BABY BOOMERS

BORN 1946-1964

When you’re in retirement-planning mode, your biggest concern will be generating an adequate monthly income that will last the rest of your life! How can you do that?

You’re ready to retire and it’s a whole different ballgame now! Your focus is on protecting—and spending (wisely)—your nest egg. Chip and Renee Wittrock focus on retirement planning for Baby Boomers. We can create a plan for you that can help to preserve your wealth while generating monthly retirement income to cover your lifestyle and needs.

A retirement plan spells out your income strategy for retirement,
comparing how much you will have every month from all sources
(Social Security, pensions, withdrawals from retirement accounts)
versus how much you need—including your budget needs for housing,
transportation, utilities and food, as well as for desires like travel.
We will help you with tax-friendly approaches and spell out your
distribution and cash flow plan. AN OVERALL RETIREMENT PLAN RISK You no longer have a long time horizon in terms of retirement—you’re
already there! Investments with less risk are critical now, with a
strategy to cover future inflation. We always take a very conservative
approach, but we are especially conservative when it comes to Baby
Boomers. We have lived and worked through the recession of 2008,
the dot com bubble burst and Black Monday, and as a result,
we are risk-averse. TAXES Everyone, at every age, needs to minimize taxation and utilize
tax-advantaged investments and strategies, but tax planning is critical
for Baby Boomers. That is why Chip and Renee Wittrock emphasize
tax-efficiency as an essential part of everything we do. RMDs Required Minimum Distribution (RMD) rules have changed several
times. Under current law, the applicable RMD age is generally 73 or 75,
depending on your birth year. Your first RMD may generally be delayed
until April 1 of the following year; subsequent annual RMDs are
generally due by December 31. If you do not take the full amount
required, the amount not withdrawn may be subject to a 25% excise
tax, which may be reduced to 10% if corrected within the applicable
correction period. Because RMD rules can vary by account type and
circumstances, accurate calculations and deadlines matter.

DON’T LEAVE YOUR

RETIREMENT TO CHANCE

Whether you want to make sure your retirement plan is on track, make sure you have adequate protection in place for your spouse, want to have a plan for long-term care or any other financial goal, sit down with us for a no-obligation portfolio review. Only by knowing as much about you as possible will we truly understand how to make recommendations that can help you, your spouse and your family.

STAY IN

TOUCH

OUR OFFICE
Chip Wittrock, Financial Advisor
Renee Wittrock, Business Development Manager
Wittrock Financial
1719 Hill Avenue
Spirit Lake, Iowa 51360

PHONE
800-725-8780

info@lifeaudit101.com