ServicesRetirement Planning
Retirement Planning in Rumson, NJ
We help you turn savings into a steady retirement income and get the rules right along the way: when to claim Social Security, how much to draw each year, which accounts to tap first and when required distributions begin. You leave with a written plan you can follow.
A paycheck you design yourself
Retirement planning is the work of deciding how your savings, pensions and Social Security will pay for the years after work. It covers income, taxes, healthcare and the order you draw from each account. The best time to start is usually five to ten years before you stop working, though it is never too late to put structure around money you are already spending.
Much of retirement is governed by rules with dates attached. Most withdrawals before age 59½ carry a penalty. Social Security grows each year you wait, up to age 70. Medicare enrollment opens around 65, and required minimum distributions begin at 73 or 75, depending on your birth year. We explain each rule in plain terms and build the plan so you meet every date on time.
We are Series 7, Series 66 and SIE licensed, and we meet clients at our office in Rumson or by phone and video.
What your retirement plan covers
- An income map
- We list every source of income you will have, from pensions and annuities to rental income and part-time work, and set it against what you expect to spend. The gap between the two shows how much your portfolio needs to provide each year.
- Social Security timing
- We compare claiming at 62, at full retirement age and at 70, including spousal and survivor benefits for married couples. The decision is hard to undo, so you see the trade-offs in writing before you file.
- Withdrawal order and taxes
- Drawing from taxable, tax-deferred and Roth accounts in a sensible sequence can lower the taxes you pay over a long retirement. We look at Roth conversions in lower-income years and watch for the Medicare premium surcharges that follow higher income two years later. New Jersey does not tax Social Security, and we account for how the state treats pension and IRA income.
- Rollovers done by the book
- Moving a 401(k) or 403(b) into an IRA is usually best as a direct transfer. We walk through the paperwork with you so you avoid the mandatory withholding and the 60-day deadline that come with an indirect rollover.
- Required distributions
- We calculate your required minimum distributions, plan for them years ahead and keep the deadlines on your calendar, since a missed one brings an excise tax.
- Coverage before Medicare
- If you stop working before 65, we plan for health coverage until Medicare begins and note the enrollment windows that carry late penalties.
Moments that call for a retirement plan
Your last working decade has begun
Once your planned stop date is less than a decade away, choices about savings rates, Roth contributions and claiming dates start to carry real weight. There is still time to change course, which is exactly why this stretch matters.
Old accounts are spread across firms
A 401(k) left at an employer two jobs back and an IRA held somewhere else are hard to plan around. Gathering them into one view is often where we begin.
The Social Security question keeps coming up
Filing early fixes a smaller monthly check for the rest of your life. If you cannot yet say what waiting would mean for you and your spouse, the numbers deserve a careful look.
A withdrawal raised your tax bill
One large IRA distribution can lift you into a higher bracket and increase Medicare premiums two years later. When that happens, the order you draw from accounts usually needs another look.
Only one spouse knows the details
If your partner or family would have trouble locating the accounts, a written plan keeps everyone protected and informed.
What shapes the cost
Our fee depends on how much planning your situation calls for and whether we also manage your investments. We explain how we are paid at the introductory meeting and put it in writing before any work begins. You will know what you are paying for and why.
Number and type of accounts
A single IRA takes less work than several employer plans, brokerage accounts and annuities that all need to fit together.
Pensions and business interests
Pension elections, deferred compensation or income from a business you own add analysis and decisions.
Planning only or ongoing management
Some clients want a plan and annual check-ins. Others want us to manage the portfolio and handle distributions year after year.
Two retirements to coordinate
Couples have two Social Security records and often two distribution schedules, and their timing rarely lines up.
How we work together
- 1
Introductory meeting
We start with a conversation about where you are, when you hope to stop working and what concerns you most. There is no paperwork to sign that day.
- 2
Gathering the details
You share recent statements, pension estimates and your Social Security statement. We organize them so nothing is double counted or missed.
- 3
Building the plan
We present a written plan with a year-by-year income schedule, the withdrawal order and a calendar of the rule dates that apply to you. We go through it slowly and answer every question.
- 4
Putting it in place
We help with rollovers, beneficiary designations and withdrawal setup. If you would like us to manage the portfolio as well, our Investment Management page explains how that works.
- 5
Reviewing each year
Tax law, markets and your spending change. We meet at least once a year to update distribution amounts and adjust the plan.
Retirement planning questions
When should I start planning for retirement?
Ideally five to ten years before you stop working, when there is still time to adjust savings and tax strategy. Starting later still helps. Many clients come to us in their first year of retirement and benefit from a clear withdrawal order.
Can I retire before 65?
Often, yes, but it takes planning. You will need health coverage until Medicare, and you will want income sources that avoid the early withdrawal penalty. Some employer plans allow penalty-free withdrawals if you leave the job in or after the year you turn 55, and we check whether that applies to you.
Do I have to take required distributions if I do not need the money?
Yes, from traditional IRAs and most employer plans once you reach the required age. Roth IRAs have no required distributions for the original owner. If you are charitably inclined, a qualified charitable distribution from an IRA after age 70½ can count toward the requirement.
Will you tell me honestly whether I can afford to retire?
Yes. If the numbers do not support your timeline, we will say so and show what would, whether that is working a little longer, spending differently or claiming Social Security later.
Do I need to come to the office?
No. We meet in person at our office or by phone and video, whichever is easier for you.
Start with a conversation
Tell us when you hope to stop working and what you want retirement to look like. We will explain where you stand and the rules that matter for you.