ServicesRetirement Planning
Retirement Planning in Holmdel, NJ
We take your account statements, pension estimates and Social Security record and build a year-by-year plan for the paycheck you will draw in retirement. At each step we show you what we found and what we changed, in writing, so you can check our reasoning.
What retirement planning actually covers
Saving for retirement and spending in retirement are different problems. While you work, the main job is putting money away. Once the paychecks stop, the questions get harder: which account to draw from first, when to claim Social Security, how to handle required minimum distributions, and how to keep a market drop in your first few years from doing lasting damage. That last risk, called sequence-of-returns risk, is why two retirees with the same balance can end up in very different places.
Our retirement planning work answers those questions with your numbers, not rules of thumb. We look at every account you hold, the tax treatment of each, and the income you expect from pensions or part-time work. Then we map withdrawals year by year, from the day you stop working through your late eighties and beyond.
You keep a documented record of the whole process: copies of the statements we reviewed, notes on what we found in each one, and a written explanation for every recommendation. If something in the plan changes later, you can see exactly what it replaced and why.
What the plan includes
Account inventory and review
We list every 401(k), 403(b), IRA, Roth, brokerage account and old employer plan you have. Old plans left at former employers often carry higher fees or default funds nobody chose on purpose, and we note those in writing.
Social Security claiming analysis
Claiming at 62 cuts your benefit permanently, while waiting past full retirement age adds delayed credits until 70. We run the options against your health, your spouse's record and your other income, and show the break-even points side by side.
Withdrawal order and tax brackets
Drawing from taxable, tax-deferred and Roth accounts in the right order can keep you in a lower bracket for years. We model that sequence, including whether partial Roth conversions make sense before required minimum distributions begin at 73 or 75, depending on your birth year.
Pension and rollover decisions
A lump sum versus a monthly annuity is a one-time, permanent choice. We compare the two using the pension's actual figures and lay out the tradeoffs, from survivor benefits to inflation exposure.
Medicare and health cost timing
Medicare starts at 65, and premiums can rise through IRMAA surcharges based on income from two years earlier. We flag the years where a large withdrawal or conversion could trigger that, so you can plan around it.
Signals that your retirement needs a written plan
Retirement is less than a decade away
Catch-up contributions and Roth conversions do the most good in the final ten years of work. Leave planning until the last year and many of those moves are no longer available.
Your savings sit with several employers
With three old 401(k)s and a couple of IRAs, your true allocation and total fees are hard to see. Pulling everything into one view is usually our first task.
Your Social Security timing is a guess
If your plan is to claim at the earliest age, or you simply have not decided, run the numbers first. For married couples, the age at which the higher earner claims also determines the survivor benefit.
You face a buyout or pension election
Employer offers like these carry deadlines. Comparing the options in writing before you sign is much easier than trying to reverse an election later.
You have a healthy balance but no income plan
A big total on a statement says nothing about how much you can safely spend each month. A plan converts that balance into a monthly amount you can rely on.
How we build your retirement plan
- 1
Introductory meeting
The first meeting can happen in person at our office or over a phone or video call, whichever suits you. We ask about your target retirement date, the spending you expect and the questions that keep coming up. In turn, we walk you through how we work and list the documents we would want to review.
- 2
Gathering and documenting
You send recent account statements, your Social Security earnings record, any pension estimates and last year's tax return. We go through each document and hand back written notes on what turned up, such as fees, duplicate holdings across accounts and beneficiary designations that are out of date.
- 3
Modeling the income plan
Next we project income and withdrawals for each year of retirement. We stress-test the plan against poor market returns in the early years and against higher inflation, and we show you every assumption behind the numbers, not only the final figure.
- 4
Walking through recommendations
In a second meeting we cover each recommendation and explain the reasoning behind it. No account is touched until you approve, and each change is logged so you can compare the before and after.
- 5
Annual review
Markets move, tax rules get rewritten and your own circumstances change. Once a year we revisit the plan, record what shifted and note each adjustment we made.
What affects the cost of retirement planning
Fees depend on how much work your situation takes, so we explain the cost during the introductory meeting before any planning begins. You will know what you are paying for and what is included.
- Number and type of accounts
- A single 401(k) and an IRA take less analysis than a mix of old employer plans, brokerage accounts, annuities and inherited IRAs.
- Pensions and employer benefits
- Pension elections, deferred compensation plans and stock options each require separate modeling and add time.
- Tax complexity
- Multi-year Roth conversion projections, business income or rental property raise the depth of tax work in the plan.
- One-time plan or ongoing service
- A single written plan costs differently from ongoing annual reviews paired with investment management of your portfolio.
Retirement planning questions
Something not covered here? (732) 719-2097
How early should I start retirement planning?
Saving should start as early as possible, but a full income plan is most useful about five to ten years before you stop working. That window leaves time for catch-up contributions, Roth conversions in lower-income years and a deliberate Social Security decision. If you are already retired, a plan still helps with withdrawal order and required minimum distributions.
Should I roll my old 401(k) into an IRA?
Sometimes, but not always. An IRA usually offers more investment choices, while some 401(k)s have very low-cost institutional funds and allow penalty-free withdrawals from age 55 if you leave that employer. We compare the specific plan's fees and rules with you before recommending either way.
Does New Jersey tax my retirement income?
New Jersey does not tax Social Security benefits, and the state offers a pension and retirement income exclusion that depends on your total income. Withdrawals from IRAs and 401(k)s can still be taxable at the state level. We build those rules into your plan, and our tax management work can go further if your situation calls for it.
Do I have to move my accounts to work with you?
No. We can build your retirement plan using statements from wherever your accounts are held now. If you later want help managing the investments, we can discuss that separately.
How is this different from financial planning?
Financial planning covers your whole financial picture, including budgeting, college savings and insurance. Retirement planning focuses on one question in depth: how to turn your savings and benefits into reliable income for the rest of your life. Many clients start here and add legacy planning once the income side is settled.
Find out what your retirement income really looks like
Bring your statements and your questions. We will walk through your situation with you and explain how we would document and build your plan.