Skip to main content
5 Things to Tell Your Lenexa Retirement Accountant ASAP
May 23, 2022 at 4:30 PM
Image of someone meeting with a retirement accountant in Lenexa, KS.

The earlier you plan for retirement, the more secure your future will be. Even small contributions at the start of your career can grow to become a substantial source of retirement income. It’s not uncommon to start retirement planning later in life or try to structure your retirement assets on your own. Working with a wealth and retirement planning team goes beyond basic savings and investments to employ strategies that reduce tax obligations and maximize asset protection and savings. If you’re working with a retirement accountant in Lenexa later in life, tell them these five things immediately.

Your debt load

One of the critical parts of a stable retirement is eliminating as many of your debts as possible. Paying off your biggest debts, such as home, student loans, cars, and credit cards, is the best way to make your retirement savings last longer. Sharing your debt load with your retirement accountant is essential so they can work with you to develop a payoff strategy.

Those who waited until later in life to plan for retirement can take steps to reduce their debt load before retiring, such as moving into a smaller home, trading in vehicles, and consolidating credit debt.

Large expenses in the future

Everyone’s retirement looks a little different. Alongside monthly expenses, your retirement income should be able to support unexpected and planned costs. Being candid with your retirement accountant means they’ll be able to help you adequately prepare for the future, including:

  • Home repairs
  • Education for children or grandchildren
  • Medical expenses
  • Second homes

You may not always be able to cover these high-cost items while you’re still part of the workforce. However, a savvy accountant can help optimize the timing of the expenses to minimize the tax burden.

When you want to retire

Everyone feels a little differently about retirement. Some people can’t wait to leave the grind of work, while others feel apprehensive about the unstructured time that comes with retiring. There’s no perfect time to retire, but numerous factors contribute to when it’s feasible for an individual.

While most people don’t count on Social Security for retirement income, waiting to retire can increase the amount of the monthly checks. Social Security bases your benefit on your 30 highest-earning years in the workforce. Adding extra high-income years at the end of your career can even raise your benefit.

A retirement accountant in Lenexa, Kansas, can help those who want to retire before sixty connect their goals with earning requirements.

Your investment portfolio

Whether you work with a financial advisor or invest independently, sharing your investment portfolio with your retirement accountant is essential. They’ll offer advice and guidance on optimizing your portfolio to meet your long-term goals and your short-term ones.

When you work with OWLFI, we have financial advisors and retirement accountants in-house, working on a cooperative team to achieve your financial goals. Our holistic approach aligns your investments and assets with your goals.

Model: @Austindistel

Photographer: @breeandstephen

Your retirement goals

In general, you’ll need 75% of your working income during retirement. However, this figure is different for everyone. If you pay off your home and debt, you may need less. But your income requirements will be significantly higher if you plan on a retirement full of travel, a second home, or passing wealth on to your children.

When a retirement accountant knows your goals for after you leave the workforce, they’ll be able to develop a customized strategy to help you achieve them.

Meet with OWLFI in Lenexa, Kansas, to work with a different kind of retirement accountant.

We established OWLFI after seeing the distress and expense caused by financial advisors, CPAs, and estate planning attorneys failing to communicate. We brought together professionals in wealth management and retirement planning to work on the same team to save our clients thousands of dollars in taxes for stable retirement incomes.

Call or email our team to learn how a holistic retirement accountant in Lenexa, KS, can help make your retirement dreams come true.