平衡退休和财富转移目标

For many investors, the two most importantfinancial goals are to fund a long and successfulretirement and to transfer wealth to familymembers or charities. With thoughtful planningand strategic management of their portfolios, The current gift-tax exemption creates powerful, tax-efficient opportunities to transfer wealth to yourloved ones before you pass away. But you need to ensure you do not give away too much and jeopardize your To help investors successfully plan for these dual goals, William Blair works closely with clients to helpanswer three fundamental questions: 1.What assets do you currently have?2.How long will your assets last?3.How much can you afford to gift? What Assets Do You Currently Have? Identifying Resources to Fund Your Retirement and Wealth-Transfer Goals The first step in a portfolio review is to identify all theassets you have available to fund your retirement years andwealth-transfer goals. There are many ways to think about Tax-DeferredAssets held in tax-deferred retirement plans provide an up-front tax break, but the withdrawals or payouts(including all growth on your initial contributions) are Taxes can have a major effect on how much you canaccumulate and the net amount available for you to useor give to loved ones. How assets are taxed depends on1.the type of accounts that the assets are held in,2.how •Traditional IRA•Traditional defined-contribution plan•Defined-benefit plan (pension)•Nonqualified deferred compensation TaxableAssets held outside of tax-advantaged accounts are Tax-FreeRoth retirement plans do not provide any up-front tax typically fully taxable. This means that you will owe taxon any income generated by the assets, including interest, deduction, but qualified withdrawals (including growth) •Roth IRA•Roth 401(k), 403(b), 457 plans •Cash, stocks, bonds, and mutual funds held in non-tax-advantaged accounts•Business interests How Long Will Your Assets Last? Understanding Portfolio Longevity Once you have defined what assets you have, the next step is to think about how longthose assets will last. This involves considering the factors that will influence yourportfolio’s longevity during the decumulation phase—the period when you are livingoff your retirement assets rather than earning income and building these resources. InflationInflation can have a major impact over time. Assuming HealthcareOf all the variables involved in planning for your an inflation rate of only 2.25%, something that costs$150,000 today will cost approximately $261,600 in 25years. Higher inflation rates—which, given history, are retirement, perhaps the biggest and most difficult tocontrol is your future healthcare costs. Healthcarecosts are increasing much faster than inflation. Total Health Expenditures Increases Total national health expenditures, inflation adjusted, US$ Billions, 1972–2025 How Long Will Your Assets Last? There are multiple strategies available for reducingyour tax liability before you reach retirement. Strategiesto consider include maximizing contributions toqualified retirement accounts, funding flexible spending resulting in longer life spans for many Americans.As life spans increase, we are spending more time inthe retirement phase of our lives. That means that TaxesFederal and state taxes play a large role in determining the longevity of your portfolio. Currently, the topmarginal tax rate is 37% and wealthy Americans alsoface taxes related to Medicare and investment income Changing State Residency Moving to a state with lower tax rates can result in significantsavings for retirees. But establishing residency in a differentstate requires more than just spending the majority of your time Where you live is a major factor in determining theamount of taxes you will pay during retirement.State taxes on income, sales, real estate, and wealth-transfer vary significantly from state to state and To learn more about state tax laws and the rules forestablishing residency in a state, download William Blair’s“State Residency Changes: Tax Implications and Rules” How Long Will Your Assets Last? During the retirement, or decumulation phase, however,the magnitude and timing of those negative returnssignificantly affect the longevity of your portfolio. Becauseassets are being steadily withdrawn from the portfolio Market VolatilityMarket volatility always matters to investors, but it matters even more during retirement. During the accumulation stage, as you are saving andinvesting for retirement, the overall direction of yourportfolio performance is much more important than your As a result, it is especially important to take steps tomitigate the risk of market volatility once you reachretirement. Your William Blair wealth advisor can review Market Volatility: Timing Matters During Retirement Each of these three portfolios has an average annual return of 5% over a 20-year period and the same withdrawal rates. But as the chart belowshows, the portfo