Archive for the ‘Financial Advice’ Category

Rethink the Way you View Retirement

Friday, July 18th, 2014
Couple ready for retirement

 

Although many don’t realize this, the way most working class individuals approach retirement has undergone some serious changes over the past 10 years. With several new developments in how plan for our retirement, the future of retiring is forever changed for our children and after.

 

Here are 5 recent advancements that have changed the way we approach retirement:

  1. Roth IRA- Although the Roth IRA has been around since 1997 when the Tax Payer Relief Act came into play, it has just recently begun to gain traction. Some benefits of this IRA include your money growing and being withdrawn without taxes.
  2. Calculators for Social Security- If you wish to calculate your Social Security benefits under just about every circumstance you can imagine, the internet is your new best friend. Social Security calculators are more popular than ever online and can allow individuals and married couples to see their potential benefits under a number of circumstances.
  3. Research- The baby boomer generation is beginning to reach the age of considering retirement. Because of this boost in information demand, research has increased regarding retirement and its components.
  4. Income Planning Designations- Two new designations have come into play to help retirees assess the products, risks, distributions strategies, and tax considerations as they withdraw from different investments and savings plans.
  5. Recession- After the recent recession that hit the United States, those approaching retirement have realized that a secure plan is needed to live a very simple life after retirement.

 

At Safe Retirement Solutions, our financial advisors specialize in helping working men and women plan for retirement. We will work with you to devise a plan that meets your needs after retirement. All of your questions will be answered in a way that is easy for you to understand and leaves you feeling secure and confident about your upcoming retirement.

 

To get started with one of our advisors today, call us at 1-877-268-4086. You can also visit our contact page.

 

Follow Safe Retirement Solutions today on Google+, Facebook, and Twitter.

 

Source:

http://www.marketwatch.com/story/5-retirement-planning-game-changers-2014-07-16

Choosing a Power of Attorney

Wednesday, July 2nd, 2014

When it comes to your peace of mind, selecting a power of attorney agent can go a long way towards ensuring that. As a financial advisor for retirees, Safe Retirement Solutions knows how essential it is for your asset protection that you have a power of attorney agent in the event you become unable to act for yourself. You may become incapacitated for a variety of reasons: accidents, medical emergencies, etc. In cases such as those, you want to have confidence in the fact that your best interests will be prioritized.

A power of attorney agent is the person who will act and make decisions for you in the event that you are unable to do these things for yourself. While many people think of a power of attorney agent only acting for them when it comes to medical decisions, this is not the case. A power of attorney agent can act in many different ways on your behalf, so it is important to discuss with your financial advisor who in your life would be best suited to be your power of attorney agent.

Authorizing one person to act on your behalf could affect your asset protection. A power of attorney agent could have the authority to deposit or withdraw money from your bank accounts, they could file your tax forms, or they could have access to your stock portfolio. A power of attorney agent could also be involved with your non-monetary assets, such as real estate and other kinds of property. Asset protection should be one of your top priorities when you decide to retire; it can mean the difference between you and your family having a secure future versus an uncertain one. When you determine whom you will grant the power of attorney, make sure that it is someone you trust to handle your assets as you would want them handled.

Unlike the executor of a will, who can only handle your estate after your death, the power of attorney agent has the ability to handle your estate during your lifetime, which means the decisions they make on your behalf could affect your future. Be mindful of this when selecting a power of attorney agent, and be sure to consult with a financial advisor as a part of this decision making process.Choosing a power of attorney

You have worked hard to enjoy your retirement, so let Safe Retirement Solutions help make that possible. Give us a call at 877-268-4086 or come and visit our offices in Annapolis, Towson, or Columbia, MD.

You can also follow Safe Retirement Solutions on Google+, Facebook, Twitter, and LinkedIn!

 

Source:

AARP

Understanding a 401K

Friday, June 13th, 2014

Understand a 401K

When you are considering ways to save for your retirement, one of your options is a 401K plan. You may have heard the term thrown around in different conversations, but do you understand how it works or where it came from?

