Posts Tagged ‘financial advisors’

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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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Saving Money in Retirement

Friday, September 21st, 2012

Here at Safe Retirement Solutions, we spend a lot of time talking about the years of anticipation leading up to retirement – the rising action that culminates in the climactic moment when the golden years arrive.

We advise our clients often on how to make retirement possible and secure in the first place – meaning that we develop financial plans for people during their working years so they can relax during retirement. The fact of the matter is, though, that saving shouldn’t come to a halt once retirement has been reached.

It’s important to find alternative means of putting away extra money even after you’re no longer a career man or woman. Though we help our clients to establish a set of financial strategies to follow that will usher them in to retirement securely, the reality is that retirement is unpredictable and evolves frequently. Continuing to put away money will help you to be prepared in the face of emergencies, and free up additional savings should you want to take advantage of any opportunities that come your way.

One of the easiest ways to save without actively trying to generate income is to take advantage of senior discounts: seek out all the ways you possibly can to get markdowns. This may come in the form of grocery shopping, cable bills, phone services, car insurance, gym memberships, haircuts, movie going, and more. The money you save will help you in the long run.

For more information about Saving in Retirement and our services 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.

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5 Retirement Questions You’re Afraid to Ask

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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.

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Roth IRAs

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Traditional IRA :: Roth IRA :: Financial Planning

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

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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

Planning for your Future: The Importance of Estate Planning

Wednesday, April 25th, 2012

Amazingly, more than 70% of Americans have no form of estate plan legally filed. And without an estate plan in place, you lose all say about your property, medical and final arrangements should you pass away. Without an estate plan…

  • Attending doctors or the hospital will make medical decisions,
  • Your family members will decide on burial arrangements, and
  • State law will dictate the distribution of assets.

Estate planning is a process where an individual indicates in writing how his/her money and other property should be managed while he/she is living and after death. An estate plan also indicates what should happen in the event that an individual becomes mentally incapable of making financial or health-related decisions.

So take control of your life; draft an estate plan. It is actually easier than you may think. And enlisting the help of a professional financial consultant can make this process even easier.

For starters, ask yourself the following questions:

  • What are my assets and what is their approximate value?
  • Which people or organizations do I want to have these assets, and do I wish to give them up during my lifetime or after my death?
  • Who should manage these assets during my lifetime if I become unable to do so or after my death if management is needed?
  • Who should make decisions about my medical care and finances if I cannot make them?
  • After I die, do I want my remains to be donated, cremated, scattered, or buried?

These questions will help guide you through the estate planning process. Your estate plan will incorporate several documents – a will or a living trust, a durable power of attorney for finances and health care, and advanced medical directives – that will address the above questions.

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!

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:

Estate Plans Help Seniors Keep Control

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Do-It-Yourself Financial Planning vs. Hiring a Professional Financial Planner

Wednesday, April 18th, 2012

Time and time again, we hear of individuals who choose to handle their finances on their own. While this is perfectly acceptable (as long as you know what you are doing), it does have its drawbacks.

DIY Financial Planning

Benefits

  • Save Money.
  • You can learn the basics by reading books on personal finance, attending seminars, and using computer software.
  • You will be able to handle most basic financial tasks.

Disadvantages

  • You will not be prepared to handle more in-depth financial planning tasks, such as: How to reorganize your present investments in order to increase your net after-tax investment return; How to structure the investments held by you and your family in order to maximize the potential financial aid for education funding or long term care; How to select and purchase the best mix of investments and insurance to pre-fund education, survivor needs and retirement income expenses; What changes should be made in your estate plan and retirement plans as result of a thorough needs analysis and goal setting; And much more!
  • You probably do not have the time needed to adequately handle your finances the way a professional financial adviser would.
  • You probably do not have the licenses to make the purchases of products directly.

Professional Financial Adviser

Disadvantages

  • You will have to pay a professional financial adviser.

Benefits

  • Sufficient experience guiding personal financial affairs.
  • Professional education, both initial and ongoing.
  • Standing in recognized financial associations.
  • Adherence to the developed professional standards.
  • A commitment to client service and your objectives.
  • The capacity to fulfill your current and future needs.
  • Sufficient staff, facilities and computer equipment.
  • Provides comprehensive analysis and ongoing services.
  • And much, much more!

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.

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Obtaining Professional Advice

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The Benefits of Professional Financial Planning

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

  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?

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Testing Your Financial Knowledge

Wednesday, March 28th, 2012

You don’t need professional financial advice, right? You know enough to get by.

Well, it is time to test your knowledge or current financial affairs. The following test was developed by the National Center for Financial Education (NCFE) to help you gauge your financial knowledge and how well you are taking advantage of the financial opportunities presented to you.

Answer either: True, False, or Don’t Know

1. The tax Reform Act of 1986 eliminated the tax advantages of real estate investments.

2. Two earner couples can take a deduction up to $3,000 or 7.5%, whichever is greater.

3. Mutual funds only invest in common stocks.

4. Since interest payments on a mortgage are tax deductible, home owners should always itemize instead of taking standard deduction.

