Archive for the ‘Retirement Income Planning’ Category

Planning For Healthcare During Retirement

Monday, February 24th, 2014

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 have 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

Estate Planning in Baltimore: A Brief Overview

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!

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Benefits of Professional Financial Planning : Retirement Planning

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?

A Deeper Look into a Roth IRA :: Financial Planning :: Retirement Planning

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

Steps to Enter Retirement With Zero Credit Card Debt

Wednesday, March 14th, 2012

By Anya Bennett 

In an ideal world, everybody would have sufficient cash to eliminate their debts, create a savings fund for urgent situations, and support a comfy retirement. But, the real scenario is pretty different. Times are tough and it’s not really shocking to find yourself in a sea of credit card debt problems. Under such situations, you could go for the best debt consolidation. These are customer-friendly services that aid people who require a helping hand in managing liabilities.However, with a little bit of planning and budgeting, anybody can find a means to lessen debt and increase cash flow before retirement. Following are a few easy steps to help you enter retirement with zero credit card debt.

Analyze your goals and plan a budget – Have a look at your financial goals and planning as you walk towards your retirement age. You also need to see whether the recent recession has taken a toll on your savings. If so, you may need to change your plan or your portfolio. Take a look at your bank statements and place each expense per month into a separate category, such as food, housing expenditure, debt repayment and travel costs. Now calculate an average for every month’s
expenditure per category to obtain a rough idea of how you’re presently spending your cash.

Trim down your expenses – Try to diminish your expenditure in each category. For instance, analyze your entertainment cost and see if lowering the number of cable channels can help you lower your monthly expenses. Scrutinize your expenditures carefully to find areas where huge overspending is taking place. A lot of people are actually shocked to see how much they really spend watching movies and eating out every month. Try to cut these unnecessary expenses. Once you do this, you’ll be able to save a lot of money and use it to pay off your credit card liabilities.

Relocate the amount you save on each category to a separate debt repayment category. Thus, the more you trim down your expenditures, the faster you’ll be able to pay off your credit card debts. Once you repay your debts, you’ll have additional cash flow. In order to calculate the amount of cash flow you’ll have per month, tote up your monthly debt payments. This amount that you save will not only help you in making your debt payments, but also aid you in having a comfortable retired life.

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If you have any questions about what you have just read, or if you would like to know more about retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

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.

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

Asset Allocation: Balancing Your Investment Choices

Thursday, February 23rd, 2012

Balancing your portfolio is no easy task. It involves combining several different types of investments and finding a way to manage those investments properly. Remember, each type of investment is unique, with its own set of strengths and weaknesses. And each investment plays a specific role in your overall financial strategy. Sometimes, the combination of investments you choose can be just as important as your specific investments.

What to Consider When Selecting Investments

•      Some investments provide excellent growth potential

•      Some investments provide regular income

•      Some investments provide safety

•      Some investments serve as a temporary place to park your money

•      Some investments even try to fill more than one role

Because you probably have multiple needs and desires, you need some combination of investment types. And then, once you have determined which investments fit your needs, you must balance how much of each you should include. That balance between growth, income, and safety is called your asset allocation, and it can help you manage the level and type of risks you face.

Things to think about

1.    Don’t forget about the impact of inflation on your savings.

2.    Your asset allocation should balance your financial goals with your emotional needs.

3.    Your tax status might affect your asset allocation.

If you have any questions about what you have just read, or if you would like to know more about Asset Allocation and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

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.

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

The U.S. Government Accountability Office Recommends Income Annuity as a Retirement Income Option

Tuesday, January 24th, 2012

In a U.S. Government Accountability Office (GAO) report, Ensuring Income Throughout Retirement Requires Difficult Choices, financial experts recommend buying an immediate annuity to supplement your retirement income. While Social Security continues to be the primary source of fixed income in retirement, it fails to meet all of the financial needs of retirees. Other contributing factors in the growing importance of income annuities include:

  • The shift from employer-sponsored defined benefit pension plans to defined contribution plans
  • Increasing life expectancies
  • Retirees are being forced to assume more responsibility for managing their savings to ensure that they have sufficient income throughout retirement

An income annuity is a wonderful alternative to self-managing savings, offering a steady source of income that retirees will not outlive. Other benefits of income annuities include:

  • Help protect retirees against the risk of underperforming investments
  • Help protect retirees against the risk of outliving their savings (longevity risk)
  • Help relieve retirees of the task of managing their investments at older ages when their capacity to do so may be diminished, and
  • Provide a base of guaranteed income that may serve as a dependable “cushion” for retirees

Still, income annuities are not for everyone. Consult a financial adviser to find out if an immediate annuity makes sense for you.

If you have any questions about what you have just read, or if you would like to know more about annuities and retirement planning, consult the financial advisors at Safe Retirement Solutions by calling 877-268-4086 or visit our website today!

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.

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

Sources:

GAO Report Suggests Annuities as Retirement Income Option