In order to create a solid financial foundation, a complete review is necessary to understand where you are and where you want to be. We look at your personal situation, income requirement, risk tolerance, long-term care needs and estate and charitable wishes. From there, we help you create a plan that will help you reach your financial and retirement goals.
Retirement Planning: Retirement plans are not just for wealthy individuals. People are now living longer, and it’s not unusual for someone retiring at age 65 to live to age 90 or longer. You may need to plan for your retirement income to last potentially 25 to 30 years. We design and implement tax efficient retirement plans that gives us the tools to insure you will receive an income stream that won’t be outlived.
Financial Planning is the process of creating a long-term plan to manage your finances so you can achieve your goals and dreams, while navigating through the financial obstacles that inevitably appear in every stage of life.
Steps to create a sound Financial Plan
Step 1: Determine Goals
Step 2: Gather Data
Step 3: Analyze & Evaluate Your Financial Status
Step 4: Create a Plan
Step 5: Implement the Plan
Step 6: Monitor the Plan and Make Necessary Adjustments
Benefits of a financial plan include:
Setting goals that are realistic and achievable.
An assessment of your current financial state by looking at your assets, liabilities, income, insurance, taxes, investments and estate plan.
Development of a comprehensive plan to meet your financial goals.
Putting your plan into action and monitoring its progress.
Staying on track to meet your goals, and making adjustments as needed.
IRA and 401(k) Rollovers: When you change jobs or retire, there 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 income taxes and perhaps a 10% federal penalty tax if you are younger than age 59½ ) Transfer the money to another employer plan (if plan allows) Roll the money over to an IRA
Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you, and the best vehicle to help conserve and grow your rollover assets.
Wealth Management: There’s a good chance you have many financial needs- a complete risk analysis, income goals, tax considerations, estate considerations, integrated planning and more. Our process is designed to accurately address those needs. Comprehensive wealth management is an ideal goal– the perfect harmony of integrated financial planning, extensive advisor/client communication and smart financial decisions.
We believe that every investor deserves access to the very best financial advice. More importantly, we believe that all advice you receive should be impeccable and always with your best interest in mind. You come to us with a lifetime of investments and savings, with money you’ve spent your entire life working for. You deserve the very best, and we’re here to help provide that to you. Our process balances insightful financial knowledge, key planning advice and top-notch client communication.
Estate Planning: While it is important to have a will and/or trust, wills and trusts may not address all your issues, and may need to be reviewed and updated as your desires and situation changes or as laws change that may impact your future plans.
Many issues that are typically not addressed in a will or trust can still cause your money to fall through the cracks in places like your tax returns, risk exposure, fees and charges, low rates of return, large future income tax problems from your qualified or non-qualified money, protecting you from long term care, and lawsuits.
Ongoing income taxes and especially significant taxes to your heirs are key concerns today and many people believe their wills and living trust or other estate planning addresses it and they find out too late they were wrong.
Life and Long Term Care Insurance: Life insurance is for family members who are left behind, so when shopping for life insurance, you’ll want to consider needs such as replacing income so your family can maintain its standard of living, as well as paying for your funeral and estate costs. A general rule is that you should seek coverage between five and seven times your gross annual income. Life Insurance can generally be placed into one of two categories: Term and Permanent.
Term insurance generally provides coverage for a specified period of time, and pays out a specified amount of coverage to your beneficiary only if you die within that time period. You pay the same amount of premium from the first day of the policy until the term ends.
Permanent insurance does not need to be renewed. A permanent insurance policy will stay in effect for the rest of your life so long as premiums continue to be paid.
For seniors, home healthcare can cost $19 or more per hour, and nursing home care can run as high as $83,9501 . Also know that you have to exhaust all of your financial means before Medicaid will pay for long-term care. And neither your group nor major medical insurance will cover long-term care.
We can help evaluate your situation and determine if purchasing a long-term care insurance policy is the right move to insure your future.