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Taking the Anxiety Out of Financial and Retirement Planning

Taking the Anxiety Out of Financial and Retirement Planning

December 08, 2023

Helping people retire is a passion of mine. One of the most rewarding pieces of my career is helping people craft financial strategies that ultimately give them peace of mind so they can retire when they’d like without stress or sacrificing their lifestyle.

After all, retirement and financial planning can be anxiety-producing and intimidating for most people, but I believe that the journey begins with our everyday decisions — even how we think about goals at the start of every year. 

So, while addressing short-term financial issues and life transitions, it's crucial to maintain a holistic plan that paves the way for retirement.

The Milestones

Retirement planning is crucial from the start, as many Americans are underprepared, with over half having less than $20,000 saved.

  • Starting in your 20s, it's essential to build a financial foundation, manage debt, and leverage employer retirement plans.
  • As you progress to your 30s and beyond, intensifying investment and risk strategies is key, along with safeguarding your family with a comprehensive plan that adapts to life's complexities, including education and wealth accumulation.
  • Approaching retirement in your 50s and 60s, it's time to refine your vision for retirement, focusing on income strategies and wealth protection. In retirement, enjoy the fruits of well-laid plans by optimizing Social Security and tax strategies.
  • Finally, legacy planning in your 70s should consider tax-smart ways to support charities and heirs.

At its core, financial planning is about creating a foundation for both immediate stability and enduring prosperity. It's a proactive approach that empowers you to set realistic objectives, build wealth, and navigate unexpected financial challenges. For instance, with the right insurance coverage and an emergency fund, you're prepared to keep your financial goals on track, come what may.

Every Financial Plan Must be Tax-Intelligent

Taxes are among the largest expenses you'll face over your lifetime, which is why we believe every financial decision is a tax decision. Tax-intelligent financial planning is essential—it transcends mere tax reduction and aims to optimize every aspect of your financial life for maximum efficiency.

By strategically managing your investments, taking full advantage of deductions and credits, and understanding the intricacies of tax law, you can significantly reduce your tax burdens and progress toward your financial goals. It's a powerful approach that ensures your financial strategy is helping you keep more of what you earn and maximizing your investments.

At Johanson and Yau, our wealth management advisors work hand in hand with our CPA teams, so we’re always up to date with the latest tax law and strategies to keep you ahead. 

How to Think About Retirement Now

Retirement planning requires a clear understanding of your goals and financial situation. Start by defining what you want your retirement to look like, then assess your finances comprehensively. Create a budget that takes into account all future expenses and be sure to maximize contributions to your retirement accounts to accelerate savings and enjoy potential tax benefits.

Diversifying your investments is also key to managing risk and ensuring your portfolio is robust against market fluctuations. For example, your 401(k) accounts aren’t set-it-and-forget-it. You will want to keep up with the economic landscape and adjust your plans accordingly with the help of a financial advisor.

At Johanson and Yau, we integrate tax strategy into every facet of the financial planning process. With a firm belief that effective tax management is key to pursuing your financial goals, we're here to navigate the complex financial landscape for you today and down the road.

You’ll retire once in your lifetime. We help people retire every day.

If you're ready for comprehensive financial planning, or if you have questions about your retirement needs, we're here to partner with you on your journey. Let’s connect and help alleviate some of the stress around financial planning and retirement. 

*Diversification does not assure or guarantee better performance/profit and cannot eliminate the risk of investment losses in declining markets.