The 401K

The 401K was developed after the Tax Reform Act was passed by Congress in 1978. The act was passed to encourage working individuals to save money for their retirement while having a way to lower their federal and state taxes in the process. The name for the 401K came from its Internal Revenue Code-section 401 and paragraph K. A benefits consultant named Ted Benna created a plan for the 401K in 1981. In 1991, final regulations were published for the 401K plan.

Some of the benefits you receive with a 401K include a lower taxable income, earnings and savings without the need of deposits, and free money from employers. When you begin a 401K, you first tell your employer how much money you wish to have entered in your account. This amount can typically be about 15% of your salary; however your employer does have the option to put a limit to the amount. That money is then entered into your account before taxes are withdrawn. There are also times where your employer will match what you decide to contribute to the 401K. Your money is placed in the hands of an administrator of a third party to be invested in a number of different ways. You can decide which ways to invest your money between bods, money market accounts, and mutual funds, along with other options. There are online calculators like this one that will help you understand how much money your can accumulate depending on how long you have a 401K and how much you decide to contribute to the account.

Your 401K with Safe Retirement Solutions

 

At Safe Retirement Solutions, we are here to help you plan your retirement. We know that the idea of retiring is daunting and there is a constant fear of outliving your retirement funds. One of our trained and educated advisors can meet with you to decide which options are best for you and how to begin with a 401K.

Want to get started with a 401k? Do you have questions about retirement? Give Safe Retirement Solutions a call today at 410.266.1120 or click here. We serve the residents of Annapolis, Towson, and Columbia, Maryland as well as the residents of Saint Augustine, Florida.

You can also follow Safe Retirement Solutions today on Facebook, Twitter, LinkedIn, and Google+.

 

Source:

http://money.howstuffworks.com/personal-finance/retirement-planning/401k.htm

 

The Benefits of Financial Planning

Monday, June 9th, 2014

Whether you’re looking forward to retirement in a few years, or even still have a decade to go, it’s important to be looking into a financial plan if you haven’t already. You may think that you’ve been saving for years and you have enough money to fund the rest of your life. However, this might be difficult without a set plan. You should be able to enjoy your retirement years with a care-free mindset. There are endless benefits to financial planning.

Benefits of Financial Planning

  1. You know if you’re saving enough. Maybe you’ve been saving for years, but with your kids’ college expenses and other unplanned costs, have you been leaving enough money for future fees? A financial advisor can help you map out the rest of your financial life, making retirement a breeze.
  2. You have a plan for your means in the occurrence of your death. It is important to know where your money is going, or who is it going to after your passing. Your financial advisor can help you figure out if you need a will or a trust. This way, if something happens to you unexpectedly, the allocation process goes smoothly.
  3. A time frame. Setting a financial plan means that you have a specific objective. You are able to set time frames and specific numbers so that you know how close you are to your end goal. When you have reached that goal, you can enjoy your retirement years.
  4. Financial planning is concrete. It is a written plan for your future costs and savings. It makes budgeting, buying, selling, or investing decisions easier and helps you stay on track towards retirement. Having a recorded plan for your future finances will definitely help you out and ease the retirement process.

Having a financial advisor or financial planner is not necessary, but it is recommended, as it will help your financial planning process to be stress-free. Safe Retirement Solutions can help you do just that. If you have any questions about financial planning or are looking for a financial advisor, call us at (410)-266-1120, or toll free at (877)-268-4086. We have offices in Annapolis MD, Towson MD, Columbia MD, and St. Augustine FL.

Be sure to follow us on Facebook, TwitterLinkedIn, Google+ and Flickr!

