income distribution strategies, tax-efficient withdrawal sequencing, RMD coordination, Social Security optimization, healthcare cost planning, and long-term care considerations. We provide ongoing monitoring and adjustments to ensure your retirement plan stays on track as your life evolves.