Broker Check

Retirement Planning

Do I have enough money to retire? Will I run out of money in retirement? When can I retire? Almost every retiree that walks through our doors ask the same questions. The answers, however can be very different for each client because each and every one of us has a unique situation and circumstances. You will not find "blanket recommendations" at Murphy Wealth Management. As you shift from the accumulation phase(building wealth) to the distribution phase(income), your strategy must transition as well. Choosing the right Medicare plan, calculating when to elect social security, and creating a lifetime of income can quickly turn into increased Medicare premiums, taxation of your social security, and running out of money without proper planning. Comprehensive retirement planning is vital for this phase of life. Our allegiance is to your path, and our job is to show you the options that can help you reach your goals. As fiduciaries, your interest is ALWAYS placed above our own

Most financial advisors only consider the accumulation and distribution of your assets. This type of strategizing excludes taxes, medicare, social security, long term care, and estate planning when mapping out your retirement. This is a big mistake in our view and needs to be addressed prior to plan implementation. If your advisor claims they will collaborate with your tax professional, medicare broker, insurance agent, and attorney...ask your individual professionals if they will take time out of their schedule to work with your financial advisor without charging YOU for the time. At MWM, we understand how it all works together and will consult with our IRS Enrolled Agent, Insurance Agent, and our In-House Council on staff to ensure these areas of import are addressed throughout our relationship.

We encourage our clients to dream big and don’t hold back. If it’s possible, we will create a plan to help you reach your goals. This is your future…trust your retirement planning to a team that is invested in your financial success and understands how it all works together.

Our level of involvement depends on your personal preference and the complexity of your goals. So whether it is a simple 401(k) rollover or more sophisticated estate planning techniques, we are equipped to handle almost any financial situation.

To take the first step in securing your financial future, call us today for an initial consultation for YOUR retirement plan.

How We Work: 

1) Initial Financial Analysis of Cash Flow, Assets, and last two years of Tax Returns

2) Social Security and Medicare Analysis

3) Goal and Income Identification

4) Risk Assessment

5) Proposed Plan Creation and Client Review

6) Accepted Plan Implementation

7) Estate Planning Review

8) Creation of Necessary Legal Documents by In-House Council

Every client's situation is unique. We create a retirement plan that will reflect your needs and goals while being versatile enough to accommodate change. No one's situation remains exactly the same throughout retirement, so it is important to be able to adapt to unexpected circumstances and sanity savers. Sanity savers are those must have spa days or that annual trip to play Troon in Scottsdale. Point is that we create realistic expectations and nothing is ever locked in stone.

Common Retirement Plans(Not All): 

401(k), 403(b), or 457 Plans: Easiest plans to start investing for retirement. These plans are typically set up by your employer and contributions are automatically taken pre-tax from your paycheck. Each plan has a contribution limit, but overall these are fantastic to help you to start saving for retirement. 

The money held inside these accounts is tax qualified, meaning neither the principal nor interest has ever been taxed. Specific rules concerning withdrawals are very important in qualified plans. Distributing assets without understanding applicable tax laws can have a negative impact on your medicare premiums, social security taxation, and can unintentionally land you in a higher tax bracket. Consult a tax professional and know the rules BEFORE you take money!

Investment options, fees, and plan rules are chosen by your employer. Taking control and using a tax free rollover into your own IRA can be a very smart move. You will have complete control over your choice of investment options and fees. The above plans are accumulation vehicles that help you build wealth. In retirement, distributing wealth becomes a priority and your investment vehicle should reflect that change. 

SOLO 401(k): A plan for owner only small business owners. High contribution limit and lower administrative fees make this an important retirement plan for small business owners with no employees. Both the owner and spouse can contribute to a SOLO 401k. 

Profit Sharing Plans: A flexible employer contribution plan that can allow employees to participate in the success of the company. If the company does not make a profit, it does not have to make a contribution to the plan, however the company does not need to be profitable to have a profit sharing plan! Great way to share the wealth and lower taxable income to the business. 

IRA: When you separate from your employer, or you reach a certain age, most employer retirement plans(401k, 403b, etc) will allow you to rollover your account to your own IRA. An IRA is a tax deferred account subject to early withdrawal penalties under age 59.5 and RMDs at age 72. So why do this? First, your IRA account will be in an investment vehicle of your choosing to reflect your changing needs. Second, lower fees, and a variety of investment choices like commodities or even real estate are major reasons to take control of your retirement funds. One of the most important features of owning an IRA, is the ability to convert some or all of your funds into a ROTH IRA. Please consult a tax professional when considering if a ROTH IRA is right for your situation.

ROTH IRA: Depending on your financial situation and how close you are to needing income, a ROTH IRA or ROTH Conversion can uncuff you from the US Government by eliminating future taxes on both principal and interest. Plus NO RMDs! There are some different rules associated with ROTH IRAs, like the 5 Year Rule. This rule mandates the ROTH must reach an age of 5 years to enjoy the tax benefits. Again, everyone's situation is different so please consult a tax professional when contemplating converting your IRA to a ROTH. You have to pay the taxes up front, so creating a plan is vital to the success of the conversion. If you believe that tax rates may increase even 1% in the future, then considering a ROTH Conversion could be a very good financial move.

Common Investment Vehicles For Retirement(Not All):

1) Advisory Accounts: Exposure to investments can help your retirement account grow and distribute more income. Based on your risk tolerance, income needs, and tax situation, an investment model can be created and implemented to meet your goals. Utilizing a fully managed advisory account takes the guesswork out of asset allocation and the time to manage all of your investments for a fixed percentage. No trading fees, just performance based incentive from your broker that creates unified interest. These accounts bear risk and a thorough analysis and risk assessment is mandatory for ALL our advisory accounts.

2) Brokerage Accounts: Some investors prefer to monitor and trade their own retirement accounts. In this case a brokerage account would be the preferable investment vehicle, and Murphy Wealth Management can help you navigate the tricky tax situations or provide overall investment advice for a fixed fee. Whichever option you prefer, consulting with professional money managers and tax professionals regarding your retirement can eliminate the uncertainties that inevitably surface throughout retirement. Our tax experts understand how to take advantage of the new laws to ensure more money is going into your pocket, than Uncle Sams. 

3) Annuities: Your retirement is already tax deferred, so why consider another tax deferred vehicle? Distribution. Annuities offer a wide range of distribution options that if properly structured, will provide a stream of income you can't outlive. This is the top goal of most retirees, so an annuity can offer unmatched benefits. This is a commission based product, so if you are presented with an annuity as a retirement solution, make certain you are asking the right questions and understand the fees, penalties, and possible restrictions. If you need near term access to the bulk of principal...these may not the best choice for your specific situation. If you own an annuity and are not sure how it works, please contact our office for a review and explanation of the benefits and features.  

Why We Are Different:

Murphy Wealth Management is a full service retirement firm. Unlike straight money managers and brokers, we do not need to refer you to an outside professional for taxes, estate planning, insurance, medicare plans, long term care, and social security. We are professionally licensed in all applicable areas and do not have to bring a stranger in to consult on your retirement plan. We believe that all these areas must be addressed up front in order to build a comprehensive plan. Our process begins with a conversation. Contact us today to schedule an introductory phone call or initial consultation.


The term gets a lot of mileage, but what does it mean? Fiduciary is a standard of higher care and fiduciaries are legally and ethically required to act in your best interest before their own. Not all financial advisors are fiduciaries. It's up to you as a consumer to ask and determine if you want your advisor held to this higher standard.