Chris Patterson, Retirement Income Strategist, focuses on ensuring a lifetime income for retirement and transitioning from an accumulation to a distribution mindset. The accumulation to distribution transition is a critical, but challenging shift for most retirees. When transitioning to a distribution mindset, the primary challenge is understanding the proper allocation to maximize retirement income while protecting principal balances. People may hesitate to make this shift due to concerns about missing out on potential growth opportunities. However, it is crucial to understand the importance of securing a portion of funds to guarantee a stable income stream during retirement. This is what clients have worked so hard for during their career!  

A full TV interview can be seen at: https://www.fox47news.com/entertainment/shows/the-morning-blend/interview-with-chris-patterson-of-lifeworks-advisors-10-02-24 

Strategic tax planning is a crucial aspect of retirement planning that can help individuals mitigate taxes and secure their financial future. Proper tax planning can not only increase retirement income for retirees, but it can also increase the legacy left behind for children and grandchildren. Client education is the key to developing a sound strategic tax plan.   

Chris shared: “I use 25+ years of experience as a tax professional to assist clients in understanding how their recommended income strategies will impact their tax return in retirement. The goal is to minimize taxes and management fees while maximizing income in the safest way possible.” 

The goal in any plan is to asses all available options for clients and find the right fit based on the client’s level of comfort with the strategy. The advisor has to develop a deep understanding of the client’s needs and design the plan around those needs. There are so many options to consider: equities, ETFs, mutual funds, bonds, crypto currencies, bonds, life insurance, and annuities… The list goes on and on. 

In response to a question on annuities, Chris explained: “Annuities in terms of your retirement income planning really can play the role of sort of the safe money or the kind of protected account inside your portfolio. And it goes back to the sequence of returns risk. And annuities can play a key role in helping us avoid that risk if we feel it’s warranted. Annuities are not the right fit for everyone, but they can play a valuable role in the right situation.”  

About Chris Patterson 

Chris is a CPA/retirement strategist/basketball coach/husband/father!  

He’s been assisting clients with tax and retirement income strategies for over 25 years, he loves what he does and wants to assist clients that value the role of a strong financial advisor! 

Learn More: https://innovatemyplan.com/  

Past performance is not a guarantee of future performance. All strategy recommendations must be associated with a full review of a client’s personal situation. 

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