 

Source:

http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2011/05/17/6-reasons-you-need-a-financial-plan

 

The Future of Retirement

Tuesday, May 13th, 2014

Couple ready for retirementOn May 13, 2014, Florida Senator Marco Rubio presented a speech discussing the future of retirement for Americans. His proposal would help younger Americans save for their future retirement while protecting programs for older Americans who are nearing retirement age.  With Rubio’s plan, younger workers would be facing a higher retirement age, but there would be federal retirement accounts for all Americans to join.

Rubio was quoted by The Associated Press saying, “If ever there was an issue worthy of this solidarity, preserving a secure retirement for 21st century seniors is that issue.” Rubio is a Republican senator who is currently considering a presidential bid. Within his speech, he also promises older workers that their retirement would not be affected by his proposed plan. His plan outlines that as life expectancy rises, the retirement age should rise along with it. Within his proposed plan, Rubio suggests making the Congress retirement plan open to Americans, allowing those without retirement options through an employer access to several investment programs such as 401(k). This plan also suspends payroll taxes for Social Security for workers 65 years old or older who continue to work while also protecting workers 55 years old currently.

At Safe Retirement Solutions, we are here to help you plan your future retirement in this time of uncertainty. Along with retirement planning, we also offer services in:

  1. Income Planning
  2. Asset Protection
  3. Tax Planning
  4. Life Insurance
  5. IRA, 401(k), Thrift Saving Plan, 403(b) Rollovers

 

Our dedicated team of professionals will offer advice and guidance with your financial future as you start to consider your retirement future. The number one fear for retirees is that they will outlive their money set aside for retirement. At Safe Retirement Solutions, we help you set goals for your retirement and aid you in implementing plans and strategies to make your goals obtainable.  Our advisors will sit down with you to determine what you eligible for in terms of retirement and help you to look at all of your options. Thinking about your retirement can be overwhelming and daunting, but with Safe Retirement Solutions, you can rest easy knowing all of your questions will be answered and no detail will go unnoticed.

Visit one of our offices located in Annapolis, Towson and Columbia, Maryland as well as our office in Saint Augustine, Florida. You can call to set up an appointment at (410)-266-1120, or toll free at (877)-268-4086. You can also submit an online form here.  Find us on Facebook, Twitter, LinkedIn, and Google+.

 

Sources:

http://www.naplesnews.com/news/2014/may/13/marco-rubio-open-congress-retirement-all-workers/

 

Estate Plan or Reverse Mortgage: Which Would You Prefer?

Monday, May 5th, 2014

Estate and Retirement PlanningThroughout your lifetime you have worked hard to provide for yourself and your family. As you reach retirement, you should look forward to enjoying the results of your hard work like spending time on your property surrounded by your children and grandchildren. But a lack of planning can put you into a tight spot after retirement, possibly forcing you to make difficult decisions during your retirement. Poor planning could result in low funds, causing you to scramble for ways to make ends meet and to keep your home. What do you do?

The ideal thing for you before any of this happens is to have an estate plan in place before you have even reached retirement. But if you didn’t think it was necessary and now find yourself in a bind, there is such a thing as a reverse mortgage. Once you reach the age of 62, a reverse mortgage allows you to borrow against the future value of your home. You wouldn’t have to pay back the loan until you have either moved or passed away. Doesn’t sound bad so far, right? Now of course you are concerned for your children and what they will inherit, so you will like knowing heirs are entitled to 30 days to make some type of decision on what to do with the property. But did you know that most lenders are now pushing heirs to foreclose on the property? While you might believe you are setting your children up for a comfortable life once you are gone, you are really now chaining them to major debt.

An estate plan could save you from all of the hassle down the road. Still don’t think it’s for you? Let’s make sure you understand what it would mean for you:

  1. Manage and preserve- While you’re alive, a plan will help you keep track of your estate.
  2. Conserve and control- Based on objectives and goals put in place with your plan, you will still have control over distribution after you are gone.
  3. Overlapping- Estate planning can also overlap with retirement planning, so you can rest easy knowing money won’t be an issue after retirement.

