What does retirement planning cover?

Retirement planning translates your accounts and benefits along with spending targets into a documented income map for life after work. It settles 3 things fast: when work can end & how much you can spend & which dollars to use first. The outputs might be listed as below:

• A "retirement paycheck" target & the sources that fund it
• A timeline for benefit start dates & required distributions
• A tax view that reduces surprises — covering tax-efficient retirement planning

Why does the order of withdrawals impact the taxes?

The order is critical, as distinct accounts get taxed in different ways, and timing element has the potential to push you into a higher bracket. A quality retirement withdrawal strategy complies with each year's cash need to the right bucket — traditional IRA/401(k), Roth, brokerage, pension — then schedules tax-efficient retirement withdrawals when they make sense.

What do you need to bring to the first meeting?

• Pay stubs & income summaries
• A month of spending totals — bills plus "random" expenses
• Statements for 401(k)s and IRAs as well as other investment accounts
• Debt details: balance and rate along with monthly payment

What questions do we ask before building the plan?

Our professionals take specific questions into consideration. The topics can be listed as follows:

• Priorities & timeline
• Expected retirement lifestyle & spending
• Cash flow, debts and account balances
• Who depends on your income
• Comfort with market swings

How does the engagement move from intake to a written roadmap?

The engagement obtains specific actions as outlined below.

1. Discovery — goals and timeline as well as lifestyle funding
2. Inventory — income items, expenses, accounts and liabilities
3. Design — retirement income strategy options & trade-offs
4. Tax mapping — bracket impact, timing risks and RMD planning
5. Action list — the next decisions, plus a review cadence

Which decision points cause the biggest mistakes?

The table below is a quick "don't-miss" guide:

How do Social Security planning and Medicare planning fit into the same calendar?

These 2 plans fit together as wages & withdrawals and benefit start dates interact. Social Security planning looks at when to claim & how earnings rules apply. Yet, Medicare planning focuses on enrollment timing & coverage start dates. Putting both into a single yearly timeline keeps the surprise element to a minimum.

What should you do now if retirement is 1–5 years away?

In the final stretch, retirement planning is about testing the numbers against real life. The following actions can be taken:

• Building a year-by-year cash plan & run a down-market test
• Estimating the first two years of withdrawals as well as the tax hit
• Getting Social Security estimates & line them up with the timeline
• Marking the Medicare enrollment window to not miss it

How often should the plan be refreshed once you stop working?

At least once a year. And sooner after a move, new job, spouse retiring or a big shift in spending. Annual updates also have the potential to catch rule changes before they hit the tax return.

How can Dimov Audit support your next steps?

Dimov Audit brings tax and CPA insight into retirement planning — with a CFP-led roadmap. Contact us to book a CFP call today.

You can check our other dedicated CFP services below:

• Comprehensive financial planning
• Investment strategy
• Estate planning coordination
• Overall wealth-management

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