Cave Financial works with the client in determining a suitable method to withdraw income from long-term savings accounts factoring the client’s living needs, tax considerations and interest to preserve their savings for family and Christ’s kingdom work. Recommended methods of income withdrawal or managed payout will vary depending on the client’s desire to leave a legacy or inheritance, the extent the client wants their older age living expenses covered, or whether the client wants all account funds withdrawn by a designated date.

Income Withdrawal Services Include:

• Confirm client’s objectives for income distribution from a long-term saving account relative to their retirement needs and desire to leave an inheritance or bequest.
• Determine a client’s actual living expenses in retirement, and how much the long-term savings account will have to supplement other income sources during retirement, and whether the client’s long-term savings will be adequate based on the client’s life expectancy.
• Recommend and implement a withdrawal strategy based on the client’s goals
• Advise about sources to hold any excessive “minimum withdrawal” amounts from a traditional Individual Retirement Account (IRA) to minimize future annual taxes and provide additional growth potential. (Law requires IRA minimum withdrawal amounts must begin at age 70.5 )