Archive for the ‘Retirement Income Planning’ Category
Wednesday, May 1st, 2013
Estate planning is one of the most important parts of planning for the unexpected. Many people procrastinate about the decisions that need to be made about their estate and if one is unprepared, your beneficiaries may feel disenfranchised when it comes time to deal with your estate.
According to the National Association of Estate Planners & Councils, more than 120 million Americans do not have up-to-date estate plans to protect themselves or their families in the event of sickness, accidents, or death.
By definition, estate planning is a process designed to help you manage and preserve your assets while you are alive, and to conserve and control their distribution after your death according to your goals and objectives. But what estate planning means to you specifically depends on who you are.
Your age, health, wealth, lifestyle, life stage, goals, and many other factors determine your particular estate planning needs. For example, you may have a small estate and may be concerned only that certain people receive particular things. A simple will is probably all you’ll need. Or, you may have a large estate, and minimizing any potential estate tax impact is your foremost goal. Here, you’ll need to use more sophisticated techniques in your estate plan, such as a trust.
Here are a few estate planning tips from Safe Retirement Solutions:
- Prepare a will – If you don’t prepare a will, the laws that govern your domicile will determine who inherits what. This is important for non-financial resources such as your prized possessions that relatives may want. Making a will can ensure that your possessions get inherited by the correct people.
- Create a trust – A trust will make sure that your funds are allocated to cover specific expenses after you’ve passed on. Expenses such as funeral costs, school loans, house payments and any other bills that are overdue can be adequately planned and paid for using a trust.
- Minimize the impact of Estate & Income Taxes – Using tax-efficient strategies can help curb the costs of estate and income taxes. Strategies such as giving your saved-up wealth as a gift to beneficiaries or leaving your taxable assets to charities are both great ways to minimize the effects of these taxes. Talking with your local Annapolis estate planning professionals at Safe Retirement Solutions can help you figure out ways to avoid heavy taxes.
If you’re ready to plan your estate, 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 what steps to take to make sure your estate is properly taken care of, and provide alternative retirement savings guidance. To get started, call 877-268-4086 or visit our website today!
Follow us on Facebook, Twitter, LinkedIn, and Google+ for more retirement planning tips.
Tags: estate plan, Estate Planning, financial advisors, retirement income planning, retirement planning, Safe Retirement Solutions
Posted in Estate Plan, Financial Planning, Retirement Income Planning | Comments Off
Friday, August 31st, 2012
Many Americans bank on the illusion that in their retired years, Medicare – the government-backed health insurance program – will take care of their medical expenses once they’ve left the workforce.
But according to a report from Fidelity, a couple of about 65 years who desires to retire this year needs an extra $240,000 to finance their out-of-pocket healthcare costs not insured under Medicare. That’s a 4% increase from last year’s estimate by the same report, which came in at $230,000 – but a decrease from the 2010 calculation of $250,000.
Medical inflation is the cause behind the rising costs of healthcare, and because of this, it’s becoming a prerequisite for retirement to incorporate health-related costs into retirement funds.
But setting aside a quarter of a million designated solely for medical needs is a little daunting, which is why Safe Retirement Solutions would like to offer a bit of guidance with regards to how to proceed.
Work Longer
It may not be the advice that you want to embrace, but it’s reality. The fact of the matter is, the earlier an individual retires, the more difficult it is to predict how or what his future health and medical costs will entail. It also allows future retirees to remain on employer healthcare plans while saving for their lives post-workforce.
Work to be Healthy
Obviously none of us make grandiose plans to develop chronic illnesses or undergo invasive medical procedures. But it’s important to try as much as possible to lead a healthy lifestyle and enter into retirement thriving. Lose the belly fat now. Ditch the cigarettes while there’s still time. Get active and make it a challenge to yourself to stay fit. Diseases and conditions like obesity, diabetes, and heart disease will leave you needing to make more trips to the doctor, adding costs to your bills with frequent co-pays. Avoid developing these oftentimes preventable illnesses by pledging to live healthily.
