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Don’t pay more in taxes than you have to. Take full advantage of all deductions and credits available. Planning is the key to successfully and legally reducing your tax liability. The author, Juanita Farmer, is the Managing Partner of J.D. Farmer & Associates, LLC, a public accounting firm, located in Germantown. Rely... Read more

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Are We Financially Prepared For Retirement?

The reality is, we tend to spend our time focusing on accumulating assets and retirement funds but what happens when it’s time to draw down those accounts and tap into our assets? It’s not always easy to shift gears and suddenly have to worry about finances and (gasp) stick to some kind of budget once we hit retirement. What happens, for example, if you have significant assets in the market and it takes a dive like it did a decade ago…what is your retirement exit strategy in that situation?

With incredible developments in technology and science, the good news is we’re living longer but the bad news is many of us aren’t financially prepared to live longer. When was the last time you reviewed your retirement distribution strategy? What if you or your spouse are suddenly faced with a long-term or debilitating illness, do you have a plan in place to protect you and your family? Most people are uncomfortable talking about this subject but it’s important to not only plan for a long retirement but to also plan for things like taxes and a sudden and/or extended illness.

You can avoid potential doom and gloom during retirement if you engage in proper planning today. There are strategies available to help protect your nest egg and make sure you have a sound plan in place to handle a long-term care event.

A review of your retirement and financial plans will help determine if there are any holes in your strategies that could possibly lead to disaster down the road. There is no reason to spend another day with your assets and financial future exposed to potentially harsh elements such as stock market volatility, excessive taxation and unexpected illness.

A review of your retirement and financial plans will help determine if there are any holes in your strategies that could possibly lead to disaster down the road. These reviews are services offered by retirement distribution specialists so there is no reason to spend another day with your assets and financial future exposed to potentially harsh elements such as stock market volatility, excessive taxation and unexpected illness.

Reach out to your personal retirement distribution specialist as soon as possible to discuss strategies that may be appropriate for you – if you don’t already have the right strategies in place, how can you truly be financially prepared for retirement?

Juanita Farmer, CPA

About Juanita Farmer, CPA

Juanita Farmer. CPA is the Managing Partner of J.D. Farmer & Associates, LLC, a Public accounting firm, located in Germantown, Maryland. Ms Farmer has been practicing in the field of accounting and tax for over 27 years.

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