Archive for the ‘Retirement 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 Some benefits of this IRA include your money growing and being withdrawn without taxes.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

What to Avoid When Planning your Retirement

Tuesday, June 24th, 2014

Retirement Saving Landmines

When it comes to planning for your retirement, there are a lot of ways to do so. In today’s society, planning for your future retirement can be somewhat easy when the correct steps are taken. However, with so many different ways to save comes many different ways to lose your retirement fund. In a recent article written by Alan Gula, a Chief income Analyst for Wall Street Daily, losing money can be avoided when individuals who are saving for retirement attempt to avoid certain “landmines”.

  1. No Diversification- When we hear stories of individuals losing a large amount of money from their retirement fund, we typically find that they were not diversified when saving. Those who place their savings in one sole place are at a higher risk of losing a more significant amount of money as opposed to those who are well diversified when it comes to their retirement savings.
  2. Fees- As Mr. Gula points out in his article, a large amount of brokers are usually given incentives to try and sell products that are high-commissioned, which means high fees for you. Mr. Gula gives a website called Morningstar that shows individuals the risk to reward ratio of products and mutual funds to show them if they should risk purchasing from a certain broker.
  3. REITs- If a broker makes an attempt to sell you on a non-traded real estate investment trust (REIT) you should say no and run the other way. Brokers try to sell REITs by saying they help you to escape the volatility present in the markets. However, these non-traded REITs prevent you from pulling your money if necessary, which could end up as a loss for you in the end.

For the full article written by Alan Gula, click here.

If you want to avoid casualties like those listed previously, or want to know more about other possible pitfalls when saving for your retirement, talk to an advisor from Safe Retirement Solutions today. Our advisors understand how stressful and complicated saving for your retirement can be and will work with you to make the process as stress-free as possible.

To get started with Safe Retirement Solutions, call us at 877-268-4086 or visit our contact page today.

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

What is Medicare?

Friday, May 30th, 2014

One of the biggest questions people have about retirement is how they will manage to pay for their healthcare. When your body gets older, there are plenty of health problems that could potentially arise, for both you and your spouse. If serious, medical bills can become very costly and overwhelming to deal with. There is also the concern about medication. If certain ailments occur that require regular medication, costs can creep even higher when it comes to your healthcare. You find that when you originally planned for your retirement, healthcare wasn’t an area you planned for in full. So what do you do?

Medicare after Retirement

Medicare

A health program implemented by the government, Medicare provides insurance for Americans over the age of 65 along with disabled individuals. This health insurance program is used by over 55 million citizens. While not everything is covered with Medicare, it does assist with basic medical expenses. There are for parts to Medicare:

  1. Part A- Most enrolls in this part of Medicare. Part A helps with hospice care, impatient care, and nursing facilities. This normally doesn’t require a paid premium.
  2. Part B- This helps to cover therapy (occupational and physical), doctor services, outpatient care, and some home health care. Part B typically has a monthly premium.
  3. Part C- With this part of Medicare, benefits are received through a Medicare Advantage. These benefits are managed by pre-approved insurance companies.
  4. Part D- This part provides benefits for prescription drugs.

When it comes to understanding which part of Medicare is best for you, talk with your doctor about any conditions you currently have or could surface in the future.

Plan with Safe Retirement Solutions

When it comes to planning for healthcare after retirement, trust the advisors at Safe Retirement Solutions. At Safe Retirement Solutions, we help our clients plan for their retirement before they have even reached retirement age. We will answer all of your retirement questions and assist you with including healthcare in your retirement planning.

To start planning for your retirement, speak to one of our advisors today by calling toll free at (877)-268-4086 or by clicking here. You can also follow Safe Retirement Solutions today on Facebook, Twitter, LinkedIn, and Google+.

 

 

 

Source:

http://www.planforyourhealth.com/retirement/article/show/health-care-options-after-retirement/

How Should I Start Saving for Retirement?

