The financial plans we create for you and the investment advice provided by PRP is custom-made to fit your unique situation. Read below to get a better understanding of how we create solutions for customers with different sets of circumstances.
My wife and I are in our 50's and looking to retire within 3-10 years. I'm employed in the public sector and have made contributions to a 457 deferred compensation plan. I'm also eligible for a pension. My wife is working in the private sector and has saved into her 401(k) account, but won't be receiving a pension. Right after retirement, we plan on selling our home and moving closer to our grandkids. Even though we have a good amount of money saved, we're not sure what would happen if one or both of us gets sick or injured and needs care for a long time. We're also not sure if we will have enough income to cover our living expenses during retirement since we'll be retired for 30-40 years. Based on our own projections, it looks like we will be able to live comfortably off of my pension and our Social Security payments, but we aren't quite sure how much inflation will affect our lifestyle. What would be a good way to address our concerns?
My wife and I just retired and are looking forward to doing some of the things we had to put off while raising our kids. My pension and our Social Security payments are more than enough to cover the bills since we live a frugal, but comfortable lifestyle. Over the years, I was able to save a lot of money into my 457 deferred compensation plan. While contributing to my retirement plan, I didn't pay much attention to the investments I picked or the fees that were being charged. Now that I'm retired and have more free time, I looked over my investments and wondered if the funds that I'm invested in are appropriate for us. Also, even though I've left my employer, I'm still paying an ongoing retirement plan administration fee. Is it necessary to be paying those fees or is there a way to bring my costs down or get more services for what I'm paying currently?
* Please consult with one of our partnered accountants or a tax professional to determine if your investment management cost is tax-deductible.
I've been contributing to my 457 deferred compensation plan for many years. During this time, I've taken advantage of a lot of tax deductions and exemptions. We've also been taking deductions for mortgage interest and real estate taxes. The bottom line is that with all of these deductions and exemptions, along with the tax deductions I get for contributing to my 457 plan, we are in a fairly low tax rate. Lately though, I've been thinking about something; when my husband and I retire, we won't have enough tax deductions to itemize so we're going to use the standard deduction. With my pension, my husband's income from his part-time job, and our Social Security, when it comes to pulling money from my 457 plan, I may actually pay taxes at a higher rate than when I was putting money away into my 457 plan. Is there something we can do to avoid this potential situation?
*Refer to IRS Publication 590 for Roth IRA distribution rules