Let Safe Retirement Solutions do the Work for you
The sooner you’re able to factor medical expenses into your retirement savings plans, the better. The financial professionals at Safe Retirement Solutions are here to help you best determine how to invest your money to make the most of it and enter into retirement with a healthy-sized fund in your bank account.
For more information about Professional Financial Planning and Saving for Retirement, or 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:
Budgeting for Healthcare in Retirement
Tags: co-pays, delaying retirement, financial advisors maryland, health insurance plants, healthcare costs in retirement, lowering healthcare costs, medical inflation, Medicare, out of pocket medical expenses, Professional Financial Planning, saving for retirement
Posted in Financial Advice, Financial Planning, Healthcare Costs in Retirement, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
Tuesday, June 26th, 2012
Ok, so you have heard of a 401(k) plan before. You kind of know what it is supposed to do, but you are not quite sure at how it works. Luckily for you, the financial specialists at Safe Retirement Solutions are here to help!
What is a 401(k) Plan?
401(k) plans is actually the slang term for qualified cash or deferred arrangements (CODAs) permitted under Section 401(k) of the Internal Revenue Code.
How do 401(k) Plans Work?
401(k) plans have become one of the most popular types of employer-sponsored retirement plans, but how do they work?
With a 401(k) plan, you elect to defer a portion of your wages, contributing that amount to your plan. The amount you defer, known as an “elective deferral” or “pretax contribution,” isn’t included in your income. This tax-deferred portion – along with any other investment earnings – isn’t taxed to you until you receive payments from the plan.
How much Money can I contribute to my 401(k) Plan?
There’s an overall cap on your combined pretax and Roth 401(k) contributions. These include:
- You can contribute up to $16,500 of your pay ($22,000 if you’re age 50 or older) to a 401(k) plan in 2011.
- If your plan allows Roth 401(k) contributions, you can split your contribution between pretax and Roth contributions any way you wish.
- If you also contribute to another employer’s 401(k), 403(b), SIMPLE, or SAR-SEP plan, your total contributions to all of these plans—both pretax and Roth—can’t exceed $16,500 ($22,000 if you’re age 50 or older).
It’s up to you to make sure you don’t exceed these limits if you contribute to plans of more than one employer. If you need help with your 401K Plan or any other financial investments, then consider Safe Retirement Solutions. We are here for you!
For more information about 401(k) Plans, 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.
Tags: 401(k) Plans, 401K Plans, CODAs, financial advice, financial advisers, How do 401(k) Plans Work?, Internal Revenue Code, Professional Financial Planning, qualified cash or deferred arrangements, Roth 401(k), Safe Retirement Solutions, What is a 401(k) Plan?
Posted in 401(K) Plans, Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
Wednesday, June 20th, 2012
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
- 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…
- You need to Invest: Making the right investments now can make all the difference in the future.
- 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.
- 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.
Tags: 401K, Financial Advice for Recent College Graduates, financial advisers, financial advisory firm, financial future, financial obligations, financial planning, finding a job, invest, retirement income planning, Safe Retirement Solutions
Posted in 401(K) Plans, Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
Thursday, June 14th, 2012
Retirement may be long ways away for you or it could be approaching soon. Make sure you do your research and plan ahead of time. You wouldn’t want to make any mistakes with your retirement.
We know how important retirement is for you, so we devised a comprehensive list of top retirement mistakes you must avoid.
Retirement Mistakes
- Not planning: It’s hard to know how much you must save for retirement if you don’t plan in advance. By planning in advance, you will avoid errors and be able to save enough.
- Retiring without a solid plan: Make sure you have a solid plan before you retire. Often times retiring early could also mean not receiving the maximum amount of social security you desire. Once you choose your social security type, it cannot be changed. If you do work a few years beyond what you’ve planned, you will receive a larger bonus in retirement security.
- Being unaware of your life expectancy: Woman are expected to live to an average of 85 years while males can live to be about 82. You must be aware of your personal life expectancy before you make solid plans.