Saturday, May 24th, 2014

Retirement SavingIt doesn’t matter how old you are or how far away retirement is, it is never too early to start saving. But saving money that you will be living off of can be very intimidating. Where do you start? Most hard working individuals fear that they will outlive their retirement savings and are unsure of how they will survive. However, you won’t get to enjoy your retirement if you are constantly stressing about the future. Start saving now and keep your mind at ease for the future. Here are some tips to help you get started when it comes to saving for your retirement:

  1. Baby steps- Saving doesn’t have to start big. Start setting aside small amounts each month and gradually build as you go.
  2. What will you need?- Figure out a rough estimate of what you will need to survive during retirement. This will give you a starting point to work towards.
  3. Help with employer’s plan- If your employer currently has a retirement plan in place, never hesitate to contribute.
  4. Pension plans-Ask your employer if they have any pension plans and what they entail.
  5. Invest smart- Consider the ways in which you save. Choose ways that will allow your money to grow the most without fees or risk.
  6. Hands off- Never touch your savings. You will experience set backs like fees and loss of interest.
  7. Start a plan with your employer- If your employer doesn’t have a retirement plan in place, ask them about starting one.
  8. IRA- Open an Individual Retirement Account. You can choose between a traditional IRA or a Roth IRA.
  9. Social Security- Look into your Social Security benefits. Knowing what you can expect from these benefits will aid in your planning process.
  10. Call Safe Retirement Solutions

At Safe Retirement Solutions we strive to ensure our clients feel confident and comfortable when planning for their retirement. Our trained advisors will work with you to design a plan to help you save for your retirement. With Safe Retirement Solutions, goals can be made and met when it comes to saving for your retirement. To start saving for your retirement, call us at (410)-266-1120 or click here.

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

Source

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/

 

Which IRA Is Right For Me?

Monday, August 26th, 2013

While there are only two main types of IRAs – the Roth and the traditional IRA – choosing the right one for you and your financial needs can still be a daunting task. Fortunately for you, we are here to help. Following the three below steps can help you determine the right type of IRA for you.

1. Know the Basics

The first step in choosing the right IRA is to understand the differences between the two. So let’s dive in…

Traditional IRA: The biggest advantage to this type of IRA is tax-deferred compounding. You won’t have to pay taxes on your IRA’s investment earnings until you start taking distributions for it after you retire.

Roth IRA: Unlike traditional IRAs, this type of IRA has no restrictions governing when you are allowed to start taking distributions. Furthermore, qualified distributions from a Roth IRA are tax-free, not just tax-deferred.

2. Determine Your Eligibility

There are certain eligibility requirements associated with both Traditional IRAs and Roth IRAs. Do you know what they are?

For starters, you can’t make a deductible contribution to a traditional IRA is your income is above a certain level. Furthermore, if you make over a certain amount of money, you may not even be eligible for a Roth IRA. And that is just the beginning. It gets pretty complicated. To help simplify the task, I suggest you check out the TurboTax IRA Calculator.

3. Weigh Your Options

This is where a Safe Retirement Solutions and some in-depth financial planning can work wonders.

Safe Retirement Solutions is your full service, independent financial advisory firm dedicated to providing you with the very best in retirement income planning.

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 websitetoday!

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

Solutions:

Finding the Right IRA in Three Easy Steps

What Is a 401K?

Tuesday, July 16th, 2013

A 401k gets a lot of attention. When it comes to saving up for retirement, it seems that everyone is concerned about making sure that they have a 401k. What exactly is a 401k?

In short, a 401k is a retirement plan that your employer sponsors. Workers are allowed to save and invest a portion of their paycheck before taxes are taken out. The money saved is used when the employee retires.

There are specific rules and stipulations regarding a 401k. Such as, you cannot access the money immediately; you must work for your employer for a certain amount of time before gaining access to what they contribute to your 401k. Additionally, there are penalties for withdrawing funds before your retirement.

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 more information about Estate Plans, or 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.

Source:

http://guides.wsj.com/personal-finance/retirement/what-is-a-401k/

Maryland Retirement Planning: Misconceptions about Retirement Planning

Tuesday, June 18th, 2013

Every day, millions of Americans are misguided about what to do in saving for retirement, which more often than not results in inadequate funds for life after the workforce.

