Retirement Planning

Not everyone moves into retirement all at once. Some people cut back their hours or responsibilities gradually rather than stopping work entirely, whether because of savings, lifestyle, or simply not having reached full retirement age yet. Mission Wealth can review your 401(k) plans, private pensions, savings, and other investments and assets to help you understand how much you have available, calculate your target retirement date, and build a phasing schedule that keeps your savings plan on track as your income changes.

Most people’s goals in retirement are to live comfortably, stay healthy, and have adequate protection from the unexpected. Getting there requires an honest look at your savings, spending, and sources of income well before your last day of work. Mission Wealth works with you to design a plan that reflects your real financial picture and your goals, whatever stage of the journey you are in.

You can start taking Social Security retirement benefits as early as age 62 or as late as age 70, and the age you choose affects both your benefit amount and your tax picture. Social Security should be part of your retirement plan, but for most people it is not generous enough to be the entire plan. Mission Wealth uses sophisticated software to analyze hundreds of different Social Security income strategies and help determine which option maximizes your benefit.

One of the biggest adjustments for new retirees is shifting from employer-subsidized health coverage to Medicare, and the enrollment rules and deadlines can be confusing, especially if you have specific medical needs. Since Medicare eligibility begins at 65, while Social Security can start at 62, retiring early may mean buying marketplace insurance or paying a penalty in the gap. Mission Wealth can refer you to a qualified Medicare consultant who can walk you through your options and help you avoid missing important deadlines.

Once you start living off your retirement assets, your tax picture changes, and withdrawals are taxed differently depending on the type of account they come from. Many new retirees also spend more in the early years of retirement on travel and other pursuits before settling into a steadier pace later on. Mission Wealth helps build a plan that accounts for both the spending you want to do now and the income you will need later, including a thoughtful approach to sequencing withdrawals and managing the tax considerations that come with them.

Key ages like 55, 59½, 62, 65, full retirement age, and 72 each carry their own rules around penalty-free withdrawals, Social Security, Medicare, and required minimum distributions. Keeping track of these milestones and planning ahead of them is essential to avoiding costly mistakes. Mission Wealth reviews your personal situation and helps you set and work toward a target retirement age with each of these milestones in mind.