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As Financial Advisors, our first priority is helping you take care of yourself and your family.

Enjoy the Life You've Earned.

We want to learn more about your personal situation, identify your dreams and goals, and understand your tolerance for risk. Long-term relationships that encourage open and honest communication have been the cornerstone of our foundation for success.

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Financial Freedom for Your Best Years Yet.

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What We Do

Our Services

Pre- and Post-Retirement Planning


We provide customized financial strategies to help you achieve your long-term goals and enjoy a more secure retirement. The right retirement strategy can keep your family’s future cared for.

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Social Security Optimization


Maximizing your Social Security benefits can significantly impact your retirement income. Our professionals analyze your options to ensure you receive the maximum benefits available, providing you with greater financial stability.

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Income Strategies including Tax-Free Income


Creating a steady income stream during retirement is essential. We develop comprehensive income strategies that may include tax-free options, helping you maintain your lifestyle without the burden of excessive taxes.

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Estate Planning




Planning for the future means taking care of your loved ones. Our estate planning services provide assurance that your assets are handled and distributed according to your wishes, providing peace of mind.

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Why Us?

Choosing Lange Financial Advisors means partnering with a team that prioritizes your financial well-being. Our personalized approach, extensive knowledge, and unwavering commitment to your success set us apart. We focus on helping you live your ideal retirement life, taking care of yourself and your family with confidence. You're on your way to a secure and fulfilling future.

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What's New

Explore the latest insights and updates where we share valuable information, industry trends, and professional perspectives through our engaging blog. Stay informed and connected.

