Successfully transitioning to retirement
The rules surrounding retirement benefits are complex, but expert advice can help you avoid taxes and penalties and help your income last. The experienced Wealth Services professionals at Synovus can work closely with you to help you achieve your financial goals.
Understand your income needs and sources
What kind of life do you look forward to in retirement? Your Synovus advisor can look at your goals and turn them into a plan. We start by examining your spending patterns and cash flow, then creating a comprehensive analysis of your income sources, including pensions, investments and Social Security.
Develop a sound investment strategy
It’s likely you’ve invested primarily in growth stocks over the course of your career. As you near retirement, your focus should shift to generating income and to understanding how your various sources of income will be taxed. We can help you align your investments to seek greater tax efficiency as well as lower volatility.
Protect tax-deferred assets and avoid penalties
There are literally thousands of regulations related to taking distributions from corporate retirement plans, ESOPs and IRAs (including rollovers).
Nonqualified benefits, such as stock options and deferred compensation plans, bring especially complex tax issues. Even small mistakes can be costly in terms of taxes and penalties. Your Synovus advisor can help you make sound, timely decisions.
Plan for all the possibilities
It’s a good idea to evaluate your insurance needs as you move into retirement—not just health insurance, but also the potential need for long-term care coverage. There are other considerations, too. For instance, several types of trusts can ensure the professional management of your financial affairs if you suddenly become unable to oversee them any longer.
Most important, be sure that your will is up to date. Synovus can show you how all these arrangements can assist you while also easing burdens on family members, ensuring smoother financial transitions and helping lower estate taxes.
The expertise you need
Before you retire, make sure you understand all your options, opportunities and changing financial responsibilities. At Synovus, our team of experienced Wealth Services professionals will collaborate closely with you to help you enjoy the kind of retirement you have worked so hard to earn.
Financial planning considerations
Synovus Wealth Services professionals can help you integrate your new financial goals into a financial plan that aligns with your increased earnings. We can help you integrate these goals into your financial plan to reflect potential tax benefits and costs.
GOALS |
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| Reducing income taxes | Maximizing retirement benefits | Building your investment portfolio | Reducing investment risk of a concentrated position | ||
STRATEGIES |
Investment Planning | Consider tax-advantaged investments such as municipal bonds | Analyze a reallocation of assets in taxable accounts to emphasize capital appreciation | Review your asset allocation and consider enhancing return potential with alternative investments | Evaluate hedging strategies or review your asset allocations |
| Estate Planning | Examine alternatives such as charitable trusts to reduce your taxable estate | Determine whether retirement assets or taxable accounts are more appropriate for beneficiaries | Invest with an eye toward the ultimate disposition of assets through trusts and bequests | Use a charitable trust to diversify the position without incurring capital gains taxes | |
| Retirement Planning | Maximize corporate and individual retirement plan contributions | Carefully position assets for tax-efficiency | Take advantage of tax-deffered accounts to sell corporate stock and reallocate assets for income | ||
| Tax Planning | Discuss your increased income with your tax advisor as soon as possible | Discuss with your financial advisor and tax advisor other nontraditional vehicles for saving for retirement | Consider taking capital losses to offset higher income taxes and capital gains taxes | Balance potential capital gains tax liabilities against the likelihood of capital loss | |
Financial advice and services tailored for you
Synovus wealth professionals have broad experience in private banking, investment strategy and planning, asset management and estate planning.
Our team delivers knowledgeable insights to help you achieve your financial goals.
Synovus can help
To learn more, talk with a Synovus financial professional by calling 888-SYNOVUS (796-6887) or visiting your local branch. Additional information is available at synovus.com/wealth.
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Important disclosure information
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.