You have worked long and hard. You also planned and saved and sacrificed to make this happen and now want to enjoy your later years in peace and quiet, with comfort.
Did you expect that in retirement taxes can be your largest expense? Probably not. All of those deferred dollars into your 401K or Traditional IRA will be taxed as ordinary income when they come out. This may put you into a higher tax bracket than you initially planned on for your retirement.
The amount withdrawn along with your other income sources may put the Illinois senior freeze for property taxes out of your reach.
While you are doing your planning call our office to get our input and maybe have us run some simulations on your behalf. We also work with some financial advisors if you need a qualified referral.