At Safe Retirement Solutions, our trained financial advisors will help you to build an efficient and successful estate plan to specifically suit your needs. Our advisors recognize that every situation is different and will work to ensure that your goals and objectives are met during and after your life.

You have worked hard to enjoy your retirement, so let Safe Retirement Solutions help make that possible.  Give us a call at 877-268-4086 or come see us at our offices located in Annapolis, Towson, or Columbia, MD. We also have an office in Saint Augustine, FL.

Find us on Google+, Facebook, Twitter, and LinkedIn!

Sources:

http://dealbook.nytimes.com/2014/04/30/senators-express-concern-on-reverse-mortgage-rules/?_php=true&_type=blogs&_r=0

How Can I Achieve Financial Security?

Tuesday, February 18th, 2014

When it’s time for you to retire, will you be able to afford it? Almost all of the research conducted on the subject, over the last few years, shows that most individuals are unable to demonstrate financial readiness for their retirement years. This only serves to underline the fact that saving for retirement is a challenging process that requires careful planning and follow-through. Here we review some helpful tips that should help you on your way to a comfortable retirement.

Start as Soon as You Can
It is obvious that it is better to start saving at an early age, but it is never too late to start – even if you are already close to your retirement years – because every penny saved helps to cover your expenses.

Treat Your Savings as an Expense
Saving on a regular basis can be a challenge, especially when you consider the many regular expenses we all face, not to mention the enticing consumer goods that tempt us to spend our disposable cash. You can guard amounts you want to add to your nest egg from this temptation by treating your retirement savings as a recurring expense, similar to paying rent, mortgage or a car loan.

Diversify Your Portfolio
The old adage that tells us that we shouldn’t put all of our eggs in one basket holds true for retirement assets. Putting all your savings into one form of investment increases the risk of losing all your investments, and it may limit your return on investment (ROI). As such, asset allocation is a key part of managing your retirement assets

Consider All of Your Potential Expenses in Your Financial Plan
When planning for retirement, some of us make the mistake of not considering expenses for medical and dental costs, long-term care and income taxes. When deciding how much you need to save for retirement, make a list of all the expenses you may incur during your retirement years. This will help you to make realistic projections and plan accordingly.

Budget
Saving a lot of money is great, but the benefits are eroded or even nullified if it means you have to use high-interest loans to pay your living expenses. Therefore, preparing and working within a budget is essential. Your retirement savings should be counted among your budgeted recurring expenses in order to ensure that your disposable income is calculated accurately.

Work with an Experienced Financial Planner
Unless you are experienced in the field of financial planning and portfolio management, engaging the services of an experienced and qualified financial planner will be necessary.

About Safe Retirement Solutions

We help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

If you have any questions or want to know more about what we can do for you, please contact Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

You can also follow Safe Retirement Solutions on Facebook and Twitter.

How To Financially Plan After College

Monday, January 13th, 2014

After graduating from college, young men and women have many things to worry about, especially when it comes to finding a job in today’s business world.  But what many recent grads fail to take into consideration is their financial future.

The best time to start saving for your retirement is NOW!

Financial Advice for Recent College Graduates

  1. Save as much as you can now: Try and save as much money as you can while you are young. Odds are that the future will bring with it many more financial obligations, including a mortgage and a family. But saving along isn’t enough…
  2. You need to Invest: Making the right investments now can make all the difference in the future.
  3. Talk to your Employer: Most companies offer a 401K match plan, which means that your employer will match all or a percentage of what you put away for retirement. If you do not take advantage of this, you are essentially leaving money on the table.
  4. Contact Safe Retirement Solutions: We are a full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning. Our President and CEO Rod Borowy has been helping people achieve their financial goals since 1975. He considers all of our clients to be a part of the “Safe Retirement Solutions” family.

For more information about Professional Financial Planning or Financial Advice, consult the financial advisers at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

What Are The Benefits of Financial Planning?