1)      Putting too much Stock in Bonds: Many people heading into retirement think that bonds hold more weight than stocks, but with the current rates of inflation, savings get eat into more and at a faster rate. With the risk of a continually increasing rate of inflation as well as increases governmental debt, Treasury bonds don’t have the best future. Stocks are becoming the recommended alternative, with 110-120 minus the retirees’ age as a percentage calculation for how much to invest in stocks.

2)      Leave it Alone: While target-date funds have their advantages when it comes to 401ks and other retirement plans, they have the tendency to lend a false sense of security and divert future retirees’ attention from continuing to save. Make sure you know the following details before investing in one: the rate of change for allocations, when the asset mix becomes more conservative, and how much money you have to sink into fees.

3)      Making up for Lost Time is Easy: A lot of times, people make plans to work part-time in retirement or to retire later on in order to make up for any periods in which they were saving less during the course of their career. But a lot of people over the age of 60 have to stop working sooner than they had anticipated, generally due to health reasons, the need to care for a loved one, or a layoff. This means that relying on the ability to continue working for income isn’t the safest financial decision.

The financial advisors at the Maryland retirement planning center can assist you in saving safely and wisely with our professional guidance. For more information, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Sources:

7 retirement planning myths debunked

Retirement 101: IRA Investment Tips from Baltimore Retirement Advisors

Friday, June 7th, 2013

Whether you’re just starting your plans to save and invest for retirement or have been saving money for years, it’s always a good idea to have a reminder of what each of your accounts can offer you. This week, we’re providing a few insights on how to expand retirement plans with the addition of an IRA, or Individual Retirement Account.

One of the biggest advantages of opening an IRA? Just as with a 401(k), the annual profits, gains, and dividends from an IRA are exempt from taxation. There are two types of IRAs: traditional and Roth. Let’s take a look at the former:

Traditional IRAs…

Allow for tax-deferred growth, making it so that taxes are only paid on withdrawals made in retirement. Some retirees may even qualify for a deductible IRA, meaning that either all or a portion of contributions made to the individual’s account may be exempt from taxes. You may be eligible for tax deductions if…

-          You don’t have another retirement savings system in place and you’re under the age of 70 ½. Investing in a deductible IRA in this situation will allow you to deduct the full amount from taxes.

-          You have a qualifying adjusted growth income (AGI). In this case, you may be able to completely or partially deduct contributions to your IRA, even if you have other retirement savings plans in place. If you are a single who makes over $68,000 or a couple raking in more than $112,000 each year, you won’t be able to take advantage of the deductions

-          You don’t personally have a retirement plan, but your spouse is covered under one and your joint AGI falls under $183,000 for the 2012 tax year.

The Maryland financial advisors at Safe Retirement solutions in Towson can help you make the most of your Traditional IRA and educate you on the ins and outs of this savings system. For more information, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Sources:

Retirement: IRA investment advantages

What is a Reverse Mortgage? Safe Retirement Solutions Explains

Friday, April 19th, 2013

As people get older, the costs of living and the effects of aging add up to sometimes monstrous totals. Many seniors look for ways to supplement their income and protect themselves from future hardships. One way to do this is by getting a reverse mortgage.

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you.  However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.  You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

With traditional mortgages, the homeowner makes monthly payments to their lender, with a reverse mortgage, money is received from the lender and given to the borrower. As a general practice, this money isn’t expected to be paid back during the lifetime of the homeowner; it is only repaid during a resale or in the case of death – in which case the homeowner or his heirs must repay their debts.

The difference between a reverse mortgage and a home equity loan is that with a second mortgage, or a home equity line of credit, borrowers must have adequate   income to qualify for the loan, and they make monthly payments on the principal and interest.  A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments.  With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home.

That’s where we come in. The financial advisors in Annapolis at Safe Retirement Solutions can help you develop a diversified portfolio to help you make the most of your investments. The Baltimore financial advisors at Safe Retirement Solutions can help you determine whether a reverse mortgage is the right choice for you, and provide alternative retirement savings guidance. To get started, call 877-268-4086 or visit our website today!

Follow us on FacebookTwitter, LinkedIn, and Google+ for more retirement planning tips.

Source: Frequently Asked Questions about HUD’s Reverse Mortgages, HUD.gov