5. A tax “deduction” of $1,000 is better than a tax “credit” of $1,000.

6. If an individual is in a 28% federal tax bracket, 28% of their income goes to the federal government.

7. A couple wants to establish an “education account” for their four year old child. If they use the child’s social security number they will not have to pay income tax on the investment’s earnings.

8. An investment which simply “defers” income tax offers no real tax advantage since the tax must be paid eventually.

9. Life insurance is an inflexible contract which offers no investment options, such as stocks or bonds.

10. If you own a mutual fund, outside of an IRA, there is no way you can avoid being taxed on dividends paid.

11. A wife should usually be the “owner” of her husband’s insurance policy to avoid paying federal estate taxes when she collects on the policy.

12. Joint tenancy is the best way for a couple to hold title to property.

13. Since annuities are offered by insurance companies the primary benefit is insurance.

14. An “insured” municipal bond fund has no investment risk.

15. Interest earned in a life insurance policy is always lower than the rate of interest you can earn in a certificate of deposit.

Questions 16-20 – Answer by Circling One Answer

16. Currently, a self-employed individual will contribute what percentage of his or her income towards Social Security?
a. 6.5% b. 7.51% c. 13.02% d. 15.30%

17. If you invest $1,000 for your child or grandchild, age 1, and the yield averages 12%, approximately how much will the investment be worth when the child reaches age 65?
a. $250,000 b. $500,000 c. $1,000,000 d. $1,500,000

18. In fiscal year 1995, the highest federal rate at which income is subject to tax is:
a. 28% b. 31% c. 39.6% d. 36%

19. Currently, corporate employees earning $50,000 will have the following amount contributed to their social security account:
a. $3,312 b. $4,243 c. $7,650 d. $7,848

20. A 45 year old individual would like to retire on $2,000 a month at age 65. Assuming an average inflation rate of 7.2% over the next 20 years, how much income will this individual need each month in retirement to keep pace with inflation?
a. $4,000 b. $6,000 c. $8,000 d. $10,000

FINANCIAL FITNESS SCORING

ANSWERS TO THE QUIZ:

Questions 1 through 15 are all FALSE

16 = d

17 = d

18 = c

19 = c

20 = c

SCORING: Total the number of correct scores and multiply by five. Twenty correct answers = 100%

RATING:

90-100% = Excellent shape

80- 89% = Good shape

70- 79% = Fair shape

60- 69% = Poor shape

How well did you do? Are you still confident in your knowledge of financial affairs?

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:

A Financial Fitness Test

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An Introduction to Estate Planning (Part II)

Wednesday, March 21st, 2012

Why is Estate Planning Important?

You are going to die one day; there is nothing you can do about that. What happens with your estate after you die, however, is something you can control. This is why estate planning is so important. Estate planning, by definition, is the process of managing and preserving your assets while you are living to conserve and control their distribution after your death.

No matter how small your estate may be, estate planning is crucial. It ensures that your estate is divided in the way you intended. Estate planning allows you to dictate which beneficiaries receive which aspects of your property. This also allows you to save as much as possible on taxes, court costs, and attorney’s fees so your loved ones can mourn your loss without additional financial burdens and unnecessary red tape looming overhead.

Estate Plans Should Include…

1.   Durable Power of Attorney: This is for managing your property during your life incase you are ever unable to do so yourself.

2.   A Will: This is for the management and distribution of your property upon your death.

For more detailed information on Estate Planning or retirement planning, 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.

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Choosing an Executor of Your Will

Thursday, March 15th, 2012

It is time to start thinking about drafting your will and choosing an executor(s). While these may be the last things in the world you want to think about now, they are incredibly important.

You have spent your entire lifetime saving, building your assets, and collecting your valuable personal possessions. One day, you will pass all of this on to your family. So it is important to choose an executor you trust to oversee this process. And a proactive approach keeps you in control of your hard-earned legacy and allows you to fully convey your wishes to your executor.

If you do not appoint an executor before your death, the courts will. And in this scenario, you have obviously not conveyed your wishes to this administrator (term for court-appointed executor).

Responsibilities of an Executor

•      Have the will probated.

•      Collect the decedent’s assets (specified in the will).

•      The executor reads the will to determine who gets what assets.

•      Pay debts of the decedent.

•      Pay administration expenses of the estate.

•      Pay any taxes due from the estate.

•      Invest and manage the estate’s assets and provide for the management of any real estate.

•      Manage day-to-day details.

•      Once all the bills and taxes are settled, distribute the remaining assets according to the terms of the decedent’s will.

Tips for Choosing an Executor

1.   Discuss your options with your lawyer. He/she will help you through the entire process.

2.   Before appointing an executor, ask the people you are considering if they would be your executor and if each is willing to accept the responsibilities.

3.   If a family member or friend does not seem like a good choice, consider naming your lawyer or trust company as executor. This is especially helpful if your will contains trusts or other financial investments.

4.   Consider appointing co-executors to share the responsibilities.

If you have any questions about what you have just read, or if you would like to know more Choosing an Executor or about retirement planning, 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.

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