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Two canoes are sitting next to each other on the shore of a lake.
01 Jul, 2024
Retirement marks a significant transition from earning a steady paycheck to relying on various sources of income. Managing this income effectively can be crucial to financial stability and peace of mind throughout your retirement years. Here are some ways to help you navigate this new phase of life. 1. Create a Comprehensive Budget The first step in managing your retirement income is to create a comprehensive budget. Start by listing all your expected sources of income, such as Social Security benefits, pensions, retirement account withdrawals, and any other investments. Next, detail your anticipated expenses, including housing, healthcare, utilities, groceries, insurance, travel, and leisure activities. By comparing your income and expenses, you can identify any potential shortfalls or surpluses. A budget can help you make informed decisions about your spending and help you live within your means. 2. Understand Your Sources of Income Retirement income often comes from multiple sources, each with its own characteristics. It's essential to understand how these sources work: Social Security: Know your benefits amount and when it is time to start making your payments. Pensions: Understand the payout options and any survivor benefits that may apply. Retirement Accounts: Familiarize yourself with the rules for required minimum distributions (RMDs) and the tax implications of withdrawals from accounts like 401(k)s, IRAs, and Roth IRAs. Investments: Consider the role of dividends, interest, and capital gains in your income strategy. 3. Develop a Withdrawal Strategy A well-planned withdrawal strategy can help you make your savings last. One common approach is the 4% rule, which suggests withdrawing 4% of your retirement savings annually, adjusted for inflation. However, this rule is not one-size-fits-all, and you may need to adjust based on your unique circumstances and market conditions. Another strategy is to use a bucket approach, dividing your assets into different "buckets" based on when you'll need to access them. For example, you might have a short-term bucket for immediate expenses, a mid-term bucket for the next 5-10 years, and a long-term bucket for more than 10 years. This approach can help manage risk and could keep funds available when you would need them. 4. Minimize Taxes Tax planning is a critical aspect of managing retirement income. Here are some strategies to consider: Roth Conversions: Converting traditional IRA funds to a Roth IRA can provide tax-free withdrawals in retirement, but it's essential to understand the tax implications of the conversion itself. Tax-Efficient Withdrawals: Plan the sequence of withdrawals from taxable, tax-deferred, and tax-free accounts to minimize your tax burden. Capital Gains: Be mindful of the timing of asset sales to manage capital gains taxes effectively. 5. Plan for Healthcare Costs Healthcare is one of the most significant expenses in retirement. It's crucial to plan for these costs by considering the following: Medicare: Understand the different parts of Medicare (A, B, C, and D) and what they cover. Plan for premiums, deductibles, and out-of-pocket costs. Supplemental Insurance: Consider purchasing Medigap or Medicare Advantage plans to help cover costs that Medicare doesn't. Long-Term Care: Evaluate the potential need for long-term care insurance to cover expenses associated with assisted living, nursing homes, or in-home care. 6. Stay Flexible Flexibility is key to managing your retirement income effectively. Be prepared to adjust your budget and withdrawal strategy as your circumstances change. Factors such as market performance, inflation, unexpected expenses, and changes in your health can all impact your financial situation. Regularly review your financial plan and make adjustments as needed. Working with a financial advisor can provide valuable insights and help you stay on track. 7. Manage Your Assets Managing your retirement savings is crucial for achieving long term financial stability. Consider the following measures: Diversification: Spread your investments across various asset classes to reduce risk. Insurance: Maintain adequate insurance coverage, including health, home, and life insurance. Estate Planning: Create or update your estate plan to ensure your assets are distributed according to your wishes and to minimize potential tax burdens for your heirs. - Managing your retirement income involves careful planning, strategic withdrawals, tax optimization, and ongoing flexibility. By implementing these strategies, you can create a sustainable income stream that supports your lifestyle and provides financial peace of mind throughout your retirement years. Regularly reviewing and adjusting your plan will help you navigate the uncertainties of retirement and enjoy this well-deserved phase of life.
A man wearing headphones is sitting at a desk using a computer.
01 Jul, 2024
Retirement is often envisioned as a time to relax and enjoy the fruits of a lifetime of labor. However, many people find themselves continuing to work even after they have officially retired. Whether it's due to financial necessity, a desire to stay active, or simply the love of their job, working in retirement has become increasingly common. But how does this decision impact your Social Security benefits? Let's delve into the details. The Basics of Social Security and Earnings Social Security benefits are designed to provide stability for retirees offering a steady stream of income based on their earnings history. The amount you receive is calculated based on your highest 35 years of earnings, adjusted for inflation. You can begin claiming benefits as early as age 62, but doing so before your full retirement age (FRA) will result in reduced benefits. Conversely, delaying benefits past your FRA can increase your monthly payments. Full Retirement Age and Earnings Limits The Social Security Administration (SSA) sets earnings limits for individuals who choose to work while receiving benefits before reaching their full retirement age. For those who have not yet reached FRA, there is a cap on how much you can earn without affecting your benefits. As of 2024, the earnings limit is $21,240 per year. If you exceed this limit, the SSA will withhold $1 in benefits for every $2 you earn over the threshold. For example, if you are 64 years old and earn $25,000 in a year, you have exceeded the earnings limit by $3,760. As a result, the SSA will withhold $1,880 from your benefits for that year. The Year You Reach Full Retirement Age The rules become more lenient in the year you reach your full retirement age. In this year, the earnings limit is higher—$56,520 in 2024. The SSA will withhold $1 for every $3 you earn above this limit. Importantly, only the earnings you receive before your birthday month are counted. After Full Retirement Age Once you reach full retirement age, you can earn as much as you want without any reduction in your Social Security benefits. This means that continuing to work and earn income will not affect the amount of your monthly benefits. Additionally, any benefits that were withheld because you exceeded the earnings limit will be recalculated and credited to you over time, potentially increasing your benefits. Impact on Future Benefits Working in retirement can also have a positive impact on your future Social Security benefits. If your post-retirement earnings are among your highest 35 years of earnings, your benefit amount may be recalculated to reflect these higher earnings. This can lead to an increase in your monthly benefit. Considerations for Taxes It's important to note that working in retirement can affect your taxes. Social Security benefits may be subject to federal income tax if your combined income (adjusted gross income + nontaxable interest + half of your Social Security benefits) exceeds certain thresholds. For individual filers, this threshold is $25,000, and for joint filers, it is $32,000. Depending on your total income, up to 85% of your Social Security benefits may be taxable. Strategic Planning If you plan to work during retirement, it's essential to consider the timing of your Social Security benefits and how your earnings might impact them. Here are a few strategic tips: Delay Benefits: If possible, delay claiming Social Security benefits until you reach full retirement age or later to avoid reductions. Monitor Earnings: Keep track of your earnings and how they align with the SSA's limits to avoid unexpected benefit reductions. Tax Planning: Work with a financial advisor to understand the tax implications of your combined income and explore strategies to minimize taxes on your Social Security benefits. Conclusion Working in retirement can offer numerous benefits, including additional income, personal fulfillment, and a continued sense of purpose. However, it's crucial to understand how your earnings might affect your Social Security benefits and to plan accordingly. By staying informed and making strategic decision, you can maximize your retirement benefit income and enjoy work and leisure.
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