How to Customize a Retirement Plan That Works for You

Welcome to today’s CT Buzz. I’m Allison Demurs. Ben Fuchs, founder of Fuchs Financial, is here to talk about retirement and how to customize a retirement plan that works for you. In addition to being a certified financial planner, Ben is a certified private wealth advisor professional. Fuchs Financial has a team of trusted advisers right here in Connecticut, recognized for helping families plan and retire with confidence. Ben, retirement planning may mean different things to different people. How would you define it? Well, the first thing to understand is that when you retire, you’re not getting a paycheck anymore. How do I replace that income? Does it come from my 401(k), my bank accounts, or other investments? The goal is to fund your living so you don’t have to worry about not working. So, how do you accomplish that? You’ve been saving in a 401(k), 403(b), 457, or Thrift Savings Plan depending on your job. From there, we help people create a stream of income that is tax-efficient and just enough for their needs. Generating too much could mean paying more in taxes, so we aim to hit the right balance. A safety net is also essential. The plan works well if the market stays stable, but if it crashes, clients need a backup to avoid anxiety. Long-term planning for inflation is another key part, ensuring that future expenses are covered. What are the steps to develop a customized strategy? Every client is different. We start with understanding Social Security, pensions, and any gaps in income versus spending. From there, we build the plan and show clients scenario-based projections so they can see how decisions impact their retirement. How do 401(k) savings fit into the plan? There are many choices. Some clients prefer a conservative approach, others are aggressive. We balance risk and safety. Tax implications are critical—retirement withdrawals affect Medicare, taxes, and deductions. A good plan addresses risk, taxes, and income needs. Thank you for your insight, Ben. Your offices are in Middletown, West Hartford, Mbury, and Mystic. Initial consultations are complimentary and no-obligation. Yes, we provide solid, customized retirement plans that reflect individual needs. Visit taxesandincome.com or call 860-461-1709 to set up an appointment. Planning without pressure. Thank you for joining us for today’s CT Buzz. I’m Allison Demurs. See you next time.