2024 in New York, New York is expected to be a year of both excitement and uncertainty, especially for those planning for retirement. With concerns about inflation, interest rates, and a presidential election, it becomes essential to seek expert insights to make well-informed decisions.
To address these challenges, a curated network of 230 highly qualified registered investment advisers, or fiduciaries, offers expertise in maximizing savings and investments, minimizing taxes, and ensuring robust estate planning for the year ahead.
Drawing upon this network, five leading retirement planning experts share their current strategies to best prepare their clients for the challenges of 2024.
Financial adviser Katherine Brown of Joss Brown Wealth Advisors suggests considering the advantages of Roth conversions, especially for individuals aged 55 to 72. She advises converting traditional IRAs to a Roth while in a lower tax bracket to take advantage of tax-free withdrawals and to benefit heirs by deferring withdrawals.
Portfolio manager Marc Lieberman of Shorepine Wealth Management emphasizes the importance of rebalancing investment portfolios, particularly after years of market volatility. He also advises diversifying with gold and short-term treasuries to navigate potential volatility in 2024.
Eric Hutchens, president and chief investment officer at Allodium Investment Consultants, highlights private debt as a key retirement income idea for 2024. He emphasizes the attractive yields and diversification benefits of private debt funds.
Melissa Walsh of Clarity Financial Design recommends utilizing today’s attractive interest rates by investing in certificates of deposit and municipal bonds for low-risk income options. She also suggests implementing a bucket approach to manage retirement income.
Managing director Robert Carroll of Carnegie Investment Counsel advises caution and strategic planning in light of evolving tax laws. He recommends avoiding reactionary moves based on speculations and emphasizes integrating any funding strategy into an overall financial plan.
Each strategy proposed addresses the specific challenges and opportunities for retirement planning in 2024, offering valuable insights for individuals seeking to make well-informed decisions in a complex and potentially volatile financial landscape.