(left to right) President & LPL Financial Advisor Paul Meyers & Non-Registered Financial Assistant Amanda Waletski

After years of regular paychecks and retirement contributions, the transition into retirement brings a different set of questions. How much can you spend each month? What happens to an old employer’s retirement plan? And how do you know whether the money you’ve saved can support the life you want?

At Legacy Wealth Management, those conversations begin with a person’s circumstances and goals. Paul Meyers, the firm’s president and an LPL Financial Advisor, founded the company in 2010 and brings more than 30 years of financial services experience. Here, the Legacy Wealth team addresses four questions about preparing for retirement and organizing the assets accumulated along the way.

How do I know if I have enough money to retire?

Start by looking at your resources alongside your expected expenses. Legacy Wealth’s team reviews retirement plans, savings, IRAs, and other assets, then discusses what retirement would look like for you.

That conversation matters because the amount someone needs depends on the life those savings will support. Travel, hobbies, and time with family may shape your plans, while health care and other ongoing expenses also need attention.

The amount someone needs depends on the life those savings will support.

Legacy Wealth Management

From there, the team compares potential retirement income with anticipated spending and develops a strategy around the findings. The review helps identify where you stand and whether there are shortfalls to address before leaving work.

There is no cost for an initial meeting, giving people an opportunity to ask questions and better understand their situation before making a retirement decision.

I’m preparing to retire. What happens to my 401(k), and can I receive money each month?

Legacy helps clients understand their retirement plan choices and how those choices fit into an income strategy. One option the team discusses is rolling eligible retirement assets into an individual retirement account, or IRA.

The details matter. A properly completed rollover of eligible pretax retirement funds into a traditional IRA generally preserves their tax-deferred status. Moving pretax money into a Roth IRA generally creates taxable income. Fees and account features should also be considered before making a move.

Legacy also helps clients evaluate when to begin Social Security and can arrange monthly distributions from investment accounts. The broader planning question is how those withdrawals and other income sources will work together to support retirement expenses.

I’m changing jobs. Do I have to move my old retirement plan into my new employer’s plan?

Changing employers creates an opportunity to review the retirement savings you already have. Moving money into a new employer’s plan may be an option if that plan accepts rollovers, but other possibilities can include keeping the money in the former employer’s plan or moving eligible assets into an IRA.

Legacy helps people understand the paperwork and evaluate how an IRA might fit their circumstances. According to Legacy, an IRA may offer additional control and flexibility, depending on the person’s situation.

The decision deserves a comparison of investment choices, fees, services, and the rules of each account. An IRA is one option to evaluate; the appropriate choice depends on the plans available and the individual’s needs. Understanding those differences can help make the job transition less confusing.

My investment accounts and IRAs are scattered across several places. Can Legacy help?

Yes! Legacy says helping clients organize accounts is part of its regular service, with staff members who specialize in the consolidation process.

Having accounts at several institutions can make it difficult to see how everything fits together. A review gives the team an opportunity to understand what you own, where it is held, and how those investments relate to your goals.

Consolidation may simplify oversight, but the value of the conversation extends to building a clearer financial picture. Legacy’s approach includes developing a plan and reviewing it as circumstances change. For someone unsure where to begin, bringing those separate accounts into one planning conversation can be a useful first step toward making informed decisions about retirement.

Meet the Legacy Wealth Management Team

Watch: An introduction to Legacy Wealth Management on YouTube

Good to Know

Two offices: 3409 45th St S, Suite 104, in Fargo, and 120 N 3rd St, Suite 85 (lower level), in Bismarck.
First meeting: There is no cost for an initial meeting.
Reach the team: (701) 365-8083 or team@legacywealthfargo.com.

Not sure where your retirement plan stands? Bring your questions to a no-cost first meeting with the Legacy Wealth Management team. Call (701) 365-8083 or visit legacywealthfargo.com.

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*Investment and Advisory Services through LPL Financial, a Registered Investment Advisor, member FINRA and SIPC.

Legacy Wealth Management

Your Retirement Questions Answered