Retirement
Planning
Retirement Income
Creating an income plan to last throughout retirement is perhaps the single most important challenge retirees will face. After all, with the fact that we’re all living longer combined with advanced medical science and technology, it’s very probable that people who are retiring today could spend 30 years or more living in retirement without earned income and only from social security and investments to support them. That’s a scary and very realistic thought.
That’s why we make income planning our top priority at our firm. We help our clients establish a solid income plan guaranteed to last as long as they do. In other words, the income plans we prepare for our clients are guaranteed to “go the distance.” Even if that means they live to be 120 or older! They are guaranteed to always receive that monthly check.
If an income plan is the most important thing in retirement, peace of mind might be the second. Let us help you create an income strategy you can’t outlive so that you can enjoy retirement with confidence and certainty.
Asset Protection
You’ve spent the last 40 years, or longer, in the accumulation phase of planning your retirement. Now it’s time to switch gears and focus on the preservation of your retirement assets. But it doesn’t mean that growth has to stop. In fact, that’s one of the ways we help our clients the most, by helping them receive a reasonable rate of return throughout their retirement years. The difference is, we do it without loss, guaranteed!
Did you know that Warren Buffett’s number one rule to investing is to never lose money? He also has a second rule and that is to never forget rule number one! We specialize in helping our clients make asset protection and preservation their top priority. Many people underestimate the devastation of losses to their portfolio due to market declines and don’t realize how difficult it can be to rebuild an account.
Did you know that a loss of 25% requires a positive return of almost 34% just to get back to even? A 50% loss of your retirement account means you have to double your money (receive a 100% return) just to be whole again. Think about it. If you have $100,000 and lose 50%, you’re left with $50,000. Now you’re left with the insurmountable task of going from $50,000 back to your original deposit of $100,000; a return of 100%. How long do you think that will take? Two years? Five years? Ten years or more? What if you experience additional losses in the process of trying to get back to even? What if you’re drawing income from this account? What kind of impact will that have?
We believe that the best way to make a dollar is to keep it. Retirement is a critical time and most retirees simply don’t have the time to recoup losses in their portfolios. Let us show you how we help our clients achieve a reasonable rate of return, in many cases averaging 4 to 6%, and without ever subjecting their retirement accounts to loss – guaranteed!
Estate Maximization
Many of our clients are the ones with the bumper sticker on the back of their RV that says, “We’re spending our kids’ inheritance,” but for many others, their goal is to leave a legacy for their children and grandchildren. That means determining (while you’re still alive) where your assets should go after you die, along with a thorough evaluation of potential tax liabilities, probate avoidance and opportunities to leverage the value of your estate using the most recent estate planning tools.
Because of the constantly changing estate tax laws and emerging vehicles to help you protect and transfer your assets effectively, it’s important to work with experienced estate planning professionals who stay current in this field and advise clients on a day-to-day basis.
Contact our office today to schedule a one-on-one estate planning consultation.
Qualified Plan Rollovers
Changing jobs and retiring are two transition times in our lives that can be stressful. Fortunately, we work with people every day who are in the same situation and looking to take control of an employer-sponsored plan or just need help transferring the money to another employer plan. We make a seemingly daunting task easy and are happy to help you with your qualified plan questions and needs.
Here are four things you can do with the money in your employer sponsored retirement plan:
Leave the money where it is
Take the cash (and pay taxes, plus a 10% tax penalty if you are younger than age 59 ½)
Transfer the money to another employer-sponsored plan (if the plan allows)
Roll the money over to a self-directed IRA
Cash Accumulation
There are many different vehicles that assist in cash accumulation, which can offer both tax-deferred and tax-free benefits. We will work with you to determine which strategy makes the most sense for your lifestyle and goals, while ensuring that you have funds available for retirement or future emergencies. These plans can often seem overwhelming, but we specialize in making everything easy to understand and we build a plan to meet your specific needs.
Private Pensions
For many people, their guaranteed retirement income comes from an employer-based pension or Social Security. With the availability of employer-based pensions on the decrease, many people are left relying solely on Social Security for guaranteed income. Many experts predict that Social Security programs will be entirely depleted within our lifetime, or at a minimum, will not be available in their current form. According to Gopi Shah, deputy director and senior fellow at the Stanford Institute for Economic Policy Research, “Social Security faces a big mismatch between the revenues that it is scheduled to take in and the benefits that are scheduled to pay out”. This means that many retirees may not have access to employer-based pensions nor Social Security income.
This is where private pensions come into the picture, as a great supplement that offers guaranteed income throughout your entire retirement. Aside from Social Security and employer-based pensions, private pensions are the only product that can guarantee you an income stream that cannot be outlived. We can help you set these up well in advance of your retirement, so that you can enjoy your best years stress-free!
Wealth Transfer
Throughout life, many of us will transfer wealth to our children, grandchildren, and other loved ones. During this process, there are many different products that can be utilized to maximize tax efficiency. With the national debt at around $28 trillion and rising, most experts believe that tax rates will have to go up, so it’s essential to consider this when planning for wealth transfer. Wills, trusts, estate planning, and life insurance can all be used as part of this bigger strategy. When thinking about the wealth transfer process, it’s important to also consider what your needs will be, and how much money you’ll require to live off comfortably. We will work with you to come up with a comprehensive plan that takes all of these factors into account, and protects both yourself and your loved ones.
“Paul is a true professional who is extremely knowledgeable about his industry and the products that are available. We have been working with him now for more than four years and have had a great experience. He is an excellent communicator, and is very passionate about the work he does and the people that he serves.”
— Christopher K., Insurance & Retirement Planning Client