- Job search at an older age: Getting a job later on in life is not as easy as you want it to be. Just be aware of that.
- Not saving enough:It’s easier to spend than it is to save. The more you save, the cushier your retirement funding will be.
- Poor use of qualified money: A percentage of people in the workplace cash out their 401 (k) balance when they change jobs. It’s better to send them into a new plan since taxes and fees occur during the retirement planning process.
- Ignoring annuities: Remember to use them. Please do not ignore annuities. It’s the only financial product available which can provide an income for any time period.
- Not understanding risk: As retirement approaches be wary of stocks and anything else that could put your retirement at risk. As retirement age approaches, many people make the mistake of have 80 percent of their account in the wrong asset allocation. If you are not aware of market trends, that could result in poor job performance.
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 adviser, whom should you trust? How can you be sure that the financial adviser you choose has your best interests in mind? How do you know that your money is in good hands?
The Answer: Trust Safe Retirement Solutions!
For more information about Professional Financial Planning, or for professional 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.
Sources:
The Top 10 Retirement Planning Mistakes and How to Avoid Them
Tags: annuities, financial advice, financial advisers, financial planning, life expectancy, Retirement Mistakes, retirement planning, Safe Retirement Solutions
Posted in 401(K) Plans, Retirement Advice, Retirement Income Planning | Comments Off
Wednesday, May 23rd, 2012
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.
Additional Benefits of Financial Planning
- Assistance With Managing Your Finances: Let’s face it; you just do not have the time to breathe, let alone properly manage your own finances. This is where a professional financial advisor can help!
- Confirm Your Objectives are Being Met: How are all of your investments working out? You have several specialists – stock brokers, loan officers, bankers, etc. – telling you how each piece of your financial puzzle is doing, but what about the bigger picture? How is each investment working as a part of the whole financial plan? A financial planner is certainly not intended to replace any of your existing advisors, but what he/she can do is evaluate your total financial situation and coordinate strategies which do not interfere with any of your stated goals and objectives.
- Monitoring the Implementation: Your stated goals and objectives can never be met without putting the financial plan into action. A financial planner will ensure that all phases of your plan are not only implemented, but also monitored to ensure they are working out.
- Frequent Plan Review to Remain on Schedule: Your financial plan should be reviewed on a continuing basis. A financial advisor will frequently meet with you to review your current financial plan and, if need be, reevaluate your financial goals.
- Provides You with Peace of Mind: Sit back and relax, knowing you and your future are in good hands.
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?
The Answer: Trust Safe Retirement Solutions!
For more information about Professional Financial Planning, or 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:
Why Consider Financial Planning?
Tags: Benefits of Financial Planning, financial advice, financial advisor, financial goals, financial plan, financial planners, financial worries, Managing Your Finances, Professional Financial Planner, Professional Financial Planning, retirement planning, Safe Retirement Solutions
Posted in 401(K) Plans, Annuity Planning, Asset Allocation, Estate Plan, Financial Advice, Financial Planning, Immediate Annuities, Income Annuities, Life Insurance Maryland, Maryland IRA Legacy Planning Services, Planning for Retirement, Retirement Advice, Retirement Income Planning, Revocable Living Trust, Roth IRA, Thrift Savings Plan, Traditional IRA, Trusts | Comments Off
Thursday, May 10th, 2012
What is a Roth IRA?
Introduced in 1998, the Roth IRA was named after Senator William Roth Jr. of Delaware, the chief sponsor of this new financial planning tool.
What is the Difference Between a Roth IRA and a Traditional IRA?
Unlike a traditional IRA, Roth IRAs are funded with after-tax dollars and accumulate tax-free. This type of IRA also has no restrictions governing when you are allowed to start taking distributions.
What are the Advantages of a Roth IRA?
- Contributions to a Roth IRA can be withdrawn tax-free and penalty-free at any time.
- No required minimum distribution (RMD) during the owner’s lifetime.
