Retirement Planning

We’ve all heard someone say it: “the sooner you start planning for your retirement, the better.” That’s a true statement, but when we’re in the thick of life, it’s easy to lose sight of future financial needs. Of course those busy years often overlap with the most important time to focus on planning for retirement. 

At NMS Certified Public Accountants we deal with personal finances day in and out. As an Ohio CPA firm we have put in the work and understand the nuts and bolts of financial planning. We can weave together our tax planning expertise with other financial disciplines to help you gain a more comprehensive picture of your own financial needs during retirement. 

Initial Assessment

Our certified public accountants can help you to take an honest look at the right level of investment and savings needed for security and stability during the entirety of your retirement years. Budgeting is an initial step, and your local accountant can draft a working budget that makes it easier to save. They can use their financial knowledge to design a budget that allows for some flexibility while still helping you to reach your retirement goals. To satisfy initial planning we will evaluate your present financial situation, determine if you can take advantage of tax-credited IRA contributions, find the best way to eventually withdraw from your retirement plan, and establish a Social Security collection timeline. 

Tax Planning

Tax issues arise at every stage of your financial planning, and retirement is no different. Planning for enough income and strategizing to ensure that contributions aren’t eaten away by unnecessary taxes is vital to making the most of your nest egg. Our certified public accountants can analyze options to find the best type of retirement savings account for your needs, as well as addressing income-related Medicare concerns and helping you to manage the financial implications of a second home or rental property. Our team will also work with you to ensure that we properly manage retirement cash flow with a strict eye on tax efficiency across income streams. We can also help clients to maneuver through changes in cash flow, along with determining the best, most tax-smart way to liquidate investment accounts over time.

Creating a Business Exit Plan

If part of retirement planning includes selling or turning over control of your business, NMS Certified Public Accountants can help. Countless tax implications come into play when closing down a business at retirement. You’ll also want to ensure that your estate is well taken care of, that you have planned for any inheritances, and that business succession arrangements are in order. If you will have a high income both before and after retirement, then paying attention to available tax deductions and credits will be especially helpful. While your local accountant may not be able to handle every aspect of a business wind down, they can certainly weigh in on countless financial and tax matters and how they will affect successful retirement planning.

Redefining Retirement Goals

Over the course of your life, financial goals and needs could change, whether due to major life and family changes, a new career, or shifts in your desires and priorities. A certified public accountant can work with you to include redefined goals in your existing retirement plan. Flexibility is key, and a well-executed retirement plan should allow you to make changes over time. Whatever the case, we will always ensure that tax implications are factored in and planned around so as to provide you with the most financial security.

The best time to start planning for retirement is right now. It’s a complicated process, but our Ohio CPAs will ensure that your plan is sound, taking into account tax considerations and other key factors. Contact us to learn more about our individual and business services–if it affects your finances, a CPA can help.

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