Retirement Planning
Retirement planning at SkyOak Capital starts with an important question: Can you retire when you want to and maintain the lifestyle you have worked to build?
We help clients determine how much they will need, where their retirement income will come from, and how their investments, taxes and income decisions work together throughout retirement. The goal is not simply to reach a retirement date, but to develop a strategy for generating income, managing taxes and adapting the plan over what may be several decades of retirement.
Retirement planning is an ongoing process. We continue to evaluate the plan as markets, tax laws, spending needs and life circumstances change.
What a Retirement Plan Covers
Depending on the client’s circumstances, retirement planning may include:
- Retirement Income— Coordinating Social Security, pensions, retirement accounts, taxable investments, annuities, rental or business income and other resources to determine how retirement spending will be funded over time.
- Withdrawal Strategies— Determining when and how to draw from taxable, tax-deferred and Roth accounts while considering taxes, investment needs and the long-term sustainability of the portfolio.
- Social Security— Evaluating claiming strategies, including the effect of timing, spousal and survivor benefits and other retirement income sources.
- Medicare & Healthcare— Considering Medicare enrollment, healthcare costs and how retirement income decisions may affect income-related Medicare premiums.
- Roth Conversions— Evaluating whether converting traditional retirement assets to Roth accounts may make sense, including the timing and tax impact of conversions.
- Required Minimum Distributions (RMDs)— Planning for required distributions and considering how decisions made before RMDs begin may affect future taxable income.
- Pensions & Employer Benefits— Evaluating pension elections, including public employee retirement benefits such as Oregon PERS when applicable, and coordinating those benefits with the rest of the retirement plan.
- Relocation & Multi-State Planning— Evaluating the financial and tax implications of relocating in retirement or maintaining residences in more than one state, in coordination with the client’s tax professionals.
IRAs & Retirement Accounts
Retirement accounts are often a significant part of a client’s retirement assets, and the rules governing them can affect both income and taxes throughout retirement.
SkyOak Capital helps clients evaluate traditional and Roth IRAs, employer retirement plans, inherited retirement accounts and rollover decisions as part of the broader retirement plan.
When a client leaves an employer or retires, we evaluate whether assets should remain in the employer-sponsored plan or be rolled into an IRA based on factors such as investment choices, costs, services, withdrawal options and the client’s overall circumstances. A rollover is not automatically assumed to be the appropriate choice.
For clients interested in holding certain private or nontraditional assets within a retirement account, SkyOak Capital also provides Self-Directed IRA Services.
The RetireSmart Vault Strategy
Retirement assets often have different jobs. Some need to provide income today, some need to remain available for future spending, some need to continue growing, and others may ultimately be intended for family or charitable goals.
SkyOak Capital’s RetireSmart Vault Strategy is a purpose-driven approach to retirement planning that organizes assets around what the money is intended to accomplish:
- Income & Security— Assets and income sources intended to help fund essential expenses and maintain liquidity throughout retirement.
- Lifestyle— Assets designated for travel, discretionary spending and other retirement goals.
- Growth— Investments positioned for longer-term growth and to help address the effects of inflation over time.
- Protection & Legacy— Strategies designed to address insurance and long-term care needs while helping preserve assets intended for family or charitable goals.
Tax planning is considered across each area, helping us evaluate where retirement income should come from, which accounts to use and when, and how decisions made today may affect taxes later in retirement.
How Retirement Planning Is Delivered
Retirement planning is integrated into SkyOak Capital’s Private Wealth Management relationships and may also be provided as a standalone financial planning or consulting engagement.
Our advisors use eMoney financial planning technology to model retirement income, spending, investments and different planning scenarios. For more complex situations, SkyOak also has access to advanced planning resources and specialists in areas such as retirement income, tax, estate and insurance planning.
Because retirement planning continues well beyond the retirement date, plans are reviewed and updated as financial circumstances, spending needs, markets, tax laws and family situations change.
Who This Is For
Retirement planning is not limited to people who are about to retire. We work with clients who are still accumulating wealth and want to understand whether they are on track, individuals approaching retirement and making important decisions about income and benefits, and retirees who need to manage withdrawals, taxes and investments throughout retirement.
We also work with business owners preparing for a future sale, individuals with pensions or significant retirement accounts, families evaluating a move in retirement, and clients who want a more coordinated strategy for turning accumulated assets into sustainable retirement income.
Your Advisors
Retirement planning is provided by Jennifer Davis, CFP®, Founder and CEO, and Damien Rennie, Senior Wealth Advisor.
Jennifer oversees SkyOak Capital’s comprehensive and advanced retirement planning work, including more complex retirement income, tax, estate and insurance planning situations. Damien provides retirement and financial planning for individuals and families across a range of financial needs and life stages.
FAQs
Questions About Retirement Planning
When should I take Social Security?
There is no single claiming age that is appropriate for everyone. We evaluate Social Security within the broader retirement plan, considering factors such as other income, retirement assets, marital status, survivor benefits, cash flow needs and longevity assumptions.
Should I convert my IRA to a Roth?
A Roth conversion can be useful in certain circumstances, particularly when clients have lower-income years before required minimum distributions begin. We model potential conversions as part of the broader retirement and tax plan, including the potential impact on taxable income and Medicare premiums.
Should I roll my 401(k) into an IRA when I retire?
Not automatically. We compare the employer plan with available IRA options and consider costs, investment choices, services, withdrawal provisions and other factors before making a rollover recommendation.
Can SkyOak Capital help with retirement income after I retire?
Yes. Retirement planning continues after the retirement date. We help clients coordinate portfolio withdrawals and other income sources, manage liquidity, evaluate tax planning opportunities and adjust the strategy as spending needs and circumstances change.
Can SkyOak Capital help me decide whether to move to Nevada or another state
in retirement?
Yes. SkyOak Capital helps clients evaluate the financial and tax implications of relocating in retirement, including moves to Nevada and other tax-friendly states.
We can model how a move may affect retirement cash flow and the timing of important financial decisions, including Roth conversions, retirement account distributions, capital gains and the sale of appreciated assets. For clients maintaining homes in more than one state, we also consider how residency and domicile may affect the financial plan.
State tax laws and residency requirements vary, so we coordinate with the client’s CPA or tax professional when tax or legal guidance is needed.