Fifteen Hot Tips for Retiring Right Now

Richmond Brothers Financial Management Specialists, Inc. celebrates crystal anniversary by disclosing 15 guidelines for retiring in a turbulent market environment
Aug. 11, 2009 - PRLog -- Jackson, Michigan – Richmond Brothers Financial Management Specialists, Inc. ( marks its 15th anniversary serving the Jackson community and beyond in preparing financial futures.

“We are excited to reach this milestone and we owe our success to all of those who have supported us these past 15 years—our family, which obviously includes our team members, our clients (who have become part of our extended family), and our community,” said David S. Richmond, Chairman and Chief Investment Officer of RBFMS.  “In honor of this crystal anniversary celebration, we decided to share some information on how to potentially retire comfortably amidst a volatile market.”

If you are ready to retire but are unsure whether or not you should take the leap in the recent economic crisis we have seen, the next 15 tips will help you determine if retirement is the right step for you and how to proceed if it is.

    1.  Plan ahead
Take inventory of what you have.  Make a list of all of the cash, CDs, stocks, bonds, funds, stock options, treasury bonds, notes, bills, municipal bonds, life insurance, annuities, money owed to you, retirement accounts, items of value, etc.  Who owns these assets?  Add everything up and then make sure to subtract any liabilities.  What is your net worth?
    2.   Get an accurate estimate of your Social Security Benefits
Request a Social Security Statement form from the Social Security office, complete and send it in, and you will receive a record of your wage history and an estimated retirement benefits statement.  You can also request a Social Security Statement through the Internet at
    3.  Project your retirement income
Once you have taken inventory of all of your assets (and your spouse’s assets if you are married), it is a great time to meet with a professional (or two or three) who specializes in retirement planning distribution.  This professional will be able to forecast your income for your retirement years based on your assets, rates of inflation, Social Security, rates of return and your expected life expectancy (using a combination of the IRS Life Expectancy tables and your family history).  This will help give you an overall picture of where you stand.
    4.  Create a monthly income plan
Obviously, once you are fully retired you will no longer be collecting paychecks from your employer.  To ensure your success, you will need a strategy of how you will be earning income from your long-time retirement savings.  This is will be a completely different type of strategy from what was used for accumulating your retirement savings and demands a whole new mindset.
    5.  Get a team behind you
Would you rather your financial consultant spend the most of their time looking for new clients and doing daily administrative tasks or researching and meeting with you?  If you prefer the latter, you will need an expert advisor with a team.  You want your advisor to work for you full-time, especially in a volatile market.  Besides, it is always easier to have ten contacts for support then it is to have just one.  You may wish to visit for a list of advisors with advanced knowledge in retirement distribution planning.   * Unless you are knowledgeable in investment markets, have extra time to commit to doing research and enjoy handling your own investment strategies, you will need to find a consultant who will be able to lead you through retirement every step of the way.
    6.  Work with a proactive financial consultant
Do you talk with your advisor at least once per quarter?  Does your advisor call you when decisions need to be made in a timely manner?  Does your advisor return your calls within 24 hours?  These are important services that your advisor needs to provide.  If you find that this is not the case, “pack your bags” and go where you will be treated with the service you deserve.  Your life savings and your loved ones should be on the top of your importance list, not an advisor who is not providing you the service you pay to receive.
    7.  Make sure your advisor is willing to get to know you personally
The better your consultant knows you, the better they will be able to work for you.  They will know what makes you tick and how much or little needs to be explained to you because of your experience and/or personality.  They will become your friend and really do what is in your best interest, not just the interest of their pocketbook.
    8.  Make a deal with your employer or check into in-service distributions
Maybe you are part of a big project and your employer is not ready for you to retire, but you already have one foot out the door.  There are a lot of potential opportunities when the market makes its upswing and you certainly do not want to miss out on that.  Make a deal with your employer that if you can take your money out of your 401(k) early (so you can invest your retirement savings early) you will stay on the payroll and see the project through before retiring.  Another option might be to take an in-service distribution.  If your employer allows this, you will be able to move a portion of your savings from your 401(k) into an IRA, which allows for more investment options as well as the assistance of a financial professional.  
    9.  Take your money with you when you retire
As a rule of thumb, never leave your money in your employer’s 401(k) plan (403(b), 457, or whatever else it might be referred to as).  Since your employer’s plan will typically have restrictions for your and your beneficiaries, you will do best by taking total control of your money.
    10.  Get the NUA tax break if you are eligible
If you have company stock in your 401(k) plan that actually has a gain, you may be eligible to take advantage of net unrealized appreciation (NUA).  Talk to your tax advisor before doing an IRA rollover to see if this tax break is in your future.

For the whole article (including the last five tips) please visit:

Investors interested in discussing their situation on an individual basis (free of charge and obligation) are encouraged to contact Richmond Brothers at or toll-free at (877) 467-2367.

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About Richmond Brothers Financial Management Specialists, Inc.
RBFMS was founded by brothers Dave and John Richmond in 1994 as Richmond Brothers Educational. Over its fifteen years in business, the company has evolved into a proactive wealth management firm focusing on retirement distribution planning. A $500M, privately-owned operation, RBFMS has helped hundreds of clients realize their retirement goals. The company is located in Jackson, Michigan and is currently able to service clients in the states of Arizona, California, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Colorado, Michigan, Minnesota, North Carolina, New York, Ohio and Texas. Securities are offered through Sammons Securities Company, LLC Member FINRA/SIPC.
Source:Kira Buffa
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Tags:Retirement, Retirement Planning, Retirement Distribution, Tax Planning, Ira Rollover, Income
Industry:Finance, Education
Location:jackson - Michigan - United States
Page Updated Last on: Mar 30, 2011
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