Monday, November 25th, 2013

Everyone could benefit from professional financial planning. Don’t believe us?annuities

Benefits of Professional Financial Planning

The primary goal of a professional financial planner is to help you maintain a comfortable lifestyle while still putting away enough money for the future. What is even more impressive is that financial planners are able to consolidate all aspects of your financial life into one coordinated plan. So, unlike stockbrokers, bankers, insurance agents, or accountants, your financial planner helps make your life less complicated…not more complicated.

The Financial Planning Process

The Foundation

  1. Make basic decisions about your current needs and financial objectives.
  2. Outline your financial goals.
  3. Clarify your financial objectives.
  4. Set financial priorities.

Fact Gathering

  1. Review your investment portfolio
  2. Review insurance contracts
  3. Review the benefit plan provided by your company
  4. Analyze your monthly income
  5. Analyze your monthly expenditures

The Financial Plan

  1. Cash Flow Budgeting Analysis 
  2. Capital Management (debt and investment portfolios) 
  3. Estate Planning and Liquidity Analysis 
  4. Income Tax Planning 
  5. Retirement (forecasting benefits, costs and options) 
  6. Insurance Needs (life, property, casualty and disability) 
  7. Educational Funding Requirements
  8. Employee Benefit Analysis (coordinate personal holdings)
  9. Closely-held Business Analysis 

For professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

What Benefits Can A Planner Provide?

Protecting Yourself Against Fraud: Selecting a Financial Advisor

Monday, November 4th, 2013

Most people, at some point in their lives, will need financial advice. When the time comes for you to reach out to a professional financial advisor, whom should you trust? How can you be sure that the financial advisor you choose has your best interests in mind? How do you know that your money is in good hands?

Unfortunately, there is no way to ensure your money is 100% protected. But you can take the following steps to help protect yourself from financial fraud.

1. Take Responsibility: You are hiring a financial ADVISOR. You are still in control…never forget that.

2. Choose Carefully: Your financial advisor will have access to your personal finances, so be sure you choose your financial advisor carefully. An important part of making your choice is to meet candidates in person. Never hire a financial advisor without first meeting face-to-face.

3. Check the Advisor’s Background: Check to be sure the advisor is a Registered Investment Adviser (RIA), and ask to see form ADV, which details any history of regulatory problems and outlines the advisor’s experience and practice methods. Also, references are a good indicator of a financial advisor’s professionalism…so do not be afraid to ask for references.

4. Listen Carefully: Listen to what your potential financial advisor has to say. They should set realistic goals while outlining potential risks. Remember, if it sounds too good to be true, it probably is. Try and avoid financial advisors that make outlandish claims about making you tons of money.

5. Evaluate Concerns: Your financial advisor should be concerned first and foremost with your financial well being.

6. Understand Payments: Do you know how you will be charged? If not, ask. Ask how you will be charged (commission, hourly fee, flat fee or a combination) now and in the future.

7. What is the Advisor’s Specialty? Be sure that you choose a financial advisor that can best work with your portfolio.

8. Be in Control: Do not sign any documents before reading them thoroughly, and never sign blank documents. And consider carefully before giving your financial advisor power of attorney over your finances.

9. Be sure to Receive Statements: Stay in the loop and make sure your financial advisor sends you regular statements regarding your finances.

10. Keep Up: You should receive regular updates from your financial advisor, as well as from the companies where you have investments or insurance. Remember, it is YOUR money. Make sure you know what is going on!

11. Trust Safe Retirement Solutions: Safe Retirement Solutions’ financial advisers help our clients in all phases of their retirement planning. We help them prepare for a retirement free from financial worries, so that they can enjoy their retirement years. We help to enable our retired clients with the transition of their wealth into a carefree income that will last them a lifetime.

For professional financial advice, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

You can also follow Safe Retirement Solutions on Facebook and Twitter.

Sources:

Protect Yourself Against Fraud