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Oklahoma City financial planners can help Oklahoma seniors manage their income, investments and assets even after they have retired. A common misconception about Oklahoma financial planning is that you no longer need assistance once you retire. Saving for retirement is such an exerting process that finally retiring can feel like the finish line to many OK residents. However, life on a fixed income can present a new set of financial challenges with which Oklahoma City financial planners can help. Oklahoma financial planners can help OK seniors make adjustments to their finances as their circumstances change, understand how to make withdrawals from their retirement funds while avoiding penalties and make other financial decisions once they have retired.

Managing Basic Accounts

If you had the benefit of an Oklahoma City financial planner while saving for retirement, you likely have one of the two staple tax-deferred retirement accounts. These are, of course, 401k accounts and Individual Retirement Accounts, also called IRAs. If you were thorough, you might even have both, although not all OK employers offer 401k plans. If you worked for the Oklahoma City government, another government organization or for a nonprofit, you might have a 403b account rather than a 401k. In either case, Oklahoma City financial planners can help you understand the withdrawal rules related to these accounts so you can avoid penalties and get the most out of your contributions.

Oklahoma residents must wait until age 59 and a half to begin making withdrawals from both their 401k and IRA accounts, although there are exceptions, including withdrawals for medical expenses and higher education. Your Oklahoma City financial planner explain your full range of options for withdrawing early. You can let contributions to both their 401k and IRA accounts grow tax-deferred until the age of 70 and a half, at which point you need to begin making an annual Required Minimum Distribution, or RMD. The amount you must withdraw is based on your account total and your life expectancy. This requirement is dropped in certain circumstances, such as if you are still employed. Your Oklahoma City financial planner can help you set up RMDs if they apply to you.

Oklahoma City residents can also make changes to their accounts in retirement if their situations change. For example, seniors can change a Traditional IRA to a Roth IRA. There aren't many circumstances where this would be beneficial, but your Oklahoma City financial planner can help you determine whether your situation calls for an exception. A financial budget advisor can also help you decide which accounts from which to draw in different scenarios. When you factor in annuities, stock dividends, social security and other forms of fixed income, your post-retirement decisions can add up quickly. An Oklahoma City financial planner can simplify these decisions for you to help you make smart choices during retirement.

Making Post-Retirement Adjustments

Chances are, when you first spoke to your personal finance advisor, you had an idea of what retirement would look like for you. Maybe you had decided to keep your Oklahoma City home and developed a strategy to keep your standard of living at a percentage close to what you enjoyed while you were working. However, the unexpected can sometimes change your original retirement plans. Either because of medical expenses, changes in the market or even your lifestyle, you might have to make shifts in your investments. Personal finance planners can help you determine the best way to sell your home, sell common stock, find new investments for your portfolio, or make other adjustments.

For example, you might have initially decided that you were content to stay in Oklahoma City and enjoy a conservative lifestyle filled with community activities. Should you find that you are restless in your retirement with a bug to travel, consulting financial planners before spending carelessly can help you stay on track and save enough to see you through the rest of your life. Financial planners can also consult you on how much you can financially help family members in need and what you can disperse as gifts. Since your golden years should be just that, golden, using the help of personal finance planners can allow you to enjoy retirement while leaving monetary decisions to experts.

Since retirement offers as many difficult decisions regarding money as your younger years, taking advantage of an Oklahoma City personal finance advisor is often a smart decision as you enter your golden years. Oklahoma City financial planners can help seniors make adjustments to their original plans, avoid penalties and address other confusing issues that can arise during retirement. Oklahoma City personal finance planners are well versed in many different kinds of investments, accounts and penalties and can be a great resource to you during your golden years.

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Financial Planners in Oklahoma

Jason Dixon
Jason Dixon
3531 W. Memorial Road
Oklahoma City, OK 73134

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Victoria Woods
1725 E 15th Street
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Edmond, OK 73013

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