- A spousal beneficiary can roll over an inherited Roth IRA and continue to defer withdrawals.
- As long as the taxpayer is earning some type of compensation or receiving alimony, contributions can continue to a Roth IRA past the age of 70 ½.
- And more!
What are the Disadvantages of a Roth IRA?
- Earnings can be withdrawn tax-free and penalty-free only after the Roth IRA has existed for five years and any of the following: the taxpayer has reached age 591/2, is disabled, died, or is withdrawing up to $10,000 to purchase a first home.
- There are RMDs required after the Roth IRA owner dies, but only for non-spouse beneficiaries.
- Contributions are not tax-deductible.
What are my IRA Options?
This is where a Safe Retirement Solutions can help! Our full service, independent financial advisory firm is 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.
For more information about Roth IRAs, 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.
Sources:
Roth IRAs
Tags: Advantages of a Roth IRA, financial advisors, financial advisory firm, financial planning, professional financial advice, retirement income planning, retirement planning, Roth IRA, Safe Retirement Solutions, tax-free, Traditional IRA, What is a Roth IRA?
Posted in Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning, Roth IRA, Traditional IRA | Comments Off
Wednesday, May 2nd, 2012
Choosing the right IRA can be a difficult task. Luckily for you, the financial advisors at Safe Retirement Solutions are here to help! Simply following the three below steps can help you on your way to choosing the right type of IRA for you and your financial well being.
The Basics
There are two main types of IRAs – the Roth and the traditional IRA.
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.
Eligibility Requirements
There are eligibility requirements associated with both Traditional IRAs and Roth IRAs. For starters, you can’t make a deductible contribution to a traditional IRA if 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 from there. To help simplify the task, I suggest you check out the TurboTax IRA Calculator.
Your Options
This is where a Safe Retirement Solutions can help! Our full service, independent financial advisory firm is 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 website today!
You can also follow Safe Retirement Solutions on Facebook and Twitter.
Solutions:
Finding the Right IRA in Three Easy Steps
Tags: choosing the right IRA, Eligibility Requirements, financial advisors, financial advisory firm, financial planning, IRA Calculator, retirement income planning, retirement planning, Roth IRA, Safe Retirement Solutions, Traditional IRA, types of IRAs
Posted in Financial Advice, Financial Planning, Maryland IRA Legacy Planning Services, Planning for Retirement, Retirement Advice, Retirement Income Planning, Roth IRA, Traditional IRA | Comments Off
Wednesday, April 11th, 2012
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
Tags: financial advisers, financial advisor, financial fraud, financial worries, Fraud, money, personal finances, portfolio, Registered Investment Adviser, retirement planning, RIA, Safe Retirement Solutions
Posted in Financial Advice, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
Wednesday, April 4th, 2012
Did you take our financial test last week? How did you do? Perhaps you passed with flying colors. Maybe you stuggled. Either way, you could still benefit from professional financial planning. Don’t believe us?
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
- Make basic decisions about your current needs and financial objectives.
- Outline your financial goals.
- Clarify your financial objectives.
- Set financial priorities.
Fact Gathering
- Review your investment portfolio
- Review insurance contracts
- Review the benefit plan provided by your company
- Analyze your monthly income
- Analyze your monthly expenditures
The Financial Plan
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Cash Flow Budgeting Analysis
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Capital Management (debt and investment portfolios)
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Estate Planning and Liquidity Analysis
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Income Tax Planning
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Retirement (forecasting benefits, costs and options)
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Insurance Needs (life, property, casualty and disability)
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Educational Funding Requirements
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Employee Benefit Analysis (coordinate personal holdings)
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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?
Tags: benefit plan, Benefits of Professional Financial Planning, etirement planning, financial advisors, financial plan, Financial Planning Process, financial test, insurance contracts, investment portfolio, professional financial advice, Professional Financial Planning, Safe Retirement Solutions
Posted in Financial Advice, Financial Fitness Test, Financial Planning, Planning for Retirement, Retirement Advice, Retirement Income Planning | Comments Off
