3 Considerations For Retirement Income Strategies
There are many different options that people in Greenville, SC, should consider to create retirement income. Many people assume that retirement living is based on savings, but this does not have to be the case.
Working with retirement specialists like Matt Dixon, a Registered Financial Consultant, provides individuals with a long-term retirement goal. Structuring investments and creating smart changes today can help to increase savings and retirement income for the future.
Investments That Earn Income
One of the strategies that may work for individuals or couples is to invest in opportunities that continue to create a passive income during retirement. A common example of this is investing in rental properties or multifamily properties. These can be managed by property management groups, eliminating the need for any hands-on work or time on the property.
For many individuals, retirement is not the goal, but there is an interest in reducing the amount of time they spend at work. Many family business owners continue to have some role in the company as a consultant or advisor.
It is important to consider the amount of money earned and the tax implications of having an income during your retirement years. Working with Matt Dixon provides a clear picture of the pros and cons of having a continued income.
Monitoring Your Tax Bracket
One of the areas of specialization for Matt Dixon is in assisting clients in Greenville, SC, to become more tax efficient. Taking advantage of tax credits and deductions and then strategically using funds from both traditional and Roth IRAs and 401(k) plans helps to reduce tax implications and even continue to build these savings accounts in lower-income years.