Retirement Planning Firm Based in Columbus, Ohio

What will retirement mean for you? Will you be leaving a job? Ending a career? Selling your business? Relocating? Working part time? Not working at all? In this time of planning and transition, there will be many decisions you face – not the least of which will be how to manage and coordinate your income sources, investment distributions and investment allocation. The right plan will help you move confidently toward the future, and the kind of retirement you hope for. PDS Planning specializes in retirement planning and long-term strategies. Take a look at some of the questions we get most often.

How Much Money Do I Need to Retire?

Maybe you have a 401k, a 403b, a pension or stock options. Maybe you’ve got a healthcare plan that fits you now, while you’re working, but it won’t be right for you during retirement. The amount you need to save depends on your desired lifestyle in retirement, current retirement assets, anticipated future growth rate and inflation. Sources of retirement income such as social security, pension, and rental or business income must also be considered. Once these factors are identified, we will review the numbers and together identify an amount to be saved that will help you reach your goals. We’ll also identify opportunities to maximize your income, and confirm that you are taking advantage of catch-up retirement savings if you are over 50.

When Should I Start Receiving Social Security Benefits?

The decision on when to take Social Security can be different depending on your individual situation. PDS Planning can help you navigate your Social Security decision by preparing a projection that includes your benefit, your spouse’s benefit and other income sources at different ages and how that impacts your long term planning. In addition, we can provide insight to the Social Security guidelines that impact you, like spousal benefits when there are no earnings, substantial earnings rule and windfall provision for state pension plans to name a few.

Should I Change My Investment Allocation?

Some people will tell you that as you begin to plan for retirement, you should change your investment allocation. We say it depends on your age, your needs, your wants and your tolerance for risk. We make recommendations based on the individual – not on some cookie-cutter approach.

How Do I Reduce Taxes in Retirement?

A big part of our job is helping you plan to take income distributions in a tax-efficient way. We can do this in various ways, first by considering the use of a combination of pretax and after tax monies or by considering Roth IRA conversions in years where it is optimal. Once we talk to you and get a clearer picture of your individual situation, we can offer suggestions that will help you in this area.

Do I Need to Purchase Long Term Care Insurance?

If you’re between the ages of 50 and 60, PDS Planning believes now is the right time to consider long term care insurance. There’s a variety of dynamics to consider when preparing for your long term care needs. We assist in evaluating different insurance coverage, the spending down of assets in the event long term care is needed, and how each option will impact your financial future.

A Ham Sandwich & Retirement

So there you are, sitting at your desk – eating a ham sandwich and thinking about your retirement. “Will there be enough meat to it?” you think to yourself. Will you have enough bread? Should you go for the hot investments, like banana peppers and mustard? Or should you diversify and reduce your risk with something a little more conservative – like maybe some bonds? Or a little mayonnaise and lettuce on the side? And, by the way, do you want to keep eating those ham sandwiches for the rest of your life? Or should you change your investment allocation and identify some options? For instance, you might want to have a lobster roll every once in a while. Planning for retirement. Social security. Pension funds. Long-term care insurance. “It’s all one big ham sandwich,” you think to yourself. Then your phone rings, your lunch hour is over, and you’re off to your next meeting. Have you saved enough for retirement? Not yet. But you will.

For more information regarding retirement planning and making sure your ham sandwich has enough meat, variety & room for change, contact PDS Planning today.