Tax & Income Strategies for Older Clients

When 60% of your clientele is retired, you donít have a standard financial planning practice. Instead of helping clients build their assets, Jean-Luc Bourdon spends a good deal of his time trying to come up with the most tax-efficient withdrawal strategies.

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Comments (2)
I have a number of older clients, and one of the important items that I discuss are the difference between "income" and "cash flow" because most of them mistakenly emphasize need for the former, when they really mean the latter. In addition, I discuss the advantage in many situations of deferring Social Security Benefits until age 70 in order to increase the amounts in later years by 70% over age 62, or 32% over age 66. In this regard, I also consider the advantages of taking Retirement Plan/IRA distributions between 59 1/2 and 70 to the extent this can be done in the 15% income tax bracket, because a surviving spouse or younger beneficiary will probably be in the 25% or higher tax bracket when they take these distributions.
Posted by DAVID L Z | Tuesday, April 29 2014 at 12:48PM ET
Clients of all ages need and crave this level of hand holding. In fact, for many clients, it's more important than investment returns and other traditional industry measures. The challenge for our industry is most firms can't make money with this level of hand holding. Long-term, this level of service can improve the bottom line, but it takes fresh thinking and maybe some short-term sacrifice.
Posted by Duane C | Friday, May 09 2014 at 7:18AM ET
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