How to figure best time/way to retire

[Kallen_Web_Design]

Things are so confusing as my wife and I are 3 - 6 years from retirement.

We run a schedule C service business which brings in a very nice income. Gross under $100k but still decent. We have very few business deductions so we pay a lot of taxes.

We will receive a fair amount of social security - but probably not while our business is still going strong, which it seems there is little chance of ending any time soon.

I have a moderate pension from my work for the government, and in a year I have to decide if I want 100% payment which ends when I die, or ~75% payment that will continue if my wife lives longer than me, and several other options.

We also have savings, both IRA and taxable.

So many financial balls in the air, I would really like to take social security as soon as practical, but not if our business income is going to reduce it or make it all taxable.

And a dozen other considerations. Which all makes the financial decisions over the next 6 years very confusing.

I guess my question is, where to start reading? Or how to find a truly expert financial professional who can help us make the kind of decisions on these things to maximize our income long term.

 

[Paul Streicher]

You have some decisions to make for sure. Keeping the business and exceeding the income level to limit or stop social security payments seems to be the top priority decision. I would lay everything out in a spreadsheet and do some comparisons. If the business income, minus taxes, is more than the social security then to me that would tell me to keep on with the business. If you and the wife feel you are just tired of running the business and want to start to ease into retirement and can live off of the social security, that could very well be the way to go.
You are doing right by looking at this sooner than later of course. The question about how to go about the government pension is another thing to compare in the spreadsheet. Will the social security payments take care of the lesser amount of payment to the wife if you die? If so, that decision is easy to see and make.
There are a lot of so called experts, financial planners and the like that will give you a lot of information and also may tend to confuse you more. I found that doing the spreadsheet helped me make the decision to retire a whole lot easier and taking my time to do so.
The other thing is making sure you have all your investments set up in a portfolio with a good solid company that will help you manage your lifestyle without draining your account. Keeping an eye on that regularly is best also.
Feel free to post more here about your process as you go along and if not me, then someone here will surely help you make the best decision for your future.

 

[Kallen_Web_Design]

Thanks. It is honestly too complicated to put it all in a spreadsheet. Too many nuances, I think I need expert help, but someone who actually knows what they are doing.

You have some decisions to make for sure. ...
Feel free to post more here about your process as you go along and if not me, then someone here will surely help you make the best decision for your future.

 

[Paul Streicher]

It really is not so complicated. The time you will spend gathering information and answering questions from the expert is the same time you could do it yourself and then some. If you want to start now I will help you. All it would take is a 'shared' Google sheet between us. As you supply the info I can organize and formulate the numbers. The big picture comes into view rather quickly and gives you a goal to work toward, sooner than later. Do not put it off until the last minute. If you take a few minutes here and there each week, it wouldn't be very long to see where the decision making has to be made. I am stepping out of my usual realm here to offer to help you, just say the word.