Beth Botti photo

Beth A. Botti, CFP®, ChFC, CLU, CDFA™

Financial Consultant

California Insurance License #0G24537

 

612 Wheelers Farms Road, Milford, CT 06460

 

Phone:  203-877-6556 Ext. 169

Fax:      203-301-0736

Email: beth.botti@equitable.com

March/April 2019

Keeping Your Retirement on Track

Active happy carefree smiling senior woman ridding bike in autumn nature.

Has life thrown you a curveball and knocked your retirement expectations off track? With the help of a financial professional, you may be able to find alternatives to most financial setbacks and get back on track. Here are some post-retirement challenges and their potential solutions.


Home Repairs
You need a new roof or heating system and you don’t have the money budgeted for it. Now you have to withdraw more from your retirement funds than anticipated. While establishing an emergency fund equal to a few months of expenses won’t help you this time around, it may help you the next time you incur a large, unexpected expense.


Vacation Envy
If you budget to the penny because you lack disposable income, it can be next to impossible to find the money to take a vacation. You might consider going away by car instead of air or vacationing with family and friends when they make the offer. But if you really can’t find the money for a vacation, or for an emergency fund for that matter, consider getting a part-time or temporary job.


Health Insurance
Meanwhile, prepare where you can. When a costly illness is your biggest financial risk, it pays to have the right health insurance. Work with an insurance professional to make sure you not only have basic Medicare, but other insurance you need to help defray health care costs, resulting in lower out-of-pocket expenses.


Taxes
During this tax season, consider how an increase in your tax rate could affect your retirement income. One way to deal with this risk is to convert some 401(k) plan or traditional IRA money into a Roth IRA.* You may pay income tax on the converted amount, but Roth distributions are then tax-free.


There’s More
Other risks to your retirement security include withdrawing too much or too little — with the latter resulting in penalties for not taking required minimum distributions — investing too aggressively or conservatively, and outliving your retirement income. Your financial professional can suggest investments to help alleviate these concerns.


* Converting from a traditional IRA to a Roth IRA is a taxable event. A Roth IRA offers tax free withdrawals on taxable contributions. To qualify for the tax-free and penalty-free withdrawal of earnings, a Roth IRA must be in place for at least five tax years, and the distribution must take place after age 59 1/2 or due to death, disability, or a first time home purchase (up to a $10,000 lifetime maximum). Depending on state law, Roth IRA distributions may be subject to state taxes.

GE-2258619a (10/18)(Exp. 10/20)


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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.

GE-6572038.1 (4/24)(Exp. 4/26)

CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.

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