Offering the best possible solutions to our clients.

Offering the best possible solutions to our clients.

Being independent means we tailor our 

products and service recommendations to your needs.

People need to know that the services they’re being offered are in their best interests—not in the interests of a faceless conglomerate. They need an independent person stepping up for them. That’s our promise to our clients. We put you first.

Retirement Income Planning

“Will I outlive my savings in retirement?”

Turning 50 is a major milestone. Halfway to the century mark, you're more than halfway to retirement. Take stock of where you are in relation to your retirement goals. If you haven't been serious about planning for retirement up until now, that needs to change. You should review your current retirement savings and determine whether you're saving enough. If not, the good news is you have time to make changes that can get you there. This is also the time to think about the issues you'll face once you’re no longer working. There's a big difference between saving and spending. It's much more difficult to recover from financial mistakes as you get older. According to the Employee Benefit Research Institute, 36 percent of employees have almost no retirement savings. If you don't have as much saved as you should, there are ways to contribute more now to have enough later. Once you turn 50, the IRS allows you to increase the maximum annual contribution you can make to both your IRA and 401(k) accounts. This is called a “catch-up” contribution. The limits can change annually, so double-check how much you can add. It can be tempting to chase higher returns, but those usually come with higher risk levels that you may not be able to tolerate at this stage. It also wouldn't hurt to start reducing expenses. At the very least, it's good practice for when you get older and have a smaller income. The money you save from not being as extravagant can also go into investments. Try to reduce any outstanding debts. If you have a mortgage, consider paying it off early to get that expense out of the way before you retire. This pre-retirement stage is an exciting time. But it’s also complicated. We haven’t even really scratched the surface on this page — there are Social Security, Medicare, defined benefit pensions, 401(k)s, and much, much more to consider. We could help you navigate that world; we live in that world every day. You may be at the peak of your career and enjoy it.
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Social Security Maximization

You probably need to know how this government program works.

Introduced back in 1935, the program was designed to “give some measure of protection to the average citizen and to his family against the loss of a job and against poverty-ridden old age,” according to President Franklin D. Roosevelt.¹ If you were born between 1943 and 1954, the official full retirement age at which you can start taking benefits is 66. If you were born in or after 1960, full retirement age gets bumped up to 67. For Americans born in or after 1943, and depending on your situation, it could be ideal to wait until their age 70, as for every year you delay withdrawals from your full retirement age, Social Security adds an 8% annual credit to your benefits payout.² Many professionals with expertise in retirement income planning generally agree you’ll need about 70% of your pre-retirement earnings to enjoy a comfortable retirement; it’s likely Social Security will make up some part of that number.³ Luckily, the Social Security Administration can help you estimate what you’ll receive from them when you apply for benefits. All you have to do is visit their website.⁴

 Sources: 1. “Happy 79th Anniversary Social Security.” http://www.ssa.gov/ agency/anniversary/79.html. Social Security Administration, n.d. Web. Tues. 09 Dec. 2014. 2. “Social Security Benefits: Early or Late Retirement?” http:// www.ssa.gov/oact/quickcalc/early_late.html. Social Security Administration, n.d. Web. Tues. 09 Dec. 2014. 3. Better no Social Security replacement rates than wrong replacement rates.” http://www.aei.org/publication/better-no-social-security-replacement-rates-than-wrong-replacement-rates. American Enterprise Institute. 23 Sept. 2014. Web. Tues. 09 Dec. 2014. 4. “Retirement Estimator | Social Security Administration.” Accessed April 17, 2019. https://www.ssa.gov/benefits/retirement/estimator.html.
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Tax-Efficient Strategies for Individuals

Don’t pay unnecessary taxes on your retirement income.

Rising taxes may be a concern for anyone—especially for individuals approaching retirement. Having a solid strategy in place for how you will pay taxes on your retirement income can be an important component to living on a fixed income and avoiding surprises come tax time. Investing in or purchasing a tax-deferred vehicle means your money can compound interest for years, without paying current income taxes, potentially allowing it to earn interest at a faster rate. Tax-deferred vehicles only allow you to defer paying income taxes until the money is withdrawn—presumably during retirement when you may be in a lower tax bracket. However, few financial vehicles avoid taxes altogether. Because tax-deferred vehicles are generally designed to help individuals work toward specific long-term goals, there may be restrictions on when money can be withdrawn without penalty. Early withdrawals may be subject to charges and fees. Withdrawals prior to age 59½ may be subject to an additional federal tax or fees. Our firm is not permitted to offer, and no statement contained herein shall constitute, tax or legal advice. You should consult a legal or tax professional